Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Convertible Notes Payable [Abstract]

Summary of Convertible Senior Notes

The following table summarizes the carrying value of our outstanding debt (in millions, except percentages):

	March 31, 2021				December 31, 2020
	2030 Notes		2022 Notes		2030 Notes		2022 Notes
Long-term debt
Principal	$	1,500	$	135	$	1,500	$	169
Less: debt issuance cost and debt discount, net of amortization	(17)		(7)		(18)		(11)
Net carrying amount	$	1,483	$	128	$	1,482	$	158
Effective interest rate of the liability component - 2022 Notes	4.75%
Effective interest rate - 2030 Notes	1.53%

The effective interest rates for the 2030 Notes and 2022 Notes include interest payable, amortization of debt issuance cost and amortization of debt discount, as applicable.

	Convertible Date	Initial Conversion Price per Share		Initial Conversion Rate per $1,000 Par Value	Initial Number of Shares (in millions)
2022 Notes	February 1, 2022	$	134.75	7.42 shares	6

Schedule of Estimated Fair Values of Convertible Senior Notes

The estimated fair value of the 2030 Notes and 2022 Notes at March 31, 2021 and December 31, 2020 is based on the closing trading price per $100 of the 2030 Notes and 2022 Notes were as follows (in millions):

	March 31, 2021		December 31, 2020
2022 Notes	$	479	$	687
2030 Notes	$	1,354	$	1,463

Schedule of Note Hedges

	Purchase		Initial Shares	Shares as of March 31, 2021
	(in millions)
2022 Note Hedge	$	128	6	1

Schedule of Warrants

	Proceeds		Initial Shares	Strike Price		First Expiration Date	Shares as of March 31, 2021
	(in millions)		(in millions)				(in millions)
2022 Warrants	$	54	6	$	203.40	September 1, 2022	1