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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term debt, Pre-swap borrowing
($ in millions) 
At December 31:Maturities20242023
U.S. dollar debt (weighted-average interest rate at December 31, 2024): (1)
  
3.3%2024$— $5,003 
5.1%20251,601 1,601 
3.7%20265,800 5,201 
3.3%20274,119 3,619 
5.0%20281,313 1,313 
3.6%20293,750 3,250 
2.0%20301,350 1,350 
4.8%2031500 — 
4.4%20321,850 1,850 
4.8%2033750 750 
4.9%20341,000 — 
8.0%203883 83 
4.5%20392,745 2,745 
2.9%2040650 650 
4.0%20421,107 1,107 
5.3%20441,000 — 
7.0%204527 27 
4.7%2046650 650 
4.3%20493,000 3,000 
3.0%2050750 750 
4.2%20521,400 1,400 
5.1%2053650 650 
5.3%20541,400 — 
7.1%2096316 316 
$35,813 $35,317 
Euro debt (weighted-average interest rate at December 31, 2024): (1)
1.1%2024— 829 
1.6%20253,106 3,315 
2.3%20272,071 2,210 
0.7%20281,863 1,989 
1.5%20291,035 1,105 
0.9%20301,035 1,105 
2.7%20312,588 2,762 
0.7%20321,656 1,768 
1.3%20341,035 1,105 
3.8%20351,035 1,105 
1.2%2040880 939 
4.0%20431,035 1,105 
$17,340 $19,335 
Other currencies (weighted-average interest rate at December 31, 2024): (1)
Pound sterling (4.9%)
2038$939 $955 
Japanese yen (0.7%)
2026–2028808 1,251 
Other (13.8%)
2025–2027212 241 
$55,111 $57,099 
Finance lease obligations (5.0% weighted-average interest rate at December 31, 2024)
2025–20341,000 499 
$56,112 $57,598 
Less: net unamortized discount 824 838 
Less: net unamortized debt issuance costs 168 154 
Add: fair value adjustment (2)
 (176)(60)
$54,943 $56,546 
Less: current maturities 5,059 6,425 
Total $49,884 $50,121 
(1)Includes notes, debentures, bank loans and secured borrowings.
(2)The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Balance Sheet as an amount equal to the sum of the debt’s carrying value and a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.
Post-swap borrowing (Long-term debt, including current portion)
($ in millions)
20242023
At December 31:AmountWeighted-Average
Interest Rate		AmountWeighted-Average
Interest Rate
Fixed-rate debt$47,712 3.3 %$48,803 3.0 %
Floating-rate debt (1)
7,231 5.6 %7,743 6.1 %
Total$54,943 $56,546 
(1)Includes $6,725 million in both 2024 and 2023, of notional interest-rate swaps that effectively convert fixed-rate long-term debt into floating-rate debt. Refer to note S, “Derivative Financial Instruments,” for additional information.
Pre-swap annual contractual obligations of long-term debt outstanding
Pre-swap annual contractual obligations of long-term debt outstanding at December 31, 2024, are as follows:
($ in millions)
Total
2025$5,047 
20266,302 
20276,357 
20283,863 
20294,926 
Thereafter29,616 
Total$56,112 
Interest on debt
($ in millions)
For the year ended December 31:202420232022
Cost of financing$336 $334 $346 
Interest expense1,712 1,607 1,216 
Interest capitalized12 9 5 
Total interest paid and accrued$2,060 $1,949 $1,566