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FINANCING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Short-term debt obligations include:
December 31,
Dollars in millions20242023
Non-U.S. short-term financing obligations
$218 $170 
Current portion of Long-term debt
1,828 2,873 
Other— 76 
Short-term debt obligations$2,046 $3,119 

As of December 31, 2024, under the commercial paper program, BMS could issue up to $7.0 billion of unsecured notes, with maturities of not more than 365 days from the date of issuance. Of this amount, $3.0 billion was issued and repaid during the year ended December 31, 2024. In January 2025, the maximum amount of commercial paper that could be issued was reduced to $5.0 billion.
Long-term debt and the current portion of long-term debt includes:
 December 31,
Dollars in millions20242023
Principal Value:
2.900% Notes due 2024
— 2,478 
3.625% Notes due 2024
— 395 
0.750% Notes due 2025
1,000 1,000 
1.000% Euro Notes due 2025
598 636 
3.875% Notes due 2025
229 229 
3.200% Notes due 2026
1,750 1,750 
6.800% Notes due 2026
256 256 
Floating Rate Notes due 2026 (a)
500 — 
4.950% Notes due 2026
1,000 — 
1.125% Notes due 2027
1,000 1,000 
3.250% Notes due 2027
512 512 
3.450% Notes due 2027
534 534 
4.900% Notes due 2027
1,000 — 
3.900% Notes due 2028
1,500 1,500 
3.400% Notes due 2029
2,400 2,400 
4.900% Notes due 2029
1,750 — 
1.450% Notes due 2030
1,250 1,250 
5.750% Notes due 2031
1,000 1,000 
5.100% Notes, due 2031
1,250 — 
2.950% Notes due 2032
1,750 1,750 
5.900% Notes due 2033
1,000 1,000 
5.200% Notes, due 2034
2,500 — 
1.750% Euro Notes due 2035
598 636 
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
153 153 
3.550% Notes due 2042
1,250 1,250 
3.250% Notes due 2042
500 500 
5.250% Notes due 2043
226 226 
4.500% Notes due 2044
342 342 
4.625% Notes due 2044
748 748 
5.500% Notes due 2044
500 — 
5.000% Notes due 2045
758 758 
4.350% Notes due 2047
1,250 1,250 
4.550% Notes due 2048
1,272 1,272 
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 2,000 
6.250% Notes due 2053
1,250 1,250 
5.550% Notes, due 2054
2,750 — 
3.900% Notes due 2062
1,000 1,000 
6.400% Notes due 2063
1,250 1,250 
5.650% Notes, due 2064
1,750 — 
6.875% Notes due 2097
63 63 
Total$48,937 $38,886 
(a)    As of December 31, 2024, floating rate equals SOFR+0.49%.
 December 31,
Dollars in millions20242023
Principal Value$48,937 $38,886 
Adjustments to principal value:
Fair value of interest rate swap contracts(10)(11)
Unamortized basis adjustment from swap terminations71 82 
Unamortized bond discounts and issuance costs(390)(303)
Unamortized purchase price adjustments of Celgene debt823 872 
Total$49,431 $39,526 
Current portion of Long-term debt
$1,828 $2,873 
Long-term debt47,603 36,653 
Total$49,431 $39,526 

The fair value of Long-term debt, including the current portion, was $45.3 billion and $36.7 billion as of December 31, 2024 and 2023, 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 debt obligations approximates the carrying value due to the short maturities of the debt instruments.

In 2024, BMS issued an aggregate principal amount of $13.0 billion of unsecured senior notes ("2024 Senior Unsecured Notes"), with proceeds, net of discount and loan issuance costs, of $12.9 billion, consisting of:
Principal Amount
(in millions)
Floating rate notes due 2026(a)
$500 
4.950% Notes due 2026
1,000 
4.900% Notes due 2027
1,000 
4.900% Notes due 2029
1,750 
5.100% Notes due 2031
1,250 
5.200% Notes due 2034
2,500 
5.500% Notes due 2044
500 
5.550% Notes due 2054
2,750 
5.650% Notes due 2064
1,750 
Total$13,000 
(a)    As of December 31, 2024, floating rate equals SOFR+0.49%.

The Company used the net proceeds from this offering to partially fund the acquisitions of RayzeBio and Karuna (see "—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements" for further information) and used the remaining net proceeds for general corporate purposes. In connection with the issuance of the 2024 Senior Unsecured Notes, the Company terminated the $10.0 billion 364-day senior unsecured delayed draw term loan facility, which was entered into in February 2024 to provide bridge financing for the RayzeBio and Karuna acquisitions.

In 2023, BMS issued an aggregate principal amount of $4.5 billion of fixed rate unsecured senior notes. The Company used the net proceeds of the offering to finance the acquisition of Mirati in January 2024 and for other general corporate purposes. 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.

The notes rank equally in right of payment with all of BMS’s existing and future senior unsecured indebtedness and, other than the floating rate notes, 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.

Repayment of notes at maturity aggregated $2.9 billion in 2024, $3.9 billion in 2023 and $4.8 billion in 2022. Interest payments were $1.8 billion in 2024, $1.2 billion in 2023 and $1.4 billion in 2022.
The aggregate maturities of long-term debt for each of the next five years are as follows: $1.8 billion in 2025; $3.5 billion in 2026; $3.0 billion in 2027; $1.5 billion in 2028; and $4.2 billion in 2029. Interest payments related to long-term debt for each of the next five years are as follows: $2.1 billion in 2025; $2.0 billion in 2026; $1.8 billion in 2027; $1.7 billion in 2028; and $1.7 billion in 2029.

Credit Facilities

As of December 31, 2024, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2029, extendable annually by one year with the consent of the lenders. In January 2025, BMS extended the credit facility to January 2030. In February 2024, we entered into a $2.0 billion 364-day revolving credit facility, which expired in January 2025. The facilities provide for customary terms and conditions with no financial covenants and are used to provide backup liquidity for our commercial paper borrowings. No borrowings were outstanding under the revolving credit facilities as of December 31, 2024 or 2023.

Available financial guarantees provided in the form of bank overdraft facilities, stand-by letters of credit and performance bonds were $1.2 billion as of December 31, 2024. 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 VAT.