Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3. QUANTITATIVE AND QUALITATIVE D ISCLOSURES ABOUT MARKET RISK
LONG-TERM INDEBTEDNESS OBLIGATIONS
The following summary of our long-term indebtedness obligations includes:
● scheduled principal repayments for the next five years and after;
● weighted average interest rates for debt maturing in each of the next five years and after and
● estimated fair values of outstanding obligations.
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We estimate the fair value of fixed-rate long-term debt using the market approach, which is based on quoted market prices we received for the same types and issues of our debt. Changes in market rates of interest affect the fair value of our fixed-rate debt.
Summary of Long-Term Indebtedness Principal Obligations as of September 30, 2023
DOLLAR AMOUNTS IN MILLIONS
2023
2024
2025
2026
2027
THEREAFTER
TOTAL (1)
FAIR VALUE
Fixed-rate debt
$
860
$
—
$
210
$
1,022
$
300
$
3,333
$
5,725
$
5,434
Average interest rate
5.21
%
—
%
8.31
%
5.52
%
6.95
%
4.82
%
5.24
%
N/A
(1) Excludes $46 million of unamortized discounts, capitalized debt expense and business combination fair value adjustments.
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