Debt (Tables)

3 Months Ended

Mar. 31, 2021

The components of debt as of March 31, 2021 and December 31, 2020 consisted of the following:


	March 31, 2021
(in millions)	Debt Instrument		Unamortized Issuance Expense			Unamortized Debt Discount		Total
Current portion of long-term debt:
4.10% Senior Notes due March 2022	$	207	$	—		$	—	$	207
Total current portion of long-term debt	$	207	$	—		$	—	$	207

Long-term debt:
Variable rate (2.09% at March 31, 2021) 2018 revolving credit facility due April 2024	$	567	$	—	(1)	$	—	$	567
4.95% Senior Notes due January 2025 (2)	856		(4)			(1)		851
7.50% Senior Notes due April 2026	618		(5)			—		613
7.75% Senior Notes due October 2027	440		(4)			—		436
8.375% Senior Notes due September 2028	350		(5)			—		345
Total long-term debt	$	2,831	$	(18)		$	(1)	$	2,812

Total debt	$	3,038	$	(18)		$	(1)	$	3,019

	December 31, 2020
(in millions)	Debt Instrument		Unamortized Issuance Expense			Unamortized Debt Discount		Total
Long-term debt:
Variable rate (2.11% at December 31, 2020) 2018 term loan 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

(1)At March 31, 2021 and December 31, 2020, unamortized issuance expense of $11 million and $12 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 was paid in January 2021.

Schedule of Maturities of Long-term Debt

The following is a summary of scheduled debt maturities by year as of March 31, 2021:


(in millions)
2021	$	—
2022	207
2023	—
2024	567
2025	856
Thereafter	1,408
	$	3,038

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