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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Summary of Material Contractual Obligations and Commercial Commitments

As of December 31, 2021, we have contractual obligations and commercial commitments that include expected interest on our 2026 Senior Notes and 2025 Senior Notes, expected commitment fees on our Credit Facility, and long-term purchase obligations, as summarized in the table below. The expected amounts and timing of payments discussed below was estimated based on information available to us as of December 31, 2021.

 

 

 

 

 

By Period

 

 

 

Total

 

 

Less than
1 year

 

 

1 to 3 years

 

 

3 to 5 years

 

 

More than
5 years

 

 

 

(in millions)

 

Expected interest payments on 2025 Senior Notes (1)

 

$

125

 

 

$

35

 

 

$

71

 

 

$

19

 

 

$

—

 

Expected interest payments on 2026 Senior Notes (2)

 

 

4

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

—

 

Expected commitment fee payments on Credit Facility (3)

 

 

6

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Purchase obligations and other (4)

 

 

45

 

 

 

18

 

 

 

24

 

 

 

2

 

 

 

1

 

Total (5)

 

$

180

 

 

$

57

 

 

$

100

 

 

$

22

 

 

$

1

 

 

(1)
Expected interest payments on our 2025 Senior Notes are based on a fixed interest rate of 7.0%, as of December 31, 2021 and assumes that our existing debt is repaid at maturity. Refer to “Note 10: Debt” for additional information on our 2025 Senior Notes.
(2)
Expected interest payments on our 2026 Senior Notes are based on a fixed interest rate of 0.25%, as of December 31, 2021 and assumes that our existing debt is repaid at maturity. Refer to “Note 10: Debt” for additional information on our 2026 Senior Notes.
(3)
Expected commitment fee payments are based on the daily unused portion of our Credit Facility, issued letters of credit, and the effective commitment fee rate as of December 31, 2021; however, these variables could change significantly in the future. Refer to “Note 10: Debt” for additional information on our Credit Facility.
(4)
Estimated purchase obligations that are fixed and determinable, primarily related to telecommunication and licensing contracts, with various expiration dates through approximately June 2029. These contracts have non-cancelable terms or are cancelable only upon payment of significant penalty. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations.
(5)
Excluded from the table was $3 million of undrawn standby letters of credit, primarily as security deposits for certain property leases as of December 31, 2021.