You are evaluating the debt maturity structure of two telecommunications companies, AT&T Inc. and Verizon Communications Inc., for the fiscal year 2023.

Requirements:

1. AT&T reported total long-term debt of $150 billion as of December 31, 2023, with 40% maturing within the next 5 years. Verizon reported total long-term debt of $120 billion, with 50% maturing within the next 5 years.
2. Calculate the absolute amount and percentage of debt maturing within the next 5 years for both AT&T and Verizon.
3. Analyze and discuss the implications of the differences in debt maturity structures on the liquidity and refinancing risks of AT&T and Verizon.