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Long-Term Debt | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 7 — LONG-TERM DEBT A summary of long-term debt at March 31, 2025 and December 31, 2024, including related interest rates at March 31, 2025, follows (dollars in millions):
| March 31, 2025 |  |  | December 31, 2024 |
Senior secured term loan facility | $ | — |  |  |  | 1,238 |
Other senior secured debt (effective interest rate of 4.6%) |  | 1,022 |  |  |  | 1,046 |
Senior secured debt |  | 1,022 |  |  |  | 2,284 |
Senior unsecured credit facility (effective interest rate of 5.7%) |  | 220 |  |  |  | — |
Senior unsecured notes (effective interest rate of 5.2%) |  | 43,766 |  |  |  | 41,116 |
Debt issuance costs and discounts |  | (432 | ) |  |  | (369 | )
Total debt (average life of 11.7 years, rates averaging 5.2%) |  | 44,576 |  |  |  | 43,031 |
Less amounts due within one year |  | 3,519 |  |  |  | 4,698 |
| $ | 41,057 |  |  | $ | 38,333 |
During February 2025, we repaid all $2.600 billion aggregate principal amount of 5.375% senior notes due 2025 at maturity. We entered into a new credit agreement that provides for $8.000 billion of senior unsecured revolving credit commitments with a term of five years (“senior unsecured credit facility”). Currently, borrowings under the senior unsecured credit facility bear interest at a rate equal to the Secured Overnight Financing Rate plus 1.250% (plus a 0.10% credit spread adjustment). We concurrently borrowed funds from the senior unsecured credit facility and repaid outstanding borrowings under our $4.5 billion senior secured asset-based revolving credit facility and our senior secured term loan facility of $1.238 billion. We terminated these senior secured credit facilities along with our $3.5 billion senior secured revolving cash flow credit facility. During February 2025, we also issued $5.250 billion aggregate principal amount of senior notes comprised of (i) $700 million aggregate principal amount of 5.000% senior notes due 2028, (ii) $300 million aggregate principal amount of floating rate senior notes due 2028, (iii) $750 million aggregate principal amount of 5.250% senior notes due 2030, (iv) $750 million aggregate principal amount of 5.500% senior notes due 2032, (v) $1.500 billion aggregate principal amount of 5.750% senior notes due 2035 and (vi) $1.250 billion aggregate principal amount of 6.200% senior notes due 2055. We used the net proceeds to repay borrowings under the senior unsecured credit facility and for general corporate purposes.

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