XML 49 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Borrowings Borrowings
The components of long-term debt are as follows:
(Dollars in Millions)2023 Effective
Rate
%		 2022 Effective
Rate
%
6.73% Debentures due 2023
$— — % $250 6.73 %
3.375% Notes due 2023
—— 8013.17 
2.05% Notes due 2023
—— 5002.09 
0.650% Notes due 2024
(750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)
831
(2)
0.68 792
(3)
0.68 
5.50% Notes due 2024
(500MM 1.2756 GBP )(2)/(500MM GBP 1.2037)(3)
637
(2)
6.75  600
(3)
6.75 
2.625% Notes due 2025
7502.63 7492.63 
0.55% Notes due 2025
9500.57 9180.57 
2.46% Notes due 2026
1,9972.47 1,9962.47 
2.95% Notes due 2027
9002.96 8772.96 
0.95% Notes due 2027
1,4190.96 1,3940.96 
1.150% Notes due 2028
(750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)
828
(2)
1.21 794
(3)
1.21 
2.90% Notes due 2028
1,4972.91 1,4962.91 
6.95% Notes due 2029
298 7.14  298 7.14 
1.30% Notes due 2030
1,6301.30 1,6071.30 
4.95% Debentures due 2033
499 4.95  498 4.95 
4.375% Notes due 2033
8544.24 8544.24 
1.650% Notes due 2035
(1.5B Euro 1.1090)(2)/(1.5B Euro 1.0651)(3)
1,652
(2)
1.68 1,591
(3)
1.68 
3.587% Notes due 2036
8643.59 8423.59 
5.95% Notes due 2037
994 5.99  993 5.99 
3.625% Notes due 2037
1,3573.64 1,3363.64 
5.85% Debentures due 2038
697 5.85  697 5.85 
3.400% Notes due 2038
9933.42 9923.42 
4.50% Debentures due 2040
541 4.63  540 4.63 
2.10% Notes due 2040
8492.14 8282.14 
4.85% Notes due 2041
2974.89 2974.89 
4.50% Notes due 2043
4964.52 4964.52 
3.73% Notes due 2046
1,9773.74 1,9763.74 
3.75% Notes due 2047
8323.76 8123.76 
3.500% Notes due 2048
7433.52 7433.52 
2.250% Notes due 2050
8262.29 8082.29 
2.450% Notes due 2060
1,0732.49 1,0552.49 
Other69 —  7 — 
Subtotal27,350
(4)
2.98 %
(1)
28,437
(4)
3.04 %
(1)
Less current portion1,469   1,551  
Total long-term debt$25,881   $26,886  
(1)Weighted average effective rate.
(2)Translation rate at December 31, 2023.
(3)Translation rate at January 1, 2023.
(4)The excess of the carrying value over the fair value of debt was $1.0 billion and $1.6 billion at the end of fiscal year 2023 and fiscal year 2022, respectively.
Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.
The Company has access to substantial sources of funds at numerous banks worldwide. In September 2023, the Company secured a new 364-day Credit Facility of $10 billion, which expires on September 5, 2024. The Company early terminated the additional 364-day revolving Credit Facility of $10 billion, which had an expiration of November 21, 2023. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material.
Throughout fiscal years 2023 and 2022, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $3.5 billion and $12.8 billion at the end of fiscal years 2023 and 2022, respectively. The current portion of the long term debt was $1.5 billion and $1.6 billion in 2023 and 2022, respectively, and the remainder is commercial paper and local borrowing by international subsidiaries.
The current debt balance as of December 31, 2023 includes $2.0 billion of commercial paper which has a weighted average interest rate of 5.37% and a weighted average maturity of approximately two months. The current debt balance as of January 1, 2023 includes $11.2 billion of commercial paper which has a weighted average interest rate of 4.23% and a weighted average maturity of approximately two months.
Aggregate maturities of long-term debt obligations commencing in 2024 are:
(Dollars in Millions)
20242025202620272028After 2028
$1,4691,7001,9972,3202,32517,539