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Financing Arrangements
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Financing Arrangements FINANCING ARRANGEMENTS
Short-term debt obligations include:
December 31,
Dollars in Millions20222021
Non-U.S. short-term borrowings$176 $105 
Current portion of long-term debt3,897 4,764 
Other191 79 
Total$4,264 $4,948 
Long-term debt and the current portion of long-term debt includes:
 December 31,
Dollars in Millions20222021
Principal Value:
Floating Rate Notes due 2022$— $500 
2.000% Notes due 2022
— 750 
2.600% Notes due 2022
— 1,500 
3.250% Notes due 2022
— 1,000 
3.550% Notes due 2022
— 1,000 
0.537% Notes due 2023
1,500 1,500 
2.750% Notes due 2023
750 750 
3.250% Notes due 2023
500 500 
3.250% Notes due 2023
890 890 
7.150% Notes due 2023
239 239 
2.900% Notes due 2024
2,478 2,478 
3.625% Notes due 2024
395 395 
0.750% Notes due 2025
1,000 1,000 
1.000% Euro Notes due 2025
613 651 
3.875% Notes due 2025
229 1,925 
3.200% Notes due 2026
1,750 2,250 
6.800% Notes due 2026
256 256 
1.125% Notes due 2027
1,000 1,000 
3.250% Notes due 2027
512 750 
3.450% Notes due 2027
534 1,000 
3.900% Notes due 2028
1,500 1,500 
3.400% Notes due 2029
2,400 4,000 
1.450% Notes due 2030
1,250 1,250 
2.950% Notes due 2032
1,750 — 
1.750% Euro Notes due 2035
613 651 
5.875% Notes due 2036
279 279 
6.125% Notes due 2038
219 219 
4.125% Notes due 2039
2,000 2,000 
2.350% Notes due 2040
750 750 
5.700% Notes due 2040
153 193 
3.550% Notes due 2042
1,250 — 
3.250% Notes due 2042
500 500 
5.250% Notes due 2043
226 280 
4.500% Notes due 2044
342 500 
4.625% Notes due 2044
748 748 
5.000% Notes due 2045
758 1,768 
4.350% Notes due 2047
1,250 1,250 
4.550% Notes due 2048
1,272 1,486 
4.250% Notes due 2049
3,750 3,750 
2.550% Notes due 2050
1,500 1,500 
3.700% Notes due 2052
2,000 — 
3.900% Notes due 2062
1,000 — 
6.875% Notes due 2097
63 86 
0.13% - maturing through 2023
15 51 
Total$38,234 $43,095 
 December 31,
Dollars in Millions20222021
Principal Value$38,234 $43,095 
Adjustments to Principal Value:
Fair value of interest rate swap contracts(18)10 
Unamortized basis adjustment from swap terminations97 119 
Unamortized bond discounts and issuance costs(284)(263)
Unamortized purchase price adjustments of Celgene debt924 1,408 
Total$38,953 $44,369 
Current portion of long-term debt$3,897 $4,764 
Long-term debt35,056 39,605 
Total$38,953 $44,369 

The fair value of long-term debt was $34.9 billion and $49.1 billion at December 31, 2022 and 2021, respectively, valued using Level 2 inputs which are based upon the quoted market prices for the same or similar debt instruments. The fair value of short-term borrowings approximates the carrying value due to the short maturities of the debt instruments.

In 2022, BMS issued an aggregate principal amount of $6.0 billion of fixed rate unsecured senior notes with net proceeds of $5.9 billion. In 2020, BMS issued an aggregate principal amount of $7.0 billion of fixed rate unsecured senior notes with proceeds, net of discount and deferred loan issuance costs, of $6.9 billion. The notes rank equally in right of payment with all of BMS’s existing and future senior unsecured indebtedness and are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest.

In 2022, BMS purchased aggregate principal amount of $6.0 billion of certain of its debt securities for $6.6 billion of cash in a series of tender offers and “make whole” redemptions. In connection with these transactions, a $266 million loss on debt redemption was recognized based on the carrying value of the debt and included in Other (income)/expense, net.

In 2021, BMS purchased aggregate principal amount of $3.5 billion of certain of its debt securities for approximately $4.0 billion of cash in a series of tender offers and “make whole” redemptions. In connection with these transactions, a $281 million loss on debt redemption was recognized based on the carrying value of the debt and included in Other (income)/expense, net.

Repayment of notes at maturity aggregated $4.8 billion in 2022, $2.0 billion in 2021 and $2.8 billion in 2020. Interest payments were $1.4 billion in 2022, $1.5 billion in 2021 and $1.6 billion in 2020.

The aggregate maturities of long-term debt for each of the next five years are as follows: $3.9 billion in 2023; $2.9 billion in 2024; $1.8 billion in 2025; $2.0 billion in 2026; $2.0 billion in 2027. Interest payments related to long-term debt for each of the next five years are as follows: $1.2 billion in 2023; $1.1 billion in 2024; $1.1 billion in 2025; $1.0 billion in 2026; $977 million in 2027.

Credit Facilities

As of December 31, 2022, BMS had a five-year $5.0 billion facility expiring in January 2027 and extendable annually by one year with the consent of the lenders. This facility provides for customary terms and conditions with no financial covenants and may be used to provide backup liquidity for BMS’ commercial paper borrowings. No borrowings were outstanding under any revolving credit facility as of December 31, 2022 or 2021.

Available financial guarantees provided in the form of bank overdraft facilities, stand-by letters of credit and performance bonds were $1.4 billion as of December 31, 2022. Stand-by letters of credit and guarantees are issued through financial institutions in support of various obligations, including sale of products to hospitals and foreign ministries of health, bonds for customs, and duties and value added tax.