Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Long-Term Debt

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

	As of
	September 30, 2020		December 31, 2019
Term Loan B (due November 19, 2026)	$	5,310	$	5,350
Term Loan A (due October 7, 2024)	736		750
2017 4.25% Senior Notes (due May 15, 2024)	1,500		1,500
2019 3.875% Senior Notes (due January 15, 2028)	750		750
2020 5.75% Senior Notes (due April 15, 2025)	500		—
2017 5.00% Senior Notes (due October 15, 2025)	2,800		2,800
2019 4.375% Senior Notes (due January 15, 2028)	750		750
TH Facility and other	171		81
Less: unamortized deferred financing costs and deferred issue discount	(139)		(148)
Total debt, net	12,378		11,833
Less: current maturities of debt	(78)		(74)
Total long-term debt	$	12,300	$	11,759

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
	September 30, 2020		December 31, 2019
Fair value of our variable term debt and senior notes	$	12,283	$	12,075
Principal carrying amount of our variable term debt and senior notes	12,346		11,900

Schedule of Interest Expense, Net

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Debt (a)	$	119	$	130	$	351	$	382
Finance lease obligations	4		5		14		16
Amortization of deferred financing costs and debt issuance discount	7		7		19		22
Interest income	(1)		(5)		(8)		(14)
Interest expense, net	$	129	$	137	$	376	$	406

(a)Amount includes $15 million and $16 million benefit during the three months ended September 30, 2020 and 2019, respectively, and $56 million and $53 million benefit during the nine months ended September 30, 2020 and 2019, respectively, related to the amortization of the Excluded Component as defined in Note 13, Derivatives.