Debt (Tables)

6 Months Ended

Jun. 30, 2021

The components of debt as of June 30, 2021 and December 31, 2020 consisted of the following:


	June 30, 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 (2.10% at June 30, 2021) 2018 revolving credit facility due April 2024	$	568	$	—	(1)	$	—	$	568
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	$	2,832	$	(18)		$	(1)	$	2,813

Total debt	$	3,039	$	(18)		$	(1)	$	3,020

	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 June 30, 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. On June 2, 2021 in conjunction with the announcement of the Indigo Merger, S&P placed the Company’s bond rating on credit watch for a potential positive upgrade. Interest savings from any potential upgrade would be realized for coupon payments paid after January 2022.

Schedule of Maturities of Long-term Debt

The following is a summary of scheduled debt maturities by year as of June 30, 2021:


(in millions)
2021	$	—
2022	207
2023	—
2024 (1)	568
2025	856
Thereafter	1,408
	$	3,039

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