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Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Components of Debt
The components of debt as of September 30, 2022 and December 31, 2021 consisted of the following:
September 30, 2022
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized Debt Premium/DiscountTotal
Current portion of long-term debt:
Variable rate (6.20% at September 30, 2022) Term Loan B due June 2027
$5 
(1)
$— $— $5 
Total current portion of long-term debt$5 $— $— $5 
Long-term debt:
Variable rate (4.83% at September 30, 2022)
2022 revolving credit facility due April 2027 (4)
$180 $— 
(2)
$— $180 
4.95% Senior Notes due January 2025 (3)
389 (1)— 388 
Variable rate (6.20% at September 30, 2022) Term Loan B due June 2027
541 (6)(1)534 
7.75% Senior Notes due October 2027
421 (3)— 418 
8.375% Senior Notes due September 2028
304 (4)— 300 
5.375% Senior Notes due February 2029
700 (6)22 716 
5.375% Senior Notes due September 2030
1,200 (15)— 1,185 
4.75% Senior Notes due February 2032
1,150 (16)— 1,134 
Total long-term debt$4,885 $(51)$21 $4,855 
Total debt$4,890 $(51)$21 $4,860 
December 31, 2021
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized Debt Premium/DiscountTotal
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) 2022 revolving credit facility, due April 2027 (4)
$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 September 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 
(1)The Term Loan requires quarterly principal repayments of $1.375 million, subject to adjustment for voluntary prepayments, beginning in March 2022.
(2)At September 30, 2022 and December 31, 2021, unamortized issuance expense of $21 million and $10 million, respectively, associated with the 2022 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets.
(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 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, and on January 6, 2022, S&P further upgraded the Company’s bond rating to BB+, which decreased the interest rate on the 2025 Notes to 5.95% beginning with coupon payments paid after January 2022. On May 31, 2022, Moody’s upgraded the Company’s bond rating to Ba1, which decreased the interest rate on the 2025 Notes from 5.95% to 5.70% for coupon payments paid after July 2022.(4)The Company’s 2018 credit facility was amended and restated in April 2022.
Schedule of Maturities of Long-term Debt
The following is a summary of scheduled debt maturities by year as of September 30, 2022 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 
20236 
20245 
2025395 
20265 
Thereafter4,478 
$4,890