XML 29 R15.htm IDEA: XBRL DOCUMENT v3.24.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Long-Term Debt, Unclassified [Abstract]  
Long-Term Debt LONG-TERM DEBT
 
During 2023, we issued $7.95 billion of medium-term notes, of which $5.42 billion were at fixed interest rates and $2.53 billion were floating interest rates, primarily indexed to SOFR. At December 31, 2023, 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)20232022
 BalanceWeighted Avg. RateBalanceWeighted Avg. Rate
Medium-term notes$23,165 3.2%$20,821 2.2%
Unamortized discount and debt issuance costs(34) (37) 
Fair value adjustments(46)(112)
Medium-term notes, net23,085  20,672  
Bank borrowings and other527 6.6%746 5.3%
Total$23,612  $21,418  

Maturities of Long-term debt outstanding (excluding fair value adjustments) as of December 31, 2023, in each of the next five years, are as follows: 
(Millions of dollars)
 
2024$7,719 
20257,811 
20265,634 
20272,479 
202814 

Medium-term notes of $500 million maturing in the first quarter of 2024 were excluded from Current maturities of long-term debt in the Consolidated Statements of Financial Position as of December 31, 2023 due to a $500 million issuance of medium-term notes on January 8, 2024 which mature in 2027. The preceding maturity table reflects the reclassification of $500 million from maturities in 2024 to 2027.