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Long-Term Debt | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 8 — LONG-TERM DEBT A summary of long-term debt at March 31, 2022 and December 31, 2021, including related interest rates at March 31, 2022 follows (dollars in millions):
| March 31, 2022 |  |  | December 31, 2021 |
Senior secured asset-based revolving credit facility | $ | — |  |  | $ | 2,780 |
Senior secured revolving credit facility |  | — |  |  |  | — |
Senior secured term loan facilities (effective interest rate of 2.3%) |  | 1,940 |  |  |  | 1,960 |
Senior secured notes (effective interest rate of 4.6%) |  | 22,200 |  |  |  | 16,200 |
Other senior secured debt (effective interest rate of 4.0%) |  | 927 |  |  |  | 935 |
Senior secured debt |  | 25,067 |  |  |  | 21,875 |
Senior unsecured notes (effective interest rate of 5.5%) |  | 12,952 |  |  |  | 12,952 |
Debt issuance costs and discounts |  | (323 | ) |  |  | (248 | )
Total debt (average life of 10.2 years, rates averaging 4.8%) |  | 37,696 |  |  |  | 34,579 |
Less amounts due within one year |  | 1,486 |  |  |  | 237 |
| $ | 36,210 |  |  | $ | 34,342 |
During March 2022, we issued $6.000 billion aggregate principal amount of senior secured notes comprised of (i) $1.000 billion aggregate principal amount of 3 1/8% senior secured notes due 2027, (ii) $500 million aggregate principal amount of 3 3/8% senior secured notes due 2029, (iii) $2.000 billion aggregate principal amount of 3 5/8% senior secured notes due 2032, (iv) $500 million aggregate principal amount of 4 3/8% senior secured notes due 2042 and (v) $2.000 billion aggregate principal amount of 4 5/8% senior secured notes due 2052. During March 2022, we used a portion of the net proceeds to pay down our revolving credit facilities. During April 2022, we redeemed all $1.250 billion outstanding aggregate principal amount of our 4.75% senior secured notes due 2023 and provided a notice of our election to redeem all $1.250 billion outstanding aggregate principal amount of our 5.875% senior notes due 2023. We expect to record aggregate pretax losses on retirement of debt for these two redemptions of approximately $80 million during the second quarter of 2022.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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