Debt (Tables)

3 Months Ended

Mar. 31, 2020

The components of debt as of March 31, 2020 and December 31, 2019 consisted of the following:


	March 31, 2020
(in millions)	Debt Instrument		Unamortized Issuance Expense			Unamortized Debt Discount		Total




Long-term debt:
Variable rate (2.120% at March 31, 2020) 2018 revolving credit facility due April 2024	$	149	$	—	⁽¹⁾	$	—	$	149
4.10% Senior Notes due March 2022	210		(1)			—		209
4.95% Senior Notes due January 2025⁽²⁾	864		(5)			(1)		858
7.50% Senior Notes due April 2026	621		(6)			—		615
7.75% Senior Notes due October 2027	453		(5)			—		448
Total long-term debt	$	2,297	$	(17)		$	(1)	$	2,279



	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 term loan 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

(1)At March 31, 2020 and December 31, 2019, unamortized issuance expense of $10 million and $11 million, respectively, associated with the 2018 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets.

(2)At March 31, 2020 and December 31, 2019, respectively, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since the initial offering. This rate has been in effect since January 2019. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which has the effect of increasing the interest rate on the 2025 Notes to 6.45%. The first coupon payment to the bondholders at the higher interest rate will be paid in January 2021.