Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Borrowings

Short-Term Debt

($ in millions)
At December 31:	2022		2021
Short-term loans	$	8	$	22
Long-term debt—current maturities		4,751		6,764
Total	$	4,760	$	6,787

Long-Term Debt, Pre-Swap Borrowing

($ in millions)
At December 31:	Maturities	2022		2021
U.S. dollar debt (weighted-average interest rate at December 31, 2022):*
2.6%	2022	$	—	$	5,673
3.4%	2023		1,529		1,573
3.3%	2024		5,009		5,016
5.1%	2025		1,603		608
3.3%	2026		4,351		4,356
3.1%	2027		3,620		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
		$	33,605	$	34,290
Other currencies (weighted-average interest rate at December 31, 2022, in parentheses):*
Euro (1.1%)	2023-2040	$	17,087	$	15,903
Pound sterling	2022		—		406
Japanese yen (0.3%)	2024-2026		694		1,263
Other (16.0%)	2023-2026		361		378
		$	51,747	$	52,240
Finance lease obligations (3.5%)	2023-2030		239		99
		$	51,986	$	52,339
Less: net unamortized discount			835		839
Less: net unamortized debt issuance costs			138		130
Add: fair value adjustment**			(73)		311
		$	50,940	$	51,681
Less: current maturities			4,751		6,764
Total		$	46,189	$	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.

Post-Swap Borrowing (Long-Term Debt, Including Current Portion)

($ in millions)
	2022				2021
			Weighted-Average				Weighted-Average
At December 31:	Amount		Interest Rate		Amount		Interest Rate
Fixed-rate debt	$	43,898	2.7	%	$	49,976	2.8	%
Floating-rate debt*		7,042	5.9	%		1,705	2.6	%
Total	$	50,940			$	51,681

* Includes $6,525 million and $425 million in 2022 and 2021, respectively, of notional interest-rate swaps that effectively convert fixed-rate long-term debt into floating-rate debt. Refer to note T, “Derivative Financial Instruments,” for additional information.

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

($ in millions)
	Total
2023	$	4,754
2024		6,367
2025		4,875
2026		4,700
2027		4,705
Thereafter		26,585
Total	$	51,986

Interest on Debt

($ in millions)
For the year ended December 31:	2022		2021		2020
Cost of financing	$	346	$	392	$	451
Interest expense		1,216		1,155		1,288
Interest capitalized		5		3		5
Total interest paid and accrued	$	1,566	$	1,550	$	1,743