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Borrowings (Tables)
12 Months Ended
Dec. 31, 2019
Borrowings  
Short-Term Debt

($ in millions)
At December 31:

    

2019

    

2018

Commercial paper

$

304

$

2,995

Short-term loans

971

161

Long-term debt—current maturities

7,522

7,051

Total

$

8,797

$

10,207

Long-Term Debt

($ in millions)

At December 31:

    

Maturities

    

2019

    

2018*

U.S. dollar debt (weighted-average interest rate at December 31, 2019):**

3.0%

2019

$

$

5,465

2.3%

2020

4,326

4,344

2.5%

2021

8,498

5,529

2.6%

2022

6,289

3,529

3.3%

2023

2,388

2,428

3.3%

2024

5,045

2,037

6.7%

2025

636

600

3.3%

2026

4,350

1,350

4.7%

2027

969

969

6.5%

2028

313

313

3.5%

2029

3,250

5.9%

2032

600

600

8.0%

2038

83

83

4.5%

2039

2,745

745

4.0%

2042

1,107

1,107

7.0%

2045

27

27

4.7%

2046

650

650

4.3%

2049

3,000

7.1%

2096

316

316

$

44,594

$

30,091

Other currencies (weighted-average interest rate at December 31, 2019, in parentheses):**

Euro (1.3%)

2020–2031

$

14,306

$

10,011

Pound sterling (2.7%)

2020–2022

1,390

1,338

Japanese yen (0.3%)

2022–2026

1,339

1,325

Other (6.1%)

2020–2022

375

390

$

62,003

$

43,155

Finance lease obligations (2.0%)

2020–2030

204

41

$

62,207

$

43,196

Less: net unamortized discount

881

802

Less: net unamortized debt issuance costs

142

76

Add: fair value adjustment+

440

337

$

61,624

$

42,656

Less: current maturities

7,522

7,051

Total

$

54,102

$

35,605

*   Reclassified to conform to 2019 presentation.

** Includes notes, debentures, bank loans and secured borrowings.

+  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)

2019

2018

 

($ in millions)

Weighted-Average

Weighted-Average

For the year ended December 31:

    

Amount

    

Interest Rate

    

Amount

    

Interest Rate

Fixed-rate debt

$

52,169

2.9

%  

$

28,770

2.7

%

Floating-rate debt*

9,455

2.2

%  

13,886

3.0

%

Total

$

61,624

$

42,656

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

Pre-swap annual contractual obligations of long-term debt outstanding at December 31, 2019, are as follows:

($ in millions)

    

Total

2020

$

7,526

2021

9,826

2022

7,175

2023

5,374

2024

6,305

Thereafter

26,000

Total

$

62,207

Interest on Debt

($ in millions)
For the year ended December 31:

    

2019

    

2018

    

2017

Cost of financing

$

608

$

757

$

658

Interest expense

1,344

723

615

Interest capitalized

5

3

5

Total interest paid and accrued

$

1,957

$

1,482

$

1,278