Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-term debt

Pre-Swap Borrowing

		Balance		Balance
(Dollars in millions)	Maturities	3/31/2025		12/31/2024
U.S. dollar debt (weighted-average interest rate at March 31, 2025): (1)
5.1%	2025	$	1,600	$	1,601
3.7%	2026	5,800		5,800
3.3%	2027	4,119		4,119
4.8%	2028	2,313		1,313
3.6%	2029	3,752		3,750
3.2%	2030	2,356		1,350
4.8%	2031	500		500
4.6%	2032	2,700		1,850
4.8%	2033	750		750
4.9%	2034	1,000		1,000
5.2%	2035	900		—
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		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		1,400
5.7%	2055	1,000		—
7.1%	2096	316		316
		$	40,569	$	35,813
Euro debt (weighted-average interest rate at March 31, 2025): (1)
1.9%	2025	$	2,160	$	3,106
2.3%	2027	2,160		2,071
0.7%	2028	1,944		1,863
1.5%	2029	1,080		1,035
1.7%	2030	1,890		1,035
2.7%	2031	2,701		2,588
0.7%	2032	1,728		1,656
3.2%	2033	1,188		—
1.3%	2034	1,080		1,035
3.8%	2035	1,080		1,035
3.5%	2037	972		—
1.2%	2040	918		880
4.0%	2043	1,080		1,035
3.8%	2045	810		—
		$	20,794	$	17,340
Other currencies (weighted-average interest rate at March 31, 2025): (1)
Pound sterling (4.9%)	2038	$	968	$	939
Japanese yen (0.9%)	2026–2028	849		808
Other (13.8%)	2025–2027	189		212
		$	63,369	$	55,111
Finance lease obligations (4.9% weighted-average interest rate at March 31, 2025)	2025–2034	1,031		1,000
		$	64,400	$	56,112
Less: net unamortized discount		829		824
Less: net unamortized debt issuance costs		198		168
Add: fair value adjustment (2)		(90)		(176)
		$	63,283	$	54,943
Less: current maturities		6,912		5,059
Total		$	56,371	$	49,884

(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 March 31, 2025, were as follows:

(Dollars in millions)	Total
Remainder of 2025	$	4,033
2026	6,336
2027	6,462
2028	4,986
2029	4,985
Thereafter	37,598
Total	$	64,400

Interest on debt

(Dollars in millions)
For the three months ended March 31:	2025		2024
Cost of financing	$	87	$	85
Interest expense	455		432
Interest capitalized	2		2
Total interest paid and accrued	$	544	$	519