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v3.22.4

FINANCING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments |
(in millions) |  | December 31, 2022 |  | December 31, 2021
Secured |  |  |  |
Pass Through Certificates due 2022 - 6.24% |  | $ | — |  |  | $ | 71 |
Unsecured |  |  |  |
2.75% Notes due 2022 |  | $ | — |  |  | $ | 300 |
4.75% Notes due 2023 |  | — |  |  | 1,250 |
1.25% Convertible Notes due 2025 |  | 1,611 |  |  | 1,842 |
5.25% Notes due 2025 |  | 1,302 |  |  | 1,550 |
3.00% Notes due 2026 |  | 300 |  |  | 300 |
3.45% Notes due 2027 |  | 300 |  |  | 300 |
5.125% Notes due 2027 |  | 1,727 |  |  | 2,000 |
7.375% Debentures due 2027 |  | 114 |  |  | 116 |
2.625% Notes due 2030 |  | 500 |  |  | 500 |
1.000% Payroll Support Program Loan due April 2030 (See Note 2) |  | 976 |  |  | 976 |
1.000% Payroll Support Program Loan due January 2031 (See Note 2) |  | 566 |  |  | 566 |
1.000% Payroll Support Program Loan due April 2031 (See Note 2) |  | 526 |  |  | 526 |
Finance leases |  | 189 |  |  | 459
|  | $ | 8,111 |  |  | $ | 10,756 |
Less current maturities |  | 42 |  |  | 453 |
Less debt discount and issuance costs |  | 23 |  |  | 29 |
|  | $ | 8,046 |  |  | $ | 10,274 |
Convertible Debt | The Company adopted ASU 2020-06, as of January 1, 2022, utilizing the modified retrospective method approach. See Note 3 for further information. Upon adoption, the Company reclassified the remaining equity component, of $300 million, from Additional paid-in capital to Long-term debt associated with its Convertible Notes, and no longer records amortization of the debt discount to Interest expense. The following table details the equity and liability component recognized related to the Convertible Notes, prior to and following the adoption of ASU 2020-06:
(in millions) | December 31, 2022 |  | December 31, 2021
Equity component: |  |  |
Carrying amount of Convertible Notes | $ | — |  |  | $ | 311 |
Carrying amount of issuance costs | — |  |  | (11) |
Net carrying amount | $ | — |  |  | $ | 300 |
Liability component: |  |  |
Principal amount | $ | 1,611 |  |  | $ | 2,097 |
Unamortized debt discount | — |  |  | (255) |
Net carrying amount | $ | 1,611 |  |  | $ | 1,842 |
Interest Income and Interest Expense Disclosure | The Company recognized interest expense associated with the Convertible Notes as follows:
(in millions) | December 31, 2022 |  | December 31, 2021
Non-cash amortization of the debt discount | $ | — |  |  | $ | 73 |
Non-cash amortization of debt issuance costs | 12 |  |  | 9 |
Contractual coupon interest | 22 |  |  | 28 |
Total interest expense | $ | 34 |  |  | $ | 110 |
Schedule of Extinguishment of Debt | The following tables present the details of the partial extinguishment of the Company's Convertible Notes and early prepayment of debt (excluding payments on finance leases) for the years ended December 31, 2022 and 2021.
| Year ended December 31, 2022
(in millions) | Cash paid for debt and interest |  | Principal repayment |  | Loss on extinguishment |  | Non-cash amortization of debt discount and (issuance) costs |  | Accrued Interest
1.25% Convertible Notes due 2025 | $ | 649 |  |  | $ | 486 |  |  | $ | 171 |  |  | $ | (9) |  |  | $ | 1 |
5.125% Notes due 2027 | 285 |  |  | 272 |  |  | 7 |  |  | 2 |  |  | 4 |
4.75% Notes due 2023 | 1,278 |  |  | 1,250 |  |  | 9 |  |  | — |  |  | 19 |
5.25% Notes due 2025 | 258 |  |  | 248 |  |  | 6 |  |  | — |  |  | 4 |
Total | $ | 2,470 |  |  | $ | 2,256 |  |  | $ | 193 |  |  | $ | (7) |  |  | $ | 28 |
| Year ended December 31, 2021
(in millions) | Cash paid for debt and interest |  | Principal repayment |  | Loss on extinguishment |  | Non-cash amortization of debt discount and (issuance) costs |  | Reduction to Capital in excess of par value
1.25% Convertible Notes due 2025 | $ | 293 |  |  | $ | 203 |  |  | $ | 28 |  |  | $ | (30) |  |  | $ | 92 |
Schedule of Maturities of Long-Term Debt | As of December 31, 2022, aggregate annual principal maturities of debt and finance leases (not including amounts associated with interest on finance leases) are as follows:
(in millions) |
2023 | $ | 42 |
2024 | 41 |
2025 | 2,943 |
2026 | 322 |
2027 | 2,147 |
Thereafter | 2,602 |
Total | $ | 8,097 |

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