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Borrowings and Lines of Credit
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings and Lines of Credit Borrowings and Lines of Credit
(dollars in millions)March 31, 2025December 31, 2024
Commercial paper$—$—
Other borrowings4051
Total short-term borrowings$40$51

Commercial Paper. As of March 31, 2025, there were no borrowings outstanding under the Company's $1.5 billion commercial paper programs. We use our commercial paper borrowings for general corporate purposes including to finance acquisitions, pay dividends, repurchase shares and for debt refinancing. The need for commercial paper borrowings may arise if the use of domestic cash for general corporate purposes exceeds the sum of domestic cash generation and foreign cash repatriated to the U.S.

For details regarding the Company's short-term borrowing activity in 2024, refer to Note 9 of the Company's audited consolidated financial statements and notes thereto included in our 2024 Form 10-K.

Long-term debt.

As of March 31, 2025, we had a revolving credit agreement with various banks providing for a $1.5 billion unsecured, unsubordinated five-year revolving credit facility, maturing March 10, 2028. As of March 31, 2025, there were no borrowings under the revolving credit agreement. As of March 31, 2025, the Company is in compliance with all covenants in the revolving credit agreement and the indentures governing all outstanding long-term debt. Long-term debt consisted of the following:

(dollars in millions)March 31, 2025December 31, 2024
2.056% notes due 2025
$1,300 $1,300 
0.370% notes due 2026 (¥21.5 billion principal value)
143 137 
0.318% notes due 2026 (€600 million principal value)
650 624 
2.293% notes due 2027
500 500 
2.875% notes due 2027 (€850 million principal value)
920 885 
5.250% notes due 2028
750 750 
2.565% notes due 2030
1,500 1,500 
5.125% notes due 2031
600 600 
0.934% notes due 2031 (€500 million principal value)
541 520 
3.112% notes due 2040
750 750 
3.362% notes due 2050
750 750 
Other (including finance leases)8 6 
Total principal long-term debt8,412 8,322 
Other (discounts and debt issuance costs)(46)(49)
Total long-term debt8,366 8,273 
Less: current portion1,443 1,300 
Long-term debt, net of current portion$6,923 $6,973 

We may redeem any series of notes at our option pursuant to certain terms. For additional details regarding the Company's debt activity in 2024, refer to Note 9 of the Company's audited consolidated financial statements and notes thereto included in our 2024 Form 10-K.
Debt discounts and debt issuance costs are presented as a reduction of debt on the Condensed Consolidated Balance Sheets and are amortized as a component of interest expense over the term of the related debt using the effective interest method. The Condensed Consolidated Statements of Operations for the quarters ended March 31, 2025 and 2024 reflects the following:

Quarter Ended March 31,
(dollars in millions)20252024
Debt issuance costs amortization$3 $2 
Total interest expense on external debt57 43 

The unamortized debt issuance costs as of March 31, 2025 and December 31, 2024 were $42 million and $45 million, respectively.

The weighted average maturity of our long-term debt as of March 31, 2025 is approximately 6.2 years. The weighted average interest expense rate on our borrowings outstanding as of March 31, 2025 and December 31, 2024 was as follows:

March 31, 2025December 31, 2024
Short-term commercial paper—%—%
Total long-term debt2.7%2.7%

The weighted average interest expense rate on our borrowings during the quarters ended March 31, 2025 and 2024 was as follows:

Quarter Ended March 31,
20252024
Short-term commercial paper—%5.5%
Total long-term debt2.7%2.5%