Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consists of the following (in millions):

	As of
	March 31, 2023		December 31, 2022
Term Loan B	$	5,176	$	5,190
Term Loan A	1,242		1,250
3.875% First Lien Senior Notes due 2028	1,550		1,550
3.50% First Lien Senior Notes due 2029	750		750
5.75% First Lien Senior Notes due 2025	500		500
4.375% Second Lien Senior Notes due 2028	750		750
4.00% Second Lien Senior Notes due 2030	2,900		2,900
TH Facility and other	154		155
Less: unamortized deferred financing costs and deferred issue discount	(105)		(111)
Total debt, net	12,917		12,934
Less: current maturities of debt	(96)		(95)
Total long-term debt	$	12,821	$	12,839

Summary of Fair Value Measurement

The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):

	As of
	March 31, 2023		December 31, 2022
Fair value of our variable term debt and senior notes	$	12,120	$	11,885
Principal carrying amount of our variable term debt and senior notes	12,868		12,890

Schedule of Interest Expense, Net

Interest expense, net consists of the following (in millions):

	Three Months Ended March 31,
	2023		2022
Debt (a)	$	138	$	115
Finance lease obligations	4		5
Amortization of deferred financing costs and debt issuance discount	7		7
Interest income	(7)		—
Interest expense, net	$	142	$	127