LONG-TERM DEBT, NET

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT, NET

NOTE 12: LONG-TERM DEBT, NET

This note provides details about:

• debt issued and extinguished and

• long-term debt and related maturities.

Our long-term debt includes notes, debentures and other borrowings.

DEBT ISSUED AND EXTINGUISHED

In October 2021, we repaid our $150 million 9.00 percent notes at maturity.

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

In December 2020, we redeemed our $500 million 4.625 percent notes due in September 2023, and in September 2020, we redeemed our $325 million 3.25 percent notes due in March 2023. Pretax charges of $58 million and $23 million were included in "Interest expense, net of capitalized interest" in the Consolidated Statement of Operations in fourth quarter and third quarter 2020, respectively, for the make-whole premiums, unamortized debt issuance costs and unamortized debt discounts in connection with these early extinguishments.

In March 2020, we issued $750 million of 4.00 percent notes due in April 2030. The net proceeds after deducting the discount, underwriting fees and issuance costs were $732 million. In May 2020, a portion of the net proceeds was used to redeem our $569 million 4.70 percent notes due in March 2021. A net pretax charge of $11 million was included in “Interest expense, net of capitalized interest” in the Consolidated Statement of Operations in second quarter 2020 for the make-whole premium in connection with the early extinguishment, partially offset by the write-off of an unamortized fair value step-up adjustment.

In February 2019, we issued $750 million of 4.00 percent notes due in November 2029. The net proceeds after deducting the discount, underwriting fees and issuance costs were $739 million. In March 2019, a portion of the net proceeds was used to redeem our $500 million 7.38 percent notes due in October 2019. A pretax charge of $12 million was included in "Interest expense, net of capitalized interest" in the Consolidated Statement of Operations in first quarter 2019 for the make-whole premium, unamortized debt issuance costs and unamortized debt discounts in connection with the early extinguishment.

LONG-TERM DEBT AND RELATED MATURITIES

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, 2021			DECEMBER 31, 2020
9.00% debentures due 2021	$	—		$	150
7.125% debentures due 2023		191			191
5.207% debentures due 2023		860			860
8.50% debentures due 2025		300			300
7.95% debentures due 2025		136			136
7.70% debentures due 2026		150			150
7.35% debentures due 2026		62			62
7.85% debentures due 2026		100			100
Variable-rate term loan credit facility matures 2026		—			225
6.95% debentures due 2027		300			300
4.00% notes due 2029		750			750
4.00% notes due 2030		750			750
7.375% debentures due 2032		1,250			1,250
6.875% debentures due 2033		275			275
Other		1			1
Total principal long-term debt		5,125			5,500
Add: fair value adjustments (related to Plum Creek merger)		8			12
Less: unamortized discounts		(26	)		(28	)
Less: unamortized debt expense		(8	)		(9	)
		#REF!			#REF!
Total	$	5,099		$	5,475
Portion due within one year	$	—		$	150

Amounts of Long-Term Debt Due Annually for the Next Five Years and Thereafter

DOLLAR AMOUNTS IN MILLIONS (1)
2022	$	—
2023	$	1,051
2024	$	—
2025	$	436
2026	$	312
Thereafter	$	3,326

(1) Excludes $26 million of unamortized discounts, capitalized debt expense and fair value adjustments (related to Plum Creek merger).