Borrowings (Tables)

3 Months Ended

Mar. 31, 2022

Borrowings

Short-Term Debt

	At March 31,		At December 31,
(Dollars in millions)	2022		2021
Short-term loans	$	13	$	22
Long-term debt — current maturities		7,676		6,764
Total	$	7,690	$	6,787

Long-Term Debt

		Balance		Balance
(Dollars in millions)	Maturities	3/31/2022		12/31/2021
U.S. dollar debt (weighted-average interest rate at March 31, 2022):*
2.7%	2022	$	4,661	$	5,673
3.4%	2023		1,563		1,573
3.3%	2024		5,014		5,016
6.9%	2025		607		608
3.3%	2026		4,354		4,356
2.8%	2027		2,871		2,221
6.5%	2028		313		313
3.5%	2029		3,250		3,250
2.0%	2030		1,350		1,350
4.4%	2032		1,100		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
3.4%	2052		650		—
7.1%	2096		316		316
		$	35,062	$	34,290
Other currencies (weighted-average interest rate at March 31, 2022, in parentheses):*
Euro (1.1%)	2023–2040	$	17,783	$	15,903
Pound sterling (2.6%)	2022		395		406
Japanese yen (0.3%)	2022–2026		1,198		1,263
Other (13.8%)	2022–2025		384		378
		$	54,821	$	52,240
Finance lease obligations (1.9%)	2022–2030		100		99
		$	54,921	$	52,339
Less: net unamortized discount			849		839
Less: net unamortized debt issuance costs			142		130
Add: fair value adjustment**			291		311
		$	54,221	$	51,681
Less: current maturities			7,676		6,764
Total		$	46,545	$	44,917

*  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

(Dollars in millions)	Total
Remainder of 2022	$	5,668
2023		4,807
2024		6,364
2025		3,943
2026		4,700
Thereafter		29,440
Total	$	54,921

Interest on Debt

(Dollars in millions)
For the three months ended March 31:	2022		2021
Cost of financing	$	82	$	106
Interest expense		311		280
Interest capitalized		2		2
Total interest paid and accrued	$	395	$	388