Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Borrowings

Short-Term Debt

	At March 31,		At December 31,
(Dollars in millions)	2023		2022
Short-term loans	$	6	$	8
Long-term debt — current maturities		4,881		4,751
Total	$	4,887	$	4,760

Long-Term Debt, Pre-Swap Borrowing

		Balance		Balance
(Dollars in millions)	Maturities	3/31/2023		12/31/2022
U.S. dollar debt (weighted-average interest rate at March 31, 2023):*
3.4%	2023	$	1,514	$	1,529
3.3%	2024		5,007		5,009
5.1%	2025		1,603		1,603
3.5%	2026		5,201		4,351
3.1%	2027		3,620		3,620
5.0%	2028		1,313		313
3.5%	2029		3,250		3,250
2.0%	2030		1,350		1,350
4.4%	2032		1,850		1,850
4.8%	2033		750		—
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		1,400
5.1%	2053		650		—
7.1%	2096		316		316
		$	36,836	$	33,605
Other currencies (weighted-average interest rate at March 31, 2023, in parentheses):*
Euro (1.8%)	2023–2043	$	20,103	$	17,087
Pound sterling (4.9%)	2038		928		—
Japanese yen (0.5%)	2024–2028		1,327		694
Other (16.1%)	2023–2026		305		361
		$	59,499	$	51,747
Finance lease obligations (3.6%)	2023–2030		232		239
		$	59,731	$	51,986
Less: net unamortized discount			866		835
Less: net unamortized debt issuance costs			170		138
Add: fair value adjustment**			11		(73)
		$	58,707	$	50,940
Less: current maturities			4,881		4,751
Total		$	53,826	$	46,189

*  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 2023	$	2,812
2024		6,378
2025		4,935
2026		5,550
2027		5,812
Thereafter		34,243
Total	$	59,731

Interest on Debt

(Dollars in millions)
For the three months ended March 31:	2023		2022
Cost of financing	$	90	$	82
Interest expense		367		311
Interest capitalized		4		2
Total interest paid and accrued	$	462	$	395