XML 26 R16.htm IDEA: XBRL DOCUMENT v3.24.1.u1
DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
The carrying value of our short-term and long-term debt consist of the following:
March 31, 2024December 31, 2023
Short-term and current portion of long-term debt
8.55% Debentures due June 2024
$108 $109 
Other debt39 39 
Total short-term and current portion of long-term debt147 148 
   
Long-term debt  
2.061% Senior Notes due December 2026
598 598 
3.337% Senior Notes due December 2027
1,289 1,294 
6.875% Notes due January 2029
266 268 
3.138% Senior Notes due November 2029
523 523 
4.486% Senior Notes due May 2030
498 498 
5.125% Senior Notes due September 2040
1,279 1,281 
4.080% Senior Notes due December 2047
1,338 1,338 
Other long-term debt67 73 
Total long-term debt5,859 5,872 
Total debt$6,006 $6,020 
The estimated fair value of total debt at March 31, 2024 and December 31, 2023 was $5,479 million and $5,571 million, respectively. For a majority of our debt the fair value was determined using quoted period-end market prices. Where market prices are not available, we estimate fair values based on valuation methodologies using current market interest rate data adjusted for our non-performance risk.
We have a $3 billion committed unsecured revolving credit facility ("the Credit Agreement") with commercial banks maturing in November 2028. The Credit Agreement contains certain representations and warranties, certain affirmative covenants and negative covenants, in each case we consider customary. Upon the occurrence of certain events of default, our obligations under the Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the Credit Agreement and other customary defaults. No such events of default have occurred. The Credit Agreement is fully and unconditionally guaranteed on a senior unsecured basis by Baker Hughes. In addition, we have authorization to issue up to $3 billion of commercial paper. At March 31, 2024 and December 31, 2023, there were no borrowings under the Credit Agreement and no outstanding commercial paper.
Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with Baker Hughes Holdings LLC ("BHH LLC") on our long-term debt securities. This co-obligor is a 100%-owned finance subsidiary of BHH LLC that was incorporated for the sole purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than those related to its sole purpose. As of March 31, 2024, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling $5,900 million.
Certain Senior Notes contain covenants that restrict our ability to take certain actions, including, but not limited to, the creation of certain liens securing debt, the entry into certain sale-leaseback transactions, and engaging in certain merger, consolidation and asset sale transactions in excess of specified limits. At March 31, 2024, we were in compliance with all debt covenants.