Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consists of the following (in millions):

	As of
	March 31, 2022		December 31, 2021
Term Loan B	$	5,230	$	5,243
Term Loan A	1,250		1,250
3.875% First Lien Senior Notes due 2028	1,550		1,550
3.50% First Lien Senior Notes due 2029	750		750
5.75% First Lien Senior Notes due 2025	500		500
4.375% Second Lien Senior Notes due 2028	750		750
4.00% Second Lien Senior Notes due 2030	2,900		2,900
TH Facility and other	175		173
Less: unamortized deferred financing costs and deferred issue discount	(131)		(138)
Total debt, net	12,974		12,978
Less: current maturities of debt	(71)		(62)
Total long-term debt	$	12,903	$	12,916

Summary of Fair Value Measurement

The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):

	As of
	March 31, 2022		December 31, 2021
Fair value of our variable term debt and senior notes	$	12,370	$	12,851
Principal carrying amount of our variable term debt and senior notes	12,930		12,943

Schedule of Interest Expense, Net

Interest expense, net consists of the following (in millions):

	Three Months Ended March 31,
	2022		2021
Debt (a)	$	115	$	113
Finance lease obligations	5		5
Amortization of deferred financing costs and debt issuance discount	7		7
Interest income	—		(1)
Interest expense, net	$	127	$	124

(a)Amount includes $11 million and $12 million benefit during the three months ended March 31, 2022 and 2021, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 14, Derivatives.