Borrowings and Lines of Credit

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings and Lines of Credit

Note 8: Borrowings and Lines of Credit

As of September 30, 2022, we had revolving credit agreements with various banks permitting aggregate borrowings of up to $7.0 billion, consisting of a $5.0 billion revolving credit agreement, which expires in April 2025, and a $2.0 billion revolving credit agreement, which was renewed in September 2022 and expires in September 2023. As of September 30, 2022, there were no borrowings outstanding under these agreements.

From time to time, we use commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions, pension contributions, debt refinancing, dividend payments and repurchases of our common stock. The commercial paper notes have original maturities of not more than 364 days from the date of issuance. As of September 30, 2022, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. We had $2.1 billion of commercial paper outstanding at September 30, 2022, which is reflected in Short-term borrowings in our Condensed Consolidated Balance Sheet. At September 30, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 3.6%. There was no commercial paper outstanding at December 31, 2021.

Proceeds from issuance of commercial paper with maturities greater than 90 days were $1.4 billion during the nine months ended September 30, 2022. There were no repayments of commercial paper with maturities greater than 90 days during the nine months ended September 30, 2022. During the nine months ended September 30, 2021 commercial paper borrowings had original maturities of not more than 90 days from the date of issuance.

We had no issuances of long-term debt during the nine months ended September 30, 2022. We had the following issuances of long-term debt during the nine months ended September 30, 2021.

Issuance Date	Description of Notes	Aggregate Principal Balance (in millions)
August 10, 2021	1.900% notes due 2031 (1)	$	1,000
	2.820% notes due 2051 (1)	1,000

(1)    The net proceeds received from these debt issuances, along with cash on hand, were used to fund the repayment of our 2.800% and 2.500% notes due in 2022.

We made the following repayments of long-term debt during the nine months ended September 30, 2021:

Repayment Date	Description of Notes	Aggregate Principal Balance (in millions)
August 26, 2021	2.800% notes due 2022	$	1,100
	2.500% notes due 2022	1,100
March 1, 2021	8.750% notes due 2021	250

Long-term debt consisted of the following:

(dollars in millions)	September 30, 2022		December 31, 2021
3.650% notes due 2023 (1)	$	171	$	171
3.700% notes due 2023 (1)	400		400
3.200% notes due 2024 (1)	950		950
3.150% notes due 2024 (1)	300		300
3.950% notes due 2025 (1)	1,500		1,500
2.650% notes due 2026 (1)	719		719
3.125% notes due 2027 (1)	1,100		1,100
3.500% notes due 2027 (1)	1,300		1,300

7.200% notes due 2027 (1)	382		382
7.100% notes due 2027	135		135
6.700% notes due 2028	285		285
7.000% notes due 2028 (1)	185		185
4.125% notes due 2028 (1)	3,000		3,000
7.500% notes due 2029 (1)	414		414
2.150% notes due 2030 (€500 million principal value) (1)	488		565
2.250% notes due 2030 (1)	1,000		1,000
1.900% notes due 2031 (1)	1,000		1,000
2.375% notes due 2032 (1)	1,000		1,000
5.400% notes due 2035 (1)	446		446
6.050% notes due 2036 (1)	410		410
6.800% notes due 2036 (1)	117		117
7.000% notes due 2038	148		148
6.125% notes due 2038 (1)	575		575
4.450% notes due 2038 (1)	750		750
5.700% notes due 2040 (1)	553		553
4.875% notes due 2040 (1)	600		600
4.700% notes due 2041 (1)	425		425
4.500% notes due 2042 (1)	3,500		3,500
4.800% notes due 2043 (1)	400		400
4.200% notes due 2044 (1)	300		300
4.150% notes due 2045 (1)	850		850
3.750% notes due 2046 (1)	1,100		1,100
4.050% notes due 2047 (1)	600		600
4.350% notes due 2047 (1)	1,000		1,000
4.625% notes due 2048 (1)	1,750		1,750
3.125% notes due 2050 (1)	1,000		1,000
2.820% notes due 2051 (1)	1,000		1,000
3.030% notes due 2052 (1)	1,100		1,100
Other (including finance leases)	256		270
Total principal long-term debt	31,209		31,300
Other (fair value adjustments, (discounts)/premiums, and debt issuance costs)	43		51
Total long-term debt	31,252		31,351
Less: current portion	193		24
Long-term debt, net of current portion	$	31,059	$	31,327

(1)    We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date.

The average maturity of our Long-term debt at September 30, 2022 is approximately 14 years.