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Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

A summary of long-term debt at December 31, including related interest rates at December 31, 2023, follows (dollars in millions):

 

 

 

2023

 

 

2022

 

Senior secured asset-based revolving credit facility (effective interest rate of 6.7%)

 

$

1,880

 

 

$

2,900

 

Senior secured revolving credit facility

 

 

 

 

 

 

Senior secured term loan facilities (effective interest rate of 6.8%)

 

 

1,313

 

 

 

1,880

 

Other senior secured debt (effective interest rate of 4.1%)

 

 

967

 

 

 

953

 

Senior secured debt

 

 

4,160

 

 

 

5,733

 

Senior unsecured notes (effective interest rate of 5.0%)

 

 

35,766

 

 

 

32,652

 

Debt issuance costs and discounts

 

 

(333

)

 

 

(301

)

Total debt (average life of 9.4 years, rates averaging 5.1%)

 

 

39,593

 

 

 

38,084

 

Less amounts due within one year

 

 

2,424

 

 

 

370

 

 

 

$

37,169

 

 

$

37,714