Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Pre-Swap Borrowing

		Balance		Balance
(Dollars in millions)	Maturities	9/30/2024		12/31/2023
U.S. dollar debt (weighted-average interest rate at September 30, 2024): (1)
3.5%	2024	$	1	$	5,003
5.1%	2025	1,602		1,601
3.7%	2026	5,800		5,201
3.3%	2027	4,119		3,619
5.0%	2028	1,313		1,313
3.6%	2029	3,750		3,250
2.0%	2030	1,350		1,350
4.8%	2031	500		—
4.4%	2032	1,850		1,850
4.8%	2033	750		750
4.9%	2034	1,000		—
8.0%	2038	83		83
4.5%	2039	2,745		2,745
2.9%	2040	650		650
4.0%	2042	1,107		1,107
5.3%	2044	1,000		—
7.0%	2045	27		27
4.7%	2046	650		650
4.3%	2049	3,000		3,000
3.0%	2050	750		750
4.2%	2052	1,400		1,400
5.1%	2053	650		650
5.3%	2054	1,400		—
7.1%	2096	316		316
		$	35,815	$	35,317
Euro debt (weighted-average interest rate at September 30, 2024): (1)
1.1%	2024	$	—	$	829
1.6%	2025	3,348		3,315
2.3%	2027	2,232		2,210
0.7%	2028	2,009		1,989
1.5%	2029	1,116		1,105
0.9%	2030	1,116		1,105
2.7%	2031	2,790		2,762
0.7%	2032	1,786		1,768
1.3%	2034	1,116		1,105
3.8%	2035	1,116		1,105
1.2%	2040	949		939
4.0%	2043	1,116		1,105
		$	18,693	$	19,335
Other currencies (weighted-average interest rate at September 30, 2024 in parentheses): (1)
Pound sterling (4.9%)	2038	$	1,006	$	955
Japanese yen (0.7%)	2026–2028	887		1,251
Other (13.8%)	2024–2027	285		241
		$	56,686	$	57,099
Finance lease obligations (4.9%)	2024–2034	878		499
		$	57,565	$	57,598
Less: net unamortized discount		837		838
Less: net unamortized debt issuance costs		176		154
Add: fair value adjustment (2)		19		(60)
		$	56,570	$	56,546
Less: current maturities		3,590		6,425
Total		$	52,980	$	50,121

(1)Includes notes, debentures, bank loans and secured borrowings.

(2)The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Balance Sheet as an amount equal to the sum of the debt’s carrying value and a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.

Pre-swap annual contractual obligations of long-term debt outstanding

Pre-swap annual contractual obligations of long-term debt outstanding at September 30, 2024, were as follows:

(Dollars in millions)	Total
Remainder of 2024	$	93
2025	5,296
2026	6,321
2027	6,501
2028	4,043
Thereafter	35,311
Total	$	57,565

Interest on Debt

(Dollars in millions)
For the nine months ended September 30:	2024		2023
Cost of financing	$	254	$	255
Interest expense	1,288		1,202
Interest capitalized	10		7
Total interest paid and accrued	$	1,552	$	1,464