Debt (Tables)

12 Months Ended

Dec. 31, 2023

The components of debt as of December 31, 2023 and 2022 consisted of the following:


	December 31, 2023
(in millions)	Debt Instrument		Unamortized Issuance Expense			Unamortized Debt Premium / Discount		Total






Variable rate (7.20% at December 31, 2023) 2022 revolving credit facility, due April 2027	$	220	$	—	(1)	$	—	$	220
4.95% Senior Notes due January 2025 (2)	389		—			—		389


8.375% Senior Notes due September 2028	304		(3)			—		301
5.375% Senior Notes due February 2029	700		(5)			18		713
5.375% Senior Notes due March 2030	1,200		(13)			—		1,187
4.75% Senior Notes due February 2032	1,150		(13)			—		1,137


Total debt	$	3,963	$	(34)		$	18	$	3,947


	December 31, 2022
(in millions)	Debt Instrument		Unamortized Issuance Expense			Unamortized Debt Premium / Discount		Total






Variable rate (6.15% at December 31, 2022) 2022 revolving credit facility, due April 2027	$	250	$	—	(1)	$	—	$	250
4.95% Senior Notes due January 2025 (2)	389		(1)			—		388
7.75% Senior Notes due October 2027	421		(3)			—		418
8.375% Senior Notes due September 2028	304		(3)			—		301
5.375% Senior Notes due February 2029	700		(5)			22		717
5.375% Senior Notes due March 2030	1,200		(16)			—		1,184
4.75% Senior Notes due February 2032	1,150		(16)			—		1,134
Total debt	$	4,414	$	(44)		$	22	$	4,392

(1)At December 31, 2023 and 2022, unamortized issuance expense of $15 million and $19 million, respectively, associated with the 2022 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheet.

(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 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 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.

Schedule of Long Term Debt Maturities

The following is a summary of scheduled debt maturities by year as of December 31, 2023:


(in millions)
2024	$	—
2025	389
2026	—
2027 (1)	220
2028	304
Thereafter	3,050
	$	3,963

(1)The Company’s 2022 credit facility matures in 2027.