Long-Term Debt

12 Months Ended

Dec. 31, 2022

Long-Term Debt, Unclassified [Abstract]

Long-Term Debt

LONG-TERM DEBT

During 2022, we issued $6.01 billion of medium-term notes, of which $5.21 billion were at fixed interest rates and $800 million were at floating interest rates linked to SOFR. At December 31, 2022, the outstanding medium-term notes had remaining maturities ranging up to 5 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)
	2022			2021
	Balance		Weighted Avg. Rate	Balance		Weighted Avg. Rate
Medium-term notes	$	20,821	2.2%	$	22,283	1.6%
Unamortized discount and debt issuance costs	(37)			(40)
Fair value adjustments	(112)			3
Medium-term notes, net	20,672			22,246
Bank borrowings and other	746		5.3%	348		4.1%
Total	$	21,418		$	22,594

Maturities of Long-term debt outstanding (excluding fair value adjustments) as of December 31, 2022, in each of the next five years, are as follows: 

(Millions of dollars)
2023	$	5,202
2024	7,398
2025	4,511
2026	2,469
2027	1,948

Long-term debt outstanding as of December 31, 2022 included $14 million of medium-term notes that could be called by us at some point in the future at par.

Medium-term notes of $900 million maturing in the first quarter of 2023 were excluded from Current maturities of long-term debt in the Consolidated Statements of Financial Position as of December 31, 2022 due to a $900 million issuance of medium-term notes on January 6, 2023 which mature in 2026. The preceding maturity table reflects the reclassification of $900 million from maturities in 2023 to 2026.