Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Borrowings

Short-Term Debt

($ in millions)
At December 31:	2020		2019
Commercial paper	$	—	$	304
Short-term loans		130		971
Long-term debt—current maturities		7,053		7,522
Total	$	7,183	$	8,797

Long-Term Debt

($ in millions)
At December 31:	Maturities	2020		2019
U.S. dollar debt (weighted-average interest rate at December 31, 2020):*
2.3%	2020	$	—	$	4,326
1.3%	2021		5,499		8,498
2.6%	2022		6,233		6,289
3.3%	2023		2,395		2,388
3.3%	2024		5,029		5,045
6.8%	2025		631		636
3.3%	2026		4,370		4,350
3.0%	2027		2,219		969
6.5%	2028		313		313
3.5%	2029		3,250		3,250
2.0%	2030		1,350		—
5.9%	2032		600		600
8.0%	2038		83		83
4.5%	2039		2,745		2,745
2.9%	2040		650		—
4.0%	2042		1,107		1,107
7.0%	2045		27		27
4.7%	2046		650		650
4.3%	2049		3,000		3,000
3.0%	2050		750		—
7.1%	2096		316		316
		$	41,218	$	44,594
Other currencies (weighted-average interest rate at December 31, 2020, in parentheses):*
Euro (1.1%)	2021-2040	$	18,355	$	14,306
Pound sterling (2.6%)	2021-2022		411		1,390
Japanese yen (0.3%)	2022-2026		1,409		1,339
Other (3.7%)	2021-2024		324		375
		$	61,718	$	62,003
Finance lease obligations (1.5%)	2021-2030		296		204
		$	62,013	$	62,207
Less: net unamortized discount			875		881
Less: net unamortized debt issuance costs			156		142
Add: fair value adjustment**			426		440
		$	61,408	$	61,624
Less: current maturities			7,053		7,522
Total		$	54,355	$	54,102

* 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)

($ in millions)
	2020				2019
			Weighted-Average				Weighted-Average
For the year ended December 31:	Amount		Interest Rate		Amount		Interest Rate
Fixed-rate debt	$	53,442	2.7	%	$	52,169	2.9	%
Floating-rate debt*		7,966	1.1	%		9,455	2.2	%
Total	$	61,408			$	61,624

* Includes $2,975 million in 2020 and 2019 of notional interest rate swaps that effectively convert fixed-rate long-term debt into floating-rate debt. Refer to note T, “Derivative Financial Instruments,” for additional information.

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

($ in millions)
	Total
2021	$	7,053
2022		7,345
2023		5,807
2024		6,506
2025		4,282
Thereafter		31,020
Total	$	62,013

Interest on Debt

($ in millions)
For the year ended December 31:	2020		2019		2018
Cost of financing	$	451	$	608	$	757
Interest expense		1,288		1,344		723
Interest capitalized		6		5		3
Total interest paid and accrued	$	1,745	$	1,957	$	1,482