Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-term debt

Pre-Swap Borrowing

		Balance		Balance
(Dollars in millions)	Maturities	9/30/2025		12/31/2024
U.S. dollar debt (weighted-average interest rate at September 30, 2025): (1)
7.0%	2025	$	600	$	1,601
3.7%	2026	5,800		5,800
3.3%	2027	4,119		4,119
4.8%	2028	2,320		1,313
3.6%	2029	3,757		3,750
3.2%	2030	2,355		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
		$	39,580	$	35,813
Euro debt (weighted-average interest rate at September 30, 2025): (1)
2.9%	2025	$	1,174	$	3,106
2.3%	2027	2,349		2,071
0.7%	2028	2,114		1,863
1.5%	2029	1,174		1,035
1.7%	2030	2,055		1,035
2.7%	2031	2,936		2,588
0.7%	2032	1,879		1,656
3.2%	2033	1,292		—
1.3%	2034	1,174		1,035
3.8%	2035	1,174		1,035
3.5%	2037	1,057		—
1.2%	2040	998		880
4.0%	2043	1,174		1,035
3.8%	2045	881		—
		$	21,434	$	17,340
Other currencies (weighted-average interest rate at September 30, 2025): (1)
Pound sterling (4.9%)	2038	$	1,009	$	939
Japanese yen (1.0%)	2026–2028	860		808
Other (13.8%)	2025–2027	121		212
		$	63,004	$	55,111
Finance lease obligations (5.1% weighted-average interest rate at September 30, 2025)	2025–2035	1,147		1,000
		$	64,150	$	56,112
Less: net unamortized discount		815		824
Less: net unamortized debt issuance costs		191		168
Add: fair value adjustment (2)		(30)		(176)
		$	63,114	$	54,943
Less: current maturities		7,941		5,059
Total		$	55,174	$	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 September 30, 2025, were as follows:

(Dollars in millions)	Total
Remainder of 2025	$	1,871
2026	6,436
2027	6,744
2028	5,196
2029	5,086
Thereafter	38,819
Total	$	64,150

Interest on debt

(Dollars in millions)
For the nine months ended September 30:	2025		2024
Cost of financing	$	268	$	254
Interest expense	1,457		1,288
Interest capitalized	5		10
Total interest paid and accrued	$	1,730	$	1,552