Borrowings (Tables)

3 Months Ended

Mar. 31, 2021

Borrowings

Short-Term Debt

	At March 31,		At December 31,
(Dollars in millions)	2021		2020
Short-term loans	$	36	$	130
Long-term debt–current maturities		5,162		7,053
Total	$	5,198	$	7,183

Long-Term Debt

		Balance		Balance
(Dollars in millions)	Maturities	3/31/2021		12/31/2020
U.S. dollar debt (weighted-average interest rate at March 31, 2021):*
0.7%	2021	$	2,635	$	5,499
2.6%	2022		5,712		6,233
3.5%	2023		1,636		2,395
3.3%	2024		5,025		5,029
6.8%	2025		626		631
3.3%	2026		4,368		4,370
3.0%	2027		2,219		2,219
6.5%	2028		313		313
3.5%	2029		3,250		3,250
2.0%	2030		1,350		1,350
5.9%	2032		600		600
8.0%	2038		83		83
4.5%	2039		2,745		2,745
2.9%	2040		650		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		750
7.1%	2096		316		316
		$	37,062	$	41,218
Other currencies (weighted-average interest rate at March 31, 2021, in parentheses):*
Euro (1.1%)	2021–2040	$	17,618	$	18,355
Pound sterling (2.6%)	2022		414		411
Japanese yen (0.3%)	2022–2026		1,316		1,409
Other (4.4%)	2021–2025		299		324
		$	56,708	$	61,718
Finance lease obligations (1.5%)	2021–2030		317		296
		$	57,025	$	62,013
Less: net unamortized discount			868		875
Less: net unamortized debt issuance costs			147		156
Add: fair value adjustment**			357		426
		$	56,367	$	61,408
Less: current maturities			5,162		7,053
Total		$	51,206	$	54,355

*  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.

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

Pre-swap annual contractual obligations of long-term debt outstanding at March 31, 2021, are as follows:

(Dollars in millions)	Total
Remainder of 2021	$	4,060
2022		6,826
2023		4,928
2024		6,442
2025		4,144
Thereafter		30,625
Total	$	57,025

Interest on Debt

(Dollars in millions)
For the three months ended March 31:	2021		2020
Cost of financing	$	106	$	119
Interest expense		280		326
Interest capitalized		2		5
Total interest paid and accrued	$	388	$	449