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Debt (Tables)
6 Months Ended
Jun. 30, 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):
June 30, 2021December 31, 2020
2030 Notes2022 Notes2030 Notes2022 Notes
Current, net of unamortized debt discount and issuance costs of $5 million
— 99— — 
Long-term, net of unamortized debt discount and issuance costs of $17 million and $29 million, respectively
1,483 — 1,482 158 
Total debt$1,483 $99 $1,482 $158 
Effective interest rate of the liability component - 2022 Notes4.75%
Effective interest rate - 2030 Notes1.53%
Convertible DateInitial Conversion Price per ShareInitial Conversion Rate per $1,000 Par ValueInitial Number of Shares (in millions)
2022 NotesFebruary 1, 2022$134.75 7.42 shares
Schedule of Estimated Fair Values of Convertible Senior Notes The estimated fair value of the 2030 Notes and 2022 Notes at June 30, 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):
June 30, 2021December 31, 2020
2022 Notes$425 $687 
2030 Notes$1,405 $1,463 
Schedule of Note Hedges
PurchaseInitial SharesShares as of
June 30, 2021
(in millions)
2022 Note Hedge$128 
Schedule of Warrants
ProceedsInitial SharesStrike PriceFirst Expiration DateShares as of
June 30, 2021
(in millions)(in millions)(in millions)
2022 Warrants$54 $203.40 September 1, 2022