Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Borrowings

Short-Term Debt

	At September 30,		At December 31,
(Dollars in millions)	2022		2021
Short-term loans	$	196	$	22
Long-term debt — current maturities		5,741		6,764
Total	$	5,937	$	6,787

Long-Term Debt

		Balance		Balance
(Dollars in millions)	Maturities	9/30/2022		12/31/2021
U.S. dollar debt (weighted-average interest rate at September 30, 2022):*
2.9%	2022	$	900	$	5,673
3.4%	2023		1,536		1,573
3.3%	2024		5,011		5,016
5.1%	2025		1,604		608
3.3%	2026		4,352		4,356
3.1%	2027		3,621		2,221
6.5%	2028		313		313
3.5%	2029		3,250		3,250
2.0%	2030		1,350		1,350
4.4%	2032		1,850		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
4.2%	2052		1,400		—
7.1%	2096		316		316
		$	34,516	$	34,290
Other currencies (weighted-average interest rate at September 30, 2022, in parentheses):*
Euro (1.1%)	2023–2040	$	15,671	$	15,903
Pound sterling	2022		—		406
Japanese yen (0.3%)	2022–2026		1,005		1,263
Other (16.0%)	2022–2026		397		378
		$	51,590	$	52,240
Finance lease obligations (2.8%)	2022–2030		159		99
		$	51,749	$	52,339
Less: net unamortized discount			841		839
Less: net unamortized debt issuance costs			140		130
Add: fair value adjustment**			(84)		311
		$	50,684	$	51,681
Less: current maturities			5,741		6,764
Total		$	44,942	$	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	$	1,334
2023		4,490
2024		6,246
2025		4,586
2026		4,657
Thereafter		30,436
Total	$	51,749

Interest on Debt

(Dollars in millions)
For the nine months ended September 30:	2022		2021
Cost of financing	$	264	$	312
Interest expense		903		852
Interest capitalized		4		3
Total interest paid and accrued	$	1,170	$	1,167