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Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Components of Debt
The components of debt as of March 31, 2023 and December 31, 2022 consisted of the following:
March 31, 2023
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized Debt Premium/DiscountTotal
Long-term debt:
Variable rate (6.69% at March 31, 2023)
2022 revolving credit facility due April 2027
$210 $— 
(1)
$— $210 
4.95% Senior Notes due January 2025 (2)
389 (1)— 388 
8.375% Senior Notes due September 2028
304 (3)— 301 
5.375% Senior Notes due February 2029
700 (5)21 716 
5.375% Senior Notes due March 2030
1,200 (15)— 1,185 
4.75% Senior Notes due February 2032
1,150 (15)— 1,135 
Total long-term debt$3,953 $(39)$21 $3,935 
Total debt$3,953 $(39)$21 $3,935 
December 31, 2022
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized Debt Premium/DiscountTotal
Long-term debt:
Variable rate (6.15% at December 31, 2022) 2022 revolving credit facility, due April 2027
$250 $— 
(1)
$— $250 
4.95% Senior Notes due January 2025 (2)
389 (1)— 388 
7.75% Senior Notes due October 2027
421 (3)— 418 
8.375% Senior Notes due September 2028
304 (3)— 301 
5.375% Senior Notes due February 2029
700 (5)22 717 
5.375% Senior Notes due March 2030
1,200 (16)— 1,184 
4.75% Senior Notes due February 2032
1,150 (16)— 1,134 
Total long-term debt$4,414 $(44)$22 $4,392 
Total debt$4,414 $(44)$22 $4,392 
(1)At March 31, 2023 and December 31, 2022, unamortized issuance expense of $18 million and $19 million, respectively, associated with the 2022 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets.
(2)Effective in July 2018, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since the initial offering. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which had the effect of increasing the interest rate on the 2025 Notes to 6.45% following the July 23, 2020 interest payment date. The first coupon payment to the bondholders at the higher interest rate was paid in January 2021. On September 1, 2021, S&P upgraded the Company’s bond rating to BB, and on January 6, 2022, S&P further upgraded the Company’s bond rating to BB+, which decreased the interest rate on the 2025 Notes to 5.95% beginning with coupon payments paid after January 2022. On May 31, 2022, Moody’s upgraded the Company’s bond rating to Ba1, which decreased the interest rate on the 2025 Notes from 5.95% to 5.70% for coupon payments paid after July 2022.
Schedule of Maturities of Long-term Debt
The following is a summary of scheduled debt maturities by year as of March 31, 2023:
(in millions)
2023$— 
2024— 
2025389 
2026— 
2027210 
Thereafter3,354 
$3,953