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Debt and Interest Expense (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of components of long-term debt

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


	As of September 30, 2023		As of December 31, 2022
	(in millions)
Outstanding debt principal balances:

0.550% senior notes due 2023	$	—	$	750
0.250% convertible senior notes due 2025	629		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
	4,958		4,941
Issuance costs and discounts, net	(34)		(37)
Total debt	4,924		4,904
Less current portion of debt	44		779
Long-term debt	$	4,880	$	4,125

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:


	Nine Months Ended September 30,
	2023		2022
	(in millions)
Cash payments:
Principal repayments	$	333	$	240
Conversion premiums	422		321
Conversion option derivative payments, net	14		—
Cash payments, net	$	769	$	561
Cash receipts:
Capped Call proceeds	$	104	$	71
Conversion option derivative receipts, net	—		17
Cash receipts, net	$	104	$	88

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details