Long-Term Debt

12 Months Ended

Dec. 31, 2021

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

LONG-TERM DEBT

During 2021, we issued $6.35 billion of medium-term notes, of which $4.10 billion were at fixed interest rates and $2.25 billion were at floating interest rates linked to SOFR.  At December 31, 2021, the outstanding medium-term notes had remaining maturities ranging up to 6 years. Debt issuance costs are capitalized and amortized to Interest expense using the effective yield method over the term of the debt issuance. Medium-term notes, net contain fair value adjustments for debt in a fair value hedge relationship.

Long-term debt outstanding as of December 31, was comprised of the following: 

(Millions of dollars)
	2021			2020
	Balance		Avg. Rate	Balance		Avg. Rate
Medium-term notes	$	22,283	1.6%	$	23,536	2.2%
Unamortized discount and debt issuance costs	(40)			(46)
Fair value adjustments	3			60
Medium-term notes, net	22,246			23,550
Bank borrowings and other	348		4.1%	429		6.0%
Total	$	22,594		$	23,979

Maturities of Long-term debt outstanding (excluding fair value adjustments) as of December 31, 2021, in each of the next five years, are as follows: 

(Millions of dollars)
2022	$	6,307
2023	5,221
2024	7,129
2025	1,629
2026	1,555

Long-term debt outstanding as of December 31, 2021 included $5 million of medium-term notes that could be called by us at some point in the future at par.

Medium-term notes of $1.35 billion maturing in the first quarter of 2022 were excluded from Current maturities of long-term debt in the Consolidated Statements of Financial Position as of December 31, 2021 due to a $2.00 billion issuance of medium-term notes on January 10, 2022 of which $1.50 billion mature in 2024 and $500 million mature in 2027. The preceding maturity table reflects the reclassification of $1.35 billion from maturities in 2022 to 2024.