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Long-Term Debt | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Our long-term debt consisted of the following at December 31:
(in millions) | 2022 |  | 2021
USD notes, 2.350% to 10.20%, interest payable semi-annually, due through 2061 (1) | $ | 22,098 |  |  | $ | 23,185 |
USD debenture, 7.75%, interest payable semi-annually, due 2027 | 42 |  |  | 42 |
Euro notes, 1.000% to 3.125%, interest payable annually, due through 2031 (2) | 4,540 |  |  | 4,817 |
| 26,680 |  |  | 28,044 |
Less current portion of long-term debt | 1,556 |  |  | 1,105 |
| $ | 25,124 |  |  | $ | 26,939 |
(1) Weighted-average coupon interest rate of and 4.4% at December 31, 2022 and 2021. (2) Weighted-average coupon interest rate of 2.0% at December 31, 2022 and 2021. At December 31, 2022, our outstanding long-term debt consisted of the following:
(in millions) |  |  |  |
Type | Face Value | Interest Rate | Issuance | Maturity
Euro notes | €1,250 | 1.000% | February 2019 | February 2023
USD notes | $218 | 2.950% | May 2013 | May 2023
USD notes | $776 | 4.000% | October 2013 | January 2024
USD notes | $345 | 3.800% | February 2019 | February 2024
USD notes | $750 | 2.350% | May 2020 | May 2025
Euro notes | €750 | 1.700% | February 2019 | June 2025
USD notes | $1,069 | 4.400% | February 2019 | February 2026
USD notes | $500 | 2.625% | September 2016 | September 2026
USD debenture | $42 | 7.750% | January 1997 | January 2027
Euro notes | €1,000 | 2.200% | February 2019 | June 2027
USD notes | $1,906 | 4.800% | February 2019 | February 2029
USD notes | $750 | 3.400% | May 2020 | May 2030
Euro notes | €1,250 | 3.125% | February 2019 | June 2031
USD notes | $1,750 | 2.450% | February 2021 | February 2032
USD notes | $177 | 9.950% | November 2008 | November 2038
USD notes | $208 | 10.200% | February 2009 | February 2039
USD notes | $2,000 | 5.800% | February 2019 | February 2039
USD notes | $1,500 | 3.400% | February 2021 | February 2041
USD notes | $900 | 4.250% | August 2012 | August 2042
USD notes | $650 | 4.500% | May 2013 | May 2043
USD notes | $1,800 | 5.375% | October 2013 | January 2044
USD notes | $1,500 | 3.875% | September 2016 | September 2046
USD notes | $2,500 | 5.950% | February 2019 | February 2049
USD notes | $500 | 4.450% | May 2020 | May 2050
USD notes | $1,250 | 3.700% | February 2021 | February 2051
USD notes | $271 | 6.200% | February 2019 | February 2059
USD notes | $1,000 | 4.000% | February 2021 | February 2061
At December 31, 2022, aggregate maturities of our long-term debt were as follows:
(in millions) | Aggregate Maturities
2023 |  | $ | 1,556 |
2024 |  | 1,121 |
2025 |  | 1,553 |
2026 |  | 1,569 |
2027 |  | 1,113 |
Thereafter | 20,000 |
|  | 26,912 |
Less: | debt issuance costs | 148 |
| debt discounts | 84 |
|  | $ | 26,680 |
At December 31, 2022 and 2021, accrued interest on long-term debt of $411 million and $429 million, respectively, was included in other accrued liabilities on our consolidated balance sheets. In August 2022, we repaid in full our 2.850% senior unsecured notes in the aggregate principal amount of $1.1 billion at maturity. All of our notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future senior unsecured indebtedness. Following the occurrence of both (i) a change of control of Altria and (ii) the notes ceasing to be rated investment grade by each of Moody’s, S&P and Fitch Ratings Inc., we 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. ▪Debt Tender Offers and Redemption: During the first quarter of 2021, we completed debt tender offers to purchase for cash certain of our long-term senior unsecured notes in an aggregate principal amount of $4,042 million. Details of the debt tender offers were as follows:
(in millions) | Principal Amount of Notes Purchased
2.850% Notes due 2022 | $ | 795 |
2.950% Notes due 2023 | 132 |
4.000% Notes due 2024 | 624 |
3.800% Notes due 2024 | 655 |
4.400% Notes due 2026 | 430 |
4.800% Notes due 2029 | 1,094 |
9.950% Notes due 2038 | 65 |
10.200% Notes due 2039 | 18 |
6.200% Notes due 2059 | 229 |
| $ | 4,042 |
During the first quarter of 2021, we also redeemed all of our outstanding 3.490% senior unsecured notes due to mature in 2022 in the aggregate principal amount of $1.0 billion. As a result of the debt tender offers and redemption, during the first quarter of 2021, we recorded pre-tax losses on early extinguishment of debt of $649 million, which included premiums and fees of $623 million and the write-off of unamortized debt discounts and debt issuance costs of $26 million. PM USA (the “Guarantor”), which is a 100% owned subsidiary of Altria Group, Inc. (the “Parent”), has guaranteed the Parent’s obligations under its outstanding debt securities, borrowings under its Credit Agreement and amounts outstanding under its commercial paper program (the “Guarantees”). Pursuant to the Guarantees, the Guarantor fully and unconditionally guarantees, as primary obligor, the payment and performance of the Parent’s obligations under the guaranteed debt instruments (the “Obligations”), subject to release under certain customary circumstances as noted below. The Guarantees provide that the Guarantor guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the Obligations. The liability of the Guarantor under the Guarantees is absolute and unconditional irrespective of: any lack of validity, enforceability or genuineness of any provision of any agreement or instrument relating thereto; any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from any agreement or instrument relating thereto; any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any other guarantee, for all or any of the Obligations; or any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Parent or the Guarantor. The Parent is a holding company; therefore, its access to the operating cash flows of its wholly owned subsidiaries consists of cash received from the payment of dividends and distributions, and the payment of interest on intercompany loans by its subsidiaries. Neither the Guarantor nor other 100% owned subsidiaries of the Parent that are not guarantors of the Obligations are limited by contractual obligations on their ability to pay cash dividends or make other distributions with respect to their equity interests. For a discussion of the fair value of our long-term debt and the designation of our Euro denominated senior unsecured notes as a net investment hedge of our investment in ABI, see Note 6. Financial Instruments.

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