Table of Contents Index to Financial Statements In 2019, the Company determined that the $26 million carrying value of certain non-core assets exceeded their respective fair value less costs to sell and recognized a $16 million non-cash impairment. The Company used Level 3 measurements to determine the fair value of these assets. In the third quarter of 2018, the Company determined the carrying value of certain non-full cost pool assets associated with the Fayetteville Shale sale exceeded the fair value less costs to sell. In accordance with accounting guidance for Property, Plant and Equipment, assets held for sale are measured at the lower of carrying value or fair value less costs to sell. Because the assets outside of the full cost pool included in the Fayetteville Shale sale met the criteria for held for sale accounting, the Company recorded a non-cash impairment charge of $161 million for the year ended December 31, 2018, of which $145 million related to midstream gathering assets and $15 million related to E&P which were both reflected as assets held for sale in the third quarter of 2018. Additionally, the Company recorded a $1 million non-cash impairment related to other non-core assets that were not included in the sale. The estimated fair value of the gathering assets was based on an estimated discounted cash flow model and market assumptions. The significant Level 3 assumptions used in the calculation of estimated discounted cash flows included future commodity prices, projections of estimated quantities of natural gas reserves, operating costs, projections of future rates of production, inflation factors and risk adjusted discount rates. (9) DEBT The components of debt as of December 31, 2020 and 2019 consisted of the following: (1) At December 31, 2020 and 2019, unamortized issuance expense of $12 million and $11 million, respectively, associated with the 2018 revolving credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheet. (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 due date. The first coupon payment to the bondholders at the higher interest rate will be paid in January 2021. $^{(1)}$ December 31, 2020 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Discount Total Long-term debt: Variable rate (2.110% at December 31, 2020) 2018 revolving credit facility, due April 2024 $ 700  $ —  $ —  $ 700  4.10% Senior Notes due March 2022 207  —  —  207  4.95% Senior Notes due January 2025  856  (4) (1) 851  7.50% Senior Notes due April 2026 618  (6) —  612  7.75% Senior Notes due October 2027 440  (5) —  435  8.375% Senior Notes due September 2028 350  (5) —  345  Total long-term debt $ 3,171  $ (20) $ (1) $ 3,150  (2) December 31, 2019 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Discount Total Long-term debt: Variable rate (4.310% at December 31, 2019) 2018 revolving credit facility, due April 2024 $ 34  $ —  $ —  $ 34  4.10% Senior Notes due March 2022 213  (1) —  212  4.95% Senior Notes due January 2025  892  (5) (1) 886  7.50% Senior Notes due April 2026 639  (7) —  632  7.75% Senior Notes due October 2027 484  (6) —  478  Total long-term debt $ 2,262  $ (19) $ (1) $ 2,242  (1) (2) 105