Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Borrowings

Short-Term Debt

($ in millions)
At December 31:	2021		2020
Short-term loans	$	22	$	130
Long-term debt—current maturities		6,764		6,986
Total	$	6,787	$	7,116

Long-Term Debt

($ in millions)
At December 31:	Maturities	2021		2020
U.S. dollar debt (weighted-average interest rate at December 31, 2021):*
1.3%	2021	$	—	$	5,499
2.6%	2022		5,673		6,233
3.4%	2023		1,573		2,395
3.3%	2024		5,016		5,029
6.9%	2025		608		631
3.3%	2026		4,356		4,370
3.0%	2027		2,221		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
		$	34,290	$	41,218
Other currencies (weighted-average interest rate at December 31, 2021, in parentheses):*
Euro (1.1%)	2023-2040	$	15,903	$	18,355
Pound sterling (2.6%)	2022		406		411
Japanese yen (0.3%)	2022-2026		1,263		1,409
Other (11.3%)	2022-2025		378		324
		$	52,240	$	61,718
Finance lease obligations (1.8%)	2022-2030		99		91
		$	52,339	$	61,808
Less: net unamortized discount			839		875
Less: net unamortized debt issuance costs			130		156
Add: fair value adjustment**			311		426
		$	51,681	$	61,203
Less: current maturities			6,764		6,986
Total		$	44,917	$	54,217

* 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)
	2021				2020
			Weighted-Average				Weighted-Average
For the year ended December 31:	Amount		Interest Rate		Amount		Interest Rate
Fixed-rate debt	$	49,976	2.8	%	$	53,237	2.7	%
Floating-rate debt*		1,705	2.6	%		7,966	1.1	%
Total	$	51,681			$	61,203

* Includes $425 million and $2,975 million in 2021 and 2020, respectively, of notional interest-rate swaps that effectively convert fixed-rate long-term debt into floating-rate debt. Refer to note U, “Derivative Financial Instruments,” for additional information.

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

($ in millions)
	Total
2022	$	6,765
2023		4,848
2024		6,391
2025		4,015
2026		4,719
Thereafter		25,601
Total	$	52,339

Interest on Debt

($ in millions)
For the year ended December 31:	2021		2020		2019
Cost of financing	$	392	$	451	$	608
Interest expense		1,155		1,288		1,344
Interest capitalized		3		5		4
Total interest paid and accrued	$	1,550	$	1,743	$	1,956