Long-Term Debt

9 Months Ended

Sep. 30, 2021

NOTE 8 — LONG-TERM DEBT

A summary of long-term debt at September 30, 2021 and December 31, 2020, including related interest rates at September 30, 2021, follows (dollars in millions):


	September 30, 2021			December 31, 2020
Senior secured asset-based revolving credit facility (effective interest rate of 2.7%)	$	500		$	—
Senior secured revolving credit facility		—			—
Senior secured term loan facilities (effective interest rate of 3.1%)		1,980			3,671
Senior secured notes (effective interest rate of 4.8%)		16,200			13,850
Other senior secured debt (effective interest rate of 4.2%)		920			767

Senior secured debt		19,600			18,288
Senior unsecured notes (effective interest rate of 5.5%)		12,952			12,952
Debt issuance costs and discounts		(253	)		(236	)

Total debt (average life of 9.5 years, rates averaging 4.9%)		32,299			31,004
Less amounts due within one year		250			209

	$	32,049		$	30,795

During June 2021, we issued $2.350 billion aggregate principal amount of senior secured notes comprised of $850 million aggregate principal amount of 2 3/8% notes due 2031 and $1.500 billion aggregate principal amount of 3 1/2% notes due 2051 (the “June 2021 Notes”). We also amended and restated our senior secured revolving credit facility and our senior secured asset-based revolving credit facility, including increasing availability under the asset-based revolving credit facility to $4.500 billion, extending the maturity date on both facilities to June 30, 2026 and entering into a new $1.500 billion term

loan A-7

facility and a new $500 million term

loan B-14

facility (the “Credit Agreement Transactions”). We used the net proceeds from the June 2021 Notes and the Credit Agreement Transactions to retire the $1.071 billion term

loan A-6

facility, the $1.455 billion term

loan B-12

facility and the $1.131 billion term

loan B-13

facility. The pretax loss on retirement of debt was $12 million.