Borrowings (Tables)

3 Months Ended

Mar. 31, 2020

Borrowings

Short-Term Debt

	At March 31,		At December 31,
(Dollars in millions)	2020		2019
Commercial paper	$	2,519	$	304
Short-term loans		934		971
Long-term debt—current maturities		8,190		7,522
Total	$	11,642	$	8,797

Long-Term Debt

		Balance		Balance
(Dollars in millions)	Maturities	3/31/2020		12/31/2019
U.S. dollar debt (weighted-average interest rate at March 31, 2020):*
2.3%	2020	$	2,766	$	4,326
2.4%	2021		5,556		8,498
2.6%	2022		6,257		6,289
3.3%	2023		2,413		2,388
3.3%	2024		5,049		5,045
6.7%	2025		645		636
3.3%	2026		4,350		4,350
4.7%	2027		969		969
6.5%	2028		313		313
3.5%	2029		3,250		3,250
5.9%	2032		600		600
8.0%	2038		83		83
4.5%	2039		2,745		2,745
4.0%	2042		1,107		1,107
7.0%	2045		27		27
4.7%	2046		650		650
4.3%	2049		3,000		3,000
7.1%	2096		316		316
		$	40,097	$	44,594
Other currencies (weighted-average interest rate at March 31, 2020, in parentheses):*
Euro (1.1%)	2020–2040	$	18,126	$	14,306
Pound sterling (2.7%)	2020–2022		1,311		1,390
Japanese yen (0.3%)	2022–2026		1,349		1,339
Other (4.1%)	2020–2022		288		375
		$	61,170	$	62,003
Finance lease obligations (2.4%)	2021–2030		246		204
		$	61,417	$	62,207
Less: net unamortized discount			881		881
Less: net unamortized debt issuance costs			151		142
Add: fair value adjustment**			491		440
		$	60,875	$	61,624
Less: current maturities			8,190		7,522
Total		$	52,685	$	54,102

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

** The portion of the company’s fixed-rate debt obligations that was hedged was 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, 2020, are as follows:

(Dollars in millions)	Total
Remainder of 2020	$	5,731
2021		6,897
2022		7,180
2023		5,342
2024		6,302
Thereafter		29,964
Total	$	61,417

Interest on Debt

(Dollars in millions)
For the three months ended March 31:	2020		2019
Cost of financing	$	119	$	179
Interest expense		326		210
Interest capitalized		5		2
Total interest paid and accrued	$	449	$	391