Long-term Debt and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of components of long-term debt

The components of long-term debt, including the effects of issuance costs and net discounts, are as follows:

	As of March 31, 2023		As of December 31, 2022
	(in millions)
Outstanding debt principal balances:
0.550% senior notes due 2023	$	750	$	750
0.250% convertible senior notes due 2025	870		962
5.100% senior notes due 2026	1,100		—
1.125% senior notes due 2026	750		750
7.200% senior notes due 2028	241		241
4.125% senior notes due 2028	138		138
1.900% senior notes due 2030	1,100		1,100
2.150% senior notes due 2031	1,000		1,000
	5,949		4,941
Issuance costs and discounts, net	(41)		(37)
Total debt	5,908		4,904
Less current portion of long-term debt	814		779
Long-term debt	$	5,094	$	4,125

Schedule of convertible notes

Interest expense recognized on the Convertible Notes is as follows:

	Three Months Ended March 31,
	2023		2022
	(in millions)
Contractual coupon interest	$	1	$	1
Amortization of capitalized loan fees	1		1
	$	2	$	2

Schedule of derivative instruments

Certain holders of the Convertible Notes exercised their conversion option resulting in the Company recognizing the following cash payments and cash receipts associated with the conversions:

	Three Months Ended March 31,
	2023		2022
Cash payments:
Principal repayments	$	92	$	—
Conversion premiums	138		—
Cash payments	$	230	$	—
Cash receipts:
Capped Call proceeds	$	31	$	—
Conversion option derivative receipts, net	7		—
Cash receipts, net	$	38	$	—