Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Components of Debt

The components of debt as of December 31, 2019 and 2018 consisted of the following:

	December 31, 2019
(in millions)	Debt Instrument		Unamortized Issuance Expense			Unamortized Debt Discount		Total
Long-term debt:
Variable rate (4.310% at December 31, 2019) 2018 revolving credit facility, due April 2024	$	34	$	—	(1)	$	—	$	34
4.10% Senior Notes due March 2022	213		(1)			—		212
4.95% Senior Notes due January 2025 (2)	892		(5)			(1)		886
7.50% Senior Notes due April 2026	639		(7)			—		632
7.75% Senior Notes due October 2027	484		(6)			—		478
Total long-term debt	$	2,262	$	(19)		$	(1)	$	2,242

	December 31, 2018
(in millions)	Debt Instrument		Unamortized Issuance Expense			Unamortized Debt Discount		Total
Long-term debt:
Variable rate (3.920% at December 31, 2018) 2018 term loan facility, due April 2023	$	—	$	—	(1)	$	—	$	—
4.05% Senior Notes due January 2020 (2)	52		—			—		52
4.10% Senior Notes due March 2022	213		(1)			—		212
4.95% Senior Notes due January 2025 (2)	927		(7)			(1)		919
7.50% Senior Notes due April 2026	650		(8)			—		642
7.75% Senior Notes due October 2027	500		(7)			—		493
Total long-term debt	$	2,342	$	(23)		$	(1)	$	2,318

(1)At December 31, 2019 and 2018, unamortized issuance expense of $11 million associated with the 2018 revolving credit facility was classified as other long-term assets on the consolidated balance sheet.

(2)In February and June 2016, Moody’s and S&P downgraded certain senior notes, increasing the interest rates by 175 basis points effective July 2016.  As a result of the downgrades, interest rates increased to 5.80% for the 2020 Notes and 6.70% for the 2025 Notes. S&P and Moody’s upgraded certain senior notes in April and May 2018, respectively.  As a result of these upgrades, interest rates decreased to 5.30% for the 2020 Notes and 6.20% for the 2025 Notes effective July 2018.  The first coupon payment to the bondholders at the lower interest rate was paid in January 2019.

Schedule of Long Term Debt Maturities

The following is a summary of scheduled debt maturities by year as of December 31, 2019:

(in millions)
2020	$	—
2021	—
2022	213
2023	—
2024 (1)	34
Thereafter	2,015
	$	2,262

(1)The Company’s current revolving credit facility matures in 2024.