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Debt (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Components of Debt
The components of debt as of September 30, 2021 and December 31, 2020 consisted of the following:
September 30, 2021
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized Debt PremiumTotal
Current portion of long-term debt:
4.10% Senior Notes due March 2022
$201 $— $— $201 
Total current portion of long-term debt$201 $— $— $201 
Long-term debt:
Variable rate (2.08% at September 30, 2021)
2018 revolving credit facility due April 2024
$665 $— 
(1)
$— $665 
4.95% Senior Notes due January 2025 (2)
689 (3)— 686 
7.75% Senior Notes due October 2027
440 (4)— 436 
8.375% Senior Notes due September 2028
350 (5)— 345 
5.375% Senior Notes due February 2029
700 (5)26 721 
5.375% Senior Notes due September 2030
1,200 (17)— 1,183 
Total long-term debt$4,044 $(34)$26 $4,036 
Total debt$4,245 $(34)$26 $4,237 
December 31, 2020
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized Debt DiscountTotal
Long-term debt:
Variable rate (2.11% 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 
(1)At September 30, 2021 and December 31, 2020, unamortized issuance expense of $10 million and $12 million, respectively, associated with the 2018 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets.
(2)Effective in July 2018, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since the initial offering. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which had the effect of increasing the interest rate on the 2025 Notes to 6.45% following the July 23, 2020 interest payment date. The first coupon payment to the bondholders at the higher interest rate was paid in January 2021. On September 1, 2021, S&P upgraded the Company’s bond rating to BB, which will have the effect of decreasing the interest rate on the 2025 Notes to 6.20% beginning with coupon payments paid after January 2022.
Schedule of Maturities of Long-term Debt
The following is a summary of scheduled debt maturities by year as of September 30, 2021:
(in millions)
2021$— 
2022201 
2023— 
2024 (1)
665 
2025689 
Thereafter2,690 
$4,245 
(1)The Company’s current revolving credit facility matures in 2024.