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