XML 59 R35.htm IDEA: XBRL DOCUMENT v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Components of Debt
The components of debt as of December 31, 2021 and 2020 consisted of the following:
December 31, 2021
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized
Debt Premium / Discount		Total
Current portion of long-term debt:
4.10% Senior Notes due March 2022
$201 $— $— $201 
Variable rate (3.0% at December 31, 2021) Term Loan B due June 2027
$5 
(1)
$— $— $5 
Total current portion of long-term debt$206 $— $— $206 
Long-term debt:
Variable rate (2.08% at December 31, 2021) 2018 revolving credit facility, due April 2024
$460 $— 
(2)
$— $460 
4.95% Senior Notes due January 2025 (3)
389 (1)— 388 
Variable rate (3.0% at December 31, 2021) Term Loan B due June 2027
545 (7)(1)537 
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 (6)25 719 
5.375% Senior Notes due March 2030
1,200 (17)— 1,183 
4.75% Senior Notes due February 2032
1,150 (17)— 1,133 
Total long-term debt$5,234 $(57)$24 $5,201 
Total debt$5,440 $(57)$24 $5,407 
December 31, 2020
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized
Debt Premium / Discount		Total
Long-term debt:
Variable rate (2.11% at December 31, 2020) 2018 revolving credit facility, due April 2024
$700 $— 
(2)
$— $700 
4.10% Senior Notes due March 2022
207 — — 207 
4.95% Senior Notes due January 2025 (3)
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)The Term Loan requires quarterly principal repayments of $1.375 million, subject to adjustment for voluntary prepayments, beginning in March 2022.
(2)At December 31, 2021 and 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 sheet.
(3)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 their issuance. 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 was paid in January 2021. On September 1, 2021, S&P upgraded the Company’s bond rating to BB, and on January 6, 2022, S&P further upgraded our bond rating to BB+, which will have the effect of decreasing the interest rate on the 2025 Notes to 5.95% beginning with coupon payments paid after January 2022.
Schedule of Long Term Debt Maturities
The following is a summary of scheduled debt maturities by year as of December 31, 2021 and includes the quarterly Term Loan principal repayments of $1.375 million, subject to adjustment for voluntary prepayments, beginning in March 2022:
(in millions)
2022 (1)
$206 
20236 
2024 (2)
465 
2025395 
20265 
Thereafter4,363 
$5,440 
(1)In January 2022, the remaining $201 million principal balance on the Senior Notes due 2022 was retired using the Company’s 2018 credit facility.
(2)The Company’s 2018 credit facility matures in 2024.