Long-Term Debt

At December 31, 2017 and 2016, Altria Group, Inc.’s long-term debt consisted of the following:



(in millions)	2017		2016
Notes, 2.625% to 10.20%, interest payable semi-annually, due through 2046⁽¹⁾	$	13,852	$	13,839
Debenture, 7.75%, interest payable semi-annually, due 2027	42		42
	13,894		13,881
Less current portion of long-term debt	864		—
	$	13,030	$	13,881

⁽¹⁾Weighted-average coupon interest rate of 4.9% at December 31, 2017 and 2016.

At December 31, 2017, aggregate maturities of Altria Group, Inc.’s long-term debt were as follows:



(in millions)
2018	$	864
2019	1,144
2020	1,000
2021	1,500
2022	1,900
Thereafter	7,609
	14,017
Less: debt issuance costs	68
debt discounts	55
	$	13,894

Altria Group, Inc.’s estimate of the fair value of its debt is based on observable market information derived from a third party pricing source and is classified in Level 2 of the fair value hierarchy. The aggregate fair value of Altria Group, Inc.’s total long-term debt at December 31, 2017 and 2016, was $15.3 billion and $15.1 billion, respectively, as compared with its carrying value of $13.9 billion for each period.

▪Altria Group, Inc. Senior Notes: The notes of Altria Group, Inc. are senior unsecured obligations and rank equally in right of payment with all of Altria Group, Inc.’s existing and future senior unsecured indebtedness. Upon the occurrence of both (i) a change of control of Altria Group, Inc. and (ii) the notes ceasing to be rated investment grade by each of Moody’s, Standard & Poor’s and Fitch Ratings Ltd. within a specified time period, Altria Group, Inc. will be required to make an offer to purchase the notes at a price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest to the date of repurchase as and to the extent set forth in the terms of the notes.

The obligations of Altria Group, Inc. under the notes are guaranteed by PM USA as further discussed in Note 19. Condensed Consolidating Financial Information.

▪Debt Tender Offers: During 2016 and 2015, Altria Group, Inc. completed debt tender offers to purchase for cash certain of its senior unsecured notes in aggregate principal amounts of $0.9 billion and $0.8 billion, respectively.

Details of these debt tender offers and the associated pre-tax losses on early extinguishment of debt recorded by Altria Group, Inc. were as follows:



(in millions)	2016		2015
Notes Purchased
9.95% Notes due 2038	$	441	$	—
10.20% Notes due 2039	492		—
9.70% Notes due 2018	—		793
Total	$	933	$	793



Pre-tax Loss on Early Extinguishment of Debt
Premiums and fees	$	809	$	226
Write-off of unamortized debt discounts and debt issuance costs	14		2
Total	$	823	$	228