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Long-Term Debt
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt

NOTE 7 — LONG-TERM DEBT

A summary of long-term debt at June 30, 2024 and December 31, 2023, including related interest rates at June 30, 2024, follows (dollars in millions):

 

 

 

June 30,
2024

 

 

December 31,
2023

 

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

$

850

 

 

$

1,880

 

Senior secured revolving credit facility

 

 

 

 

 

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

 

1,275

 

 

 

1,313

 

Other senior secured debt (effective interest rate of 4.2%)

 

1,010

 

 

 

967

 

Senior secured debt

 

3,135

 

 

 

4,160

 

Senior unsecured notes (effective interest rate of 5.1%)

 

38,116

 

 

 

35,766

 

Debt issuance costs and discounts

 

(371

)

 

 

(333

)

Total debt (average life of 10.8 years, rates averaging 5.1%)

 

40,880

 

 

 

39,593

 

Less amounts due within one year

 

4,574

 

 

 

2,424

 

$

36,306

 

 

$

37,169

 

 

During February 2024, we issued $4.500 billion aggregate principal amount of senior notes comprised of (i) $1.000 billion aggregate principal amount of 5.450% senior notes due 2031, (ii) $1.300 billion aggregate principal amount of 5.600% senior notes due 2034, (iii) $1.500 billion aggregate principal amount of 6.000% senior notes due 2054 and (iv) $700 million aggregate principal amount of 6.100% senior notes due 2064. We used the net proceeds to repay borrowings under our asset-based revolving credit facility and for general corporate purposes. During March 2024, we repaid all of the $2.000 billion aggregate principal amount of 5.000% senior notes due 2024 at maturity.