Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Components of Debt

The components of debt as of September 30, 2020 and December 31, 2019 consisted of the following:

	September 30, 2020
(in millions)	Debt Instrument		Unamortized Issuance Expense			Unamortized Debt Discount		Total
Long-term debt:
Variable rate (1.60% at September 30, 2020) 2018 revolving credit facility due April 2024	$	—	$	—	(1)	$	—	$	—
4.10% Senior Notes due March 2022	207		—			—		207
4.95% Senior Notes due January 2025 (2)	856		(4)			(1)		851
7.50% Senior Notes due April 2026	618		(6)			—		612
7.75% Senior Notes due October 2027	440		(5)			—		435
8.375% Senior Notes due September 2028 (3)	350		(5)			—		345
Total long-term debt	$	2,471	$	(20)		$	(1)	$	2,450
	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 September 30, 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)Effective in July 2018, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since the initial offering. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which had the effect of increasing the interest rate on the 2025 Notes to 6.45% following the July 23, 2020 interest payment date. The first coupon payment to the bondholders at the higher interest rate will be paid in January 2021.

(3)The $350 million of Senior Notes due 2028 are subject to special mandatory redemption if the Montage Merger does not close on or prior to February 12, 2021.