SENIOR NOTES

6 Months Ended

Jun. 30, 2023

Senior Notes [Abstract]

SENIOR NOTES

SENIOR NOTES

The table below displays Holdings’ outstanding senior notes. Fair value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

				June 30, 2023				December 31, 2022
(Dollars in millions)	Date Issued	Date Due	Principal Amounts	Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	6/5/2014	6/1/2044	400	$	397	$	360	$	397	$	343
3.5% Senior notes	10/7/2020	10/15/2050	1,000	981		714		981		677
3.125% Senior notes	10/4/2021	10/15/2052	1,000	970		664		969		627
			2,400	$	2,348	$	1,738	$	2,347	$	1,647

(Some amounts may not reconcile due to rounding.)

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

			Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Interest Paid	Payable Dates	2023		2022		2023		2022
4.868% Senior notes	semi-annually	June 1/December 1	$	5	$	5	$	10	$	10
3.5% Senior notes	semi-annually	April 15/October 15	9		9		18		18
3.125% Senior notes	semi-annually	April 15/October 15	8		8		16		16
			$	22	$	22	$	43	$	43

(Some amounts may not reconcile due to rounding.)