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NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Notes Payable, Capital Leases and the Bank Credit Agreement
Notes payable, finance leases, and commercial bank financing (including finance leases to affiliates) consisted of the following as of December 31, 2021 and 2020 (in millions):
 20212020
STG Bank Credit Agreement:
Term Loan B-1, due January 3, 2024$379 $1,119 
Term Loan B-2, due September 30, 2026 1,271 1,284 
Term Loan B-3, due April 1, 2028 (a)736 — 
DSG Bank Credit Agreement (b):
Term Loan, due August 24, 2026 3,226 3,259 
STG Notes:
5.875% Unsecured Notes, due March 15, 2026
348 348 
5.125% Unsecured Notes, due February 15, 2027
400 400 
5.500% Unsecured Notes, due March 1, 2030
500 500 
4.125% Senior Secured Notes, due December 1, 2030
750 750 
DSG Notes:
12.750% Senior Secured Notes, due December 1, 2026 (b)
31 31 
5.375% Senior Secured Notes, due August 15, 2026 (b)
3,050 3,050 
6.625% Unsecured Notes, due August 15, 2027
1,744 1,744 
DSG Accounts Receivable Securitization Facility (c)— 177 
Debt of variable interest entities9 17 
Debt of non-media subsidiaries17 17 
Finance leases28 30 
Finance leases - affiliate9 8 
Total outstanding principal12,498 12,734 
Less: Deferred financing costs and discounts(158)(183)
Less: Current portion(66)(56)
Less: Finance leases - affiliate, current portion(3)(2)
Net carrying value of long-term debt$12,271 $12,493 
 
(a)On April 1, 2021, STG amended the STG Bank Credit Agreement to raise term loans in an aggregate principal amount of $740 million (STG Term Loan B-3), the proceeds of which were used to refinance a portion of STG's term loan maturing in January 2024, as more fully described below under STG Bank Credit Agreement.
(b)On March 1, 2022, DSG completed a refinancing transaction relating to the DSG Bank Credit Agreement, the DSG 5.375% Secured Notes (defined below under DSG Notes) and the DSG 12.750% Secured Notes (defined below under DSG Notes). See Note 20. Subsequent Events for a discussion of the refinancing transaction.
(c)On November 5, 2021, SBG purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the DSG Accounts Receivable Facility (A/R Facility). SBG purchased the lenders’ outstanding loans and commitments under the A/R Facility by making a payment to the lenders as consideration for the purchase of the lenders’ respective rights and obligations under the A/R Facility equal to approximately $184 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. Transactions related to the A/R Facility are now intercompany transactions and therefore, are eliminated in consolidation.
Schedule of Maturity of Indebtedness Under the Notes Payable, Capital Leases and the Bank Credit Agreement
Debt under the STG Bank Credit Agreement, DSG Bank Credit Agreement, notes payable and finance leases as of December 31, 2021 matures as follows (in millions):
 
 Notes and 
Bank Credit Agreements		Finance LeasesTotal
2022$63 $8 $71 
202354 8 62 
2024433 7 440 
202568 6 74 
20267,748 6 7,754 
2027 and thereafter4,095 14 4,109 
Total minimum payments12,461 49 12,510 
Less: Deferred financing costs, discounts, and premiums(158)— (158)
Less: Amount representing future interest— (12)(12)
Net carrying value of debt$12,303 $37 $12,340 
Schedule of Debt
The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2021 and 2020:
Weighted Average Effective Rate
Stated Rate20212020
STG Bank Credit Agreement:
Term Loan B
LIBOR plus 2.25%
2.36%2.94%
Term Loan B-2
LIBOR plus 2.50%
2.77%3.29%
Term Loan B-3
LIBOR plus 3.00%
3.89%—%
Revolving Credit Facility (a)
LIBOR plus 2.00%
—%—%
DSG Bank Credit Agreement (b):
Term Loan
LIBOR plus 3.25%
3.62%4.21%
Revolving Credit Facility (c)
LIBOR plus 3.00%
—%—%
DSG Accounts Receivable Securitization Facility (d)
LIBOR plus 4.97%
—%4.77%
STG Notes:
5.875% Unsecured Notes
5.88%6.09%6.09%
5.125% Unsecured Notes
5.13%5.33%5.33%
5.500% Unsecured Notes
5.50%5.66%5.66%
4.125% Secured Notes
4.13%4.31%4.31%
DSG Notes:
12.750% Secured Notes (b)
12.75%11.95%11.95%
5.375% Secured Notes (b)
5.38%5.73%5.73%
6.625% Unsecured Notes
6.63%7.00%7.00%

(a)We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The STG Revolving Credit Facility is priced at LIBOR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the STG Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2021 and 2020, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $649 million available under the STG Revolving Credit Facility. See STG Bank Credit Agreement below for further information.
(b)On March 1, 2022 DSG completed a refinancing transaction relating to the DSG Bank Credit Agreement, the DSG 5.375% Secured Notes (defined below under DSG Notes) and the DSG 12.750% Secured Notes (defined below under DSG Notes). See Note 20. Subsequent Events for a discussion of the refinancing transaction.
(c)We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio is less than or equal to 3.25x, less than or equal to 3.75x but greater than 3.25x, or greater than 3.75x, respectively. The DSG Revolving Credit Facility is priced at LIBOR plus 3.00%, subject to decrease if the specified first lien leverage ratio (as defined in the DSG Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2021 and 2020, there were no outstanding borrowings, no letters of credit outstanding, and $228 million available under the DSG Revolving Credit Facility. See DSG Bank Credit Agreement below for further information.
(d)On November 5, 2021, SBG purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the A/R Facility. SBG purchased the lenders’ outstanding loans and commitments under the A/R Facility by making a payment to the lenders as consideration for the purchase of the lenders’ respective rights and obligations under the A/R Facility equal to approximately $184 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. Transactions related to the A/R Facility are now intercompany transactions and, therefore, are eliminated in consolidation.