Debt (Tables)

12 Months Ended

Dec. 31, 2020

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


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




Long-term debt:
Variable rate (2.110% at December 31, 2020) 2018 revolving credit facility, due April 2024	$	700	$	—	(1)	$	—	$	700
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	350		(5)			—		345
Total long-term debt	$	3,171	$	(20)		$	(1)	$	3,150


	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

(1)At December 31, 2020 and 2019, unamortized issuance expense of $12 million and $11 million, respectively, associated with the 2018 revolving credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheet.

(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 due date. The first coupon payment to the bondholders at the higher interest rate will be paid in January 2021.

Schedule of Long Term Debt Maturities

The following is a summary of scheduled debt maturities by year as of December 31, 2020:


(in millions)
2021	$	—
2022	207
2023	—
2024 (1)	700
2025	856
Thereafter	1,408
	$	3,171

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