DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes the Company’s outstanding debt:

	Maturities	December 31, 2020				December 31, 2021
		Amount (in millions)		Effective Interest Rate		Amount (in millions)		Effective Interest Rate
Term Facility	2022	$	79	4.9	%	$	—	—	%
2026 Notes	2026	—		—	%	1,250		7.0	%
Total Long Term Debt		79				1,250
Less unamortized discount and debt issuance costs		(4)				(24)
Notes payable, less unamortized discount and debt issuance costs		75				1,226
Less: Current portion		(28)				—
Total note payable, less current portion		$	47			$	1,226

Debt Securities, Trading, and Equity Securities, FV-NI

During the year ended December 31, 2021, the loss on the 2021 Convertible Notes is recognized in “Loss on convertible notes, net” in the Consolidated Statement of Operations and is calculated as follows (in millions):

	Year Ended December 31, 2021
	Fair value of shares issued upon conversion		Unpaid principal balance		Loss on convertible notes, net
2021 Convertible Notes	$	2,941	$	2,500	$	(441)

Interest Expense

The components of “Interest expense” recorded in the Consolidated Statements of Operations are as follows (in millions):

	Years Ended December 31,
	2019		2020		2021
Amortization of discount and debt issuance costs	$	22	$	3	$	7
Contractual interest expense	12		5		22
Total interest expense	$	34	$	8	$	29