Borrowings (Tables)

6 Months Ended

Jun. 30, 2022

Borrowings

Short-Term Debt

	At June 30,		At December 31,
(Dollars in millions)	2022		2021
Short-term loans	$	230	$	22
Long-term debt — current maturities		5,752		6,764
Total	$	5,981	$	6,787

Long-Term Debt

		Balance		Balance
(Dollars in millions)	Maturities	6/30/2022		12/31/2021
U.S. dollar debt (weighted-average interest rate at June 30, 2022):*
2.4%	2022	$	1,904	$	5,673
3.4%	2023		1,552		1,573
3.3%	2024		5,013		5,016
7.0%	2025		605		608
3.3%	2026		4,352		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
		$	32,288	$	34,290
Other currencies (weighted-average interest rate at June 30, 2022, in parentheses):*
Euro (1.1%)	2023–2040	$	16,718	$	15,903
Pound sterling (2.6%)	2022		364		406
Japanese yen (0.3%)	2022–2026		1,070		1,263
Other (15.7%)	2022–2025		315		378
		$	50,755	$	52,240
Finance lease obligations (2.0%)	2022–2030		108		99
		$	50,863	$	52,339
Less: net unamortized discount			837		839
Less: net unamortized debt issuance costs			134		130
Add: fair value adjustment**			187		311
		$	50,079	$	51,681
Less: current maturities			5,752		6,764
Total		$	44,328	$	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	$	2,778
2023		4,607
2024		6,262
2025		3,745
2026		4,664
Thereafter		28,807
Total	$	50,863

Interest on Debt

(Dollars in millions)
For the six months ended June 30:	2022		2021
Cost of financing	$	165	$	210
Interest expense		607		561
Interest capitalized		2		2
Total interest paid and accrued	$	775	$	774