In December 2023, we entered into a $250 million senior unsecured term loan that will mature in December 2028. Net proceeds after fees were $249 million. Borrowings will bear interest at a floating rate based on either the adjusted term SOFR plus a spread or a mutually agreed upon base rate plus a spread. The facility also provides flexibility to enter into a mutually agreed fixed rate.

In December 2023, we repaid our $860 million 5.207 percent private note at maturity, funded by cash on hand, including the proceeds from our short-term investments which matured in fourth quarter 2023.

In May 2023, we completed an offering of debt securities by issuing $750 million of 4.750 percent notes due in May 2026. The net proceeds after deducting the discount, underwriting fees and issuance costs were $743 million.

In March 2022, we completed a series of transactions that lowered our weighted average interest rate and extended our weighted average maturity by issuing $900 million in notes and using the net proceeds plus cash on hand to close cash tender offers for $931 million of principal in higher interest rate notes. We issued $450 million of 3.375 percent notes due in March 2033 and $450 million of 4.00 percent notes due in March 2052. The net proceeds after deducting the discount, underwriting fees and issuance costs were $444 million and $437 million, respectively. The net proceeds were used to retire $592 million of our 7.375 percent notes due in March 2032, $161 million of our 8.50 percent notes due in January 2025, $73 million of our 7.125 percent notes due in July 2023, $65 million of our 7.95 percent notes due in March 2025 and $40 million of our 7.85 percent notes due in July 2026. We paid holders an aggregate $1.2 billion in cash reflecting principal, premium to par and tender premium. A net pretax charge of $276 million ($207 million after-tax) was included in our Consolidated Statement of Operations in first quarter 2022 for premiums to retire $931 million of principal plus unamortized debt issuance costs and unamortized debt discounts in connection with the early debt retirement.

In May 2021, we repaid our $225 million variable-rate term loan that was scheduled to mature in July 2026.

The following table lists our long-term debt by types and interest rates at the end of our last two years and includes the current portion.

Long-Term Debt by Types and Interest Rates (Includes Current Portion)


DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2023			DECEMBER 31, 2022
7.125% debentures due 2023	$	—		$	118
5.207% installment note due 2023		—			860
8.50% debentures due 2025		139			139
7.95% debentures due 2025		71			71
7.70% debentures due 2026		150			150
7.35% debentures due 2026		62			62
7.85% debentures due 2026		60			60
4.75% notes due 2026		750			—
6.95% debentures due 2027		300			300
Variable-rate term loan matures 2028		250			—
4.00% notes due 2029		750			750
4.00% notes due 2030		750			750
7.375% debentures due 2032		657			657
6.875% debentures due 2033		275			275
3.375% debentures due 2033		450			450
4.00% debentures due 2052		450			450
Other		1			1
Total principal long-term debt		5,115			5,093
Add: business combination fair value adjustment		—			4
Less: unamortized discounts		(37	)		(37	)
Less: unamortized debt expense		(9	)		(7	)
Total	$	5,069		$	5,053
Principal due within one year	$	—		$	978