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NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021 (in millions):
 20222021
STG Bank Credit Agreement:
Term Loan B-1, due January 3, 2024 (a)$— $379 
Term Loan B-2, due September 30, 2026 1,258 1,271 
Term Loan B-3, due April 1, 2028729 736 
Term Loan B-4, due April 21, 2029 (a)746 — 
DSG Bank Credit Agreement (b):
Term Loan, due August 24, 2026 — 3,226 
STG Notes:
5.875% Unsecured Notes, due March 15, 2026 (a)
— 348 
5.125% Unsecured Notes, due February 15, 2027 (c)
282 400 
5.500% Unsecured Notes, due March 1, 2030
500 500 
4.125% Senior Secured Notes, due December 1, 2030
750 750 
DSG Notes (b):
12.750% Senior Secured Notes, due December 1, 2026
— 31 
5.375% Senior Secured Notes, due August 15, 2026
— 3,050 
6.625% Unsecured Notes, due August 15, 2027
— 1,744 
Debt of variable interest entities8 9 
Debt of non-media subsidiaries16 17 
Finance leases23 28 
Finance leases - affiliate9 9 
Total outstanding principal4,321 12,498 
Less: Deferred financing costs and discounts(56)(158)
Less: Current portion(35)(66)
Less: Finance leases - affiliate, current portion(3)(3)
Net carrying value of long-term debt$4,227 $12,271 
 
(a)In April 2022, STG raised Term B-4 Loans in an aggregate principal amount of $750 million, the proceeds of which were used to refinance all of STG’s outstanding Term Loan B-1 due January 2024 and to redeem STG’s outstanding 5.875% senior notes due 2026. See STG Bank Credit Agreement below.
(b)The debt of DSG, a wholly-owned subsidiary of DSIH, was deconsolidated from our balance sheet as part of the Deconsolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.
(c)During the year ended December 31, 2022, we purchased $118 million aggregate principal amount of the STG 5.125% Notes in open market transactions for consideration of $104 million. The STG 5.125% Notes acquired during the year ended December 31, 2022 were canceled immediately following their acquisition. See STG Notes below.
Schedule of Maturity of Indebtedness Under the Notes Payable, Capital Leases and the Bank Credit Agreement
Debt under the STG Bank Credit Agreement, notes payable, and finance leases as of December 31, 2022 matures as follows (in millions):
 
 Notes and 
Bank Credit Agreement		Finance LeasesTotal
2023$31 $9 $40 
202429 7 36 
202543 7 50 
20261,234 7 1,241 
2027299 4 303 
2028 and thereafter2,653 6 2,659 
Total minimum payments4,289 40 4,329 
Less: Deferred financing costs and discounts(56)— (56)
Less: Amount representing future interest— (8)(8)
Net carrying value of debt$4,233 $32 $4,265 
Schedule of Debt
The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2022 and 2021:
Weighted Average Effective Rate
Stated Rate20222021
STG Bank Credit Agreement:
Term Loan B-1 (a)
LIBOR plus 2.25%
—%2.36%
Term Loan B-2 (d)
LIBOR plus 2.50%
4.62%2.77%
Term Loan B-3 (d)
LIBOR plus 3.00%
4.88%3.89%
Term Loan B-4 (a) (e)
SOFR plus 3.75%
8.21%—%
Revolving Credit Facility (b) (e)
SOFR plus 2.00%
—%—%
DSG Bank Credit Agreement (c):
Term Loan
LIBOR plus 3.25%
—%3.62%
STG Notes:
5.875% Unsecured Notes (a)
5.88%—%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 (c):
12.750% Secured Notes
12.75%—%11.95%
5.375% Secured Notes
5.38%—%5.73%
6.625% Unsecured Notes
6.63%—%7.00%
(a)In April 2022, STG raised Term B-4 Loans in an aggregate principal amount of $750 million, the proceeds of which were used to refinance all of STG’s outstanding Term Loan B-1 due January 2024 and to redeem STG’s outstanding 5.875% senior notes due 2026. See STG Bank Credit Agreement below.
(b)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, 2022 and 2021, 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.
(c)The debt of DSG, a wholly-owned subsidiary of DSIH, was deconsolidated from our balance sheet as part of the Deconsolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.
(d)The STG Term Loan B-2 will convert to using the Secured Overnight Financing Rate ("SOFR") upon the complete phase-out of LIBOR on June 30, 2023 and will be subject to customary credit spread adjustments set at the time of the rate conversion. The STG Term Loan B-3 has LIBOR to SOFR conversion terms, including the applicable credit spread adjustments, built into the existing agreement.
(e)Interest rate terms on the STG Term Loan B-4 and revolving credit facility include additional customary credit spread adjustments.