Borrowings and Lines of Credit

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings and Lines of Credit

Note 9: Borrowings and Lines of Credit

As of March 31, 2024, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion, which expires in August 2028. As of March 31, 2024, there were no borrowings outstanding under this agreement.

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 March 31, 2024, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. At March 31, 2024 and December 31, 2023, we had no commercial paper borrowings outstanding. During the quarter ended March 31, 2024, we had no new borrowings, and no repayments, of commercial paper with maturities greater than 90 days. During the quarter ended March 31, 2023, we had no new borrowings, and $100 million in repayments, of commercial paper with maturities greater than 90 days.

There were no issuances of long-term debt during the quarter ended March 31, 2024. We had the following issuances of long-term debt during the quarter ended March 31, 2023:

Date	Description of Notes	Aggregate Principal Balance (in millions)
February 27, 2023	5.000% notes due 2026	$	500
	5.150% notes due 2033	1,250
	5.375% notes due 2053	1,250

There were no repayments of long-term debt during the quarter ended March 31, 2023. We made the following repayment of long-term debt during the quarter ended March 31, 2024:

Date	Description of Notes	Aggregate Principal Balance (in millions)
March 15, 2024	3.200% notes due 2024	$	950

In April 2024, we repaid $500 million of the 3 Month Secured Overnight Financing Rate (SOFR) plus 1.225% term loan due 2025.

Long-term debt consisted of the following:

(dollars in millions)	March 31, 2024		December 31, 2023
3.200% notes due 2024 (1)	$	—	$	950
3.150% notes due 2024 (1)	300		300
3 Month SOFR plus 1.225% term loan due 2025	2,000		2,000
3.950% notes due 2025 (1)	1,500		1,500
5.000% notes due 2026 (1)	500		500
2.650% notes due 2026 (1)	719		719
3 Month SOFR plus 1.225% term loan due 2026	2,000		2,000
5.750% notes due 2026 (1)	1,250		1,250
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
5.750% notes due 2029 (1)	500		500
7.500% notes due 2029 (1)	414		414
2.150% notes due 2030 (€500 million principal value) (1)	542		548
2.250% notes due 2030 (1)	1,000		1,000
6.000% notes due 2031 (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
5.150% notes due 2033 (1)	1,250		1,250
6.100% notes due 2034 (1)	1,500		1,500
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
5.375% notes due 2053 (1)	1,250		1,250
6.400% notes due 2054 (1)	1,750		1,750
Other (including finance leases)	252		255
Total principal long-term debt	42,738		43,697
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)	(60)		(59)
Total long-term debt	42,678		43,638
Less: current portion	344		1,283
Long-term debt, net of current portion	$	42,334	$	42,355

(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 March 31, 2024 is approximately 13 years.