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Long-term Debt (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Long-term Debt
The components of long-term debt, including the effects of issuance costs and issuance discounts, are as follows:
 
As of
September 30, 2020
As of
December 31, 2019
 (in millions)
Outstanding debt principal balances:
7.50% senior notes due 2020
$— $450 
3.45% senior notes due 2021
140 500 
3.95% senior notes due 2022
244 600 
0.25% convertible senior notes due 2025
1,323 — 
4.45% senior notes due 2026
500 500 
7.20% senior notes due 2028
241 250 
1.90% senior notes due 2030
1,100 — 
3,548 2,300 
Issuance costs and discounts(260)(11)
Total debt3,288 2,289 
Less current portion of long-term debt(140)(450)
Long-term debt$3,148 $1,839 
The principal amount and related unamortized issuance costs and discount on the Convertible Notes are as follows:
As of
September 30, 2020
(in millions)
Principal amount of Convertible Notes$1,323 
Unamortized issuance costs and discount on Convertible Notes (a)(235)
Net carrying value$1,088 
______________________
(a)Amortized to interest expense at an effective interest rate of 4.3% over five years.
Interest Costs
The interest costs recognized on the Convertible Notes are as follows:
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (in millions)
Contractual interest coupon$$— $$— 
Amortization of debt discount and issuance costs12 — 19 — 
$13 $— $20 $—