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Borrowings | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Borrowings | Borrowings Debt at December 31 consisted of the following:
| 2022 |  | 2021
Short-term commercial paper borrowings | $ | 1,498.0 |  |  | $ | — |
Long-term notes | 14,815.3 |  |  | 16,741.2
Other long-term debt | 6.9 |  |  | 10.8 |
Unamortized debt issuance costs | (77.2) |  |  | (84.2) |
Fair value adjustment on hedged long-term notes | (4.4) |  |  | 216.9 |
Total debt | 16,238.6 |  |  | 16,884.7 |
Less current portion | (1,501.1) |  |  | (1,538.3) |
Long-term debt | $ | 14,737.5 |  |  | $ | 15,346.4 |
The weighted-average effective borrowing rate on short-term commercial paper borrowings at December 31, 2022 was 4.20 percent. The following table summarizes long-term notes at December 31:
| 2022 |  | 2021 |
2.35% notes due 2022 | $ | — |  |  | $ | 750.0 |  |
3.00% notes due 2022 | — |  |  | 99.2 |  |
1.00% euro denominated notes due 2022 | — |  |  | 678.2 |  |
0.15% Swiss franc denominated notes due 2024 | 649.5 |  |  | 654.7 |  |
7.125% notes due 2025 | 217.5 |  |  | 217.5 |  |
2.75% notes due 2025 | 560.6 |  |  | 560.6 |  |
1.625% euro denominated notes due 2026 | 799.3 |  |  | 847.7 |  |
5.5% notes due 2027 | 364.3 |  |  | 364.3 |  |
3.1% notes due 2027 | 401.5 |  |  | 401.5 |  |
0.45% Swiss franc denominated notes due 2028 | 433.0 |  |  | 436.4 |  |
3.375% notes due 2029 | 930.6 |  |  | 930.6 |  |
0.42% Japanese yen denominated notes due 2029 | 172.1 |  |  | 199.0 |  |
2.125% euro denominated notes due 2030 | 799.3 |  |  | 847.7 |  |
0.625% euro denominated notes due 2031 | 639.4 |  |  | 678.2 |  |
0.50% euro denominated notes due 2033 | 639.4 |  |  | 678.2 |  |
0.56% Japanese yen denominated notes due 2034 | 69.7 |  |  | 80.5 |  |
6.77% notes due 2036 | 158.6 |  |  | 158.6 |  |
5.55% notes due 2037 | 444.7 |  |  | 444.7 |  |
5.95% notes due 2037 | 266.8 |  |  | 266.8 |  |
3.875% notes due 2039 | 240.3 |  |  | 240.3 |  |
1.625% British pound denominated notes due 2043 | 301.2 |  |  | 337.1 |  |
4.65% notes due 2044 | 38.3 |  |  | 38.3 |  |
3.7% notes due 2045 | 386.8 |  |  | 386.8 |  |
3.95% notes due 2047 | 347.0 |  |  | 347.0 |  |
3.95% notes due 2049 | 958.2 |  |  | 958.2 |  |
1.70% euro denominated notes due 2049 | 1,065.7 |  |  | 1,130.3 |  |
0.97% Japanese yen denominated notes due 2049 | 57.4 |  |  | 66.3 |  |
2.25% notes due 2050 | 1,250.0 |  |  | 1,250.0 |  |
1.125% euro denominated notes due 2051 | 532.9 |  |  | 565.2 |  |
4.15% notes due 2059 | 591.3 |  |  | 591.3 |  |
2.50% notes due 2060 | 850.0 |  |  | 850.0 |  |
1.375% euro denominated notes due 2061 | 746.0 |  |  | 791.2 |  |
Unamortized note discounts | (96.1) |  |  | (105.2) |  |
Total long-term notes | $ | 14,815.3 |  |  | $ | 16,741.2 |  |
The weighted-average effective borrowing rate for each issuance of the long term-notes approximates the stated interest rate. At December 31, 2022, we had a total of $7.33 billion of unused committed bank credit facilities, which consisted primarily of a $3.00 billion credit facility that expires in December 2026 and a $4.00 billion 364-day facility that expires in September 2023, both of which are available to support our commercial paper program. We have not drawn against the $3.00 billion and $4.00 billion facilities as of December 31, 2022. Of the remaining committed bank credit facilities, the outstanding balances as of December 31, 2022 and 2021 were not material. Compensating balances and commitment fees are not material, and there are no conditions that are probable of occurring under which the lines may be withdrawn. In September 2021, we issued euro-denominated notes consisting of €600.0 million of 0.50 percent fixed-rate notes due in September 2033, with interest to be paid annually. The net proceeds from the offering have been, and will continue to be, used to fund, in whole or in part, eligible projects designed to advance one or more of our environmental, social, and governance objectives. In September 2021, we issued euro-denominated notes consisting of €500.0 million of 1.125 percent fixed-rate notes due in September 2051 and €700.0 million of 1.375 percent fixed-rate notes due in September 2061, with interest to be paid annually, and British pound-denominated notes consisting of £250.0 million of 1.625 percent fixed-rate notes due in September 2043, with interest to be paid annually. We paid $1.91 billion of the net cash proceeds from the offering to purchase and redeem certain higher interest rate U.S. dollar-denominated notes with an aggregate principal amount of $1.50 billion, resulting in a debt extinguishment loss of $405.2 million. This loss was included in other-net, (income) expense in our consolidated statement of operations for the year ended December 31, 2021. The $1.50 billion principal amount of higher interest rate U.S. dollar-denominated notes that were redeemed primarily included $541.8 million of 3.95 percent notes due 2049, $408.7 million of 4.15 percent notes due 2059, and $219.4 million of 3.375 percent notes due 2029. We used the remaining net proceeds from the offering to prefund certain 2022 debt maturities and for general corporate purposes. In May 2020, we issued $1.00 billion of 2.25 percent fixed-rate notes due in May 2050, with interest to be paid semi-annually. We used the net cash proceeds from the offering of $988.6 million for general corporate purposes, including the repayment of outstanding commercial paper. In August 2020, we issued $850.0 million of 2.50 percent fixed-rate notes due in September 2060 and an additional $250.0 million of our 2.25 percent fixed-rate notes due in May 2050, with interest to be paid semi-annually. We used the net cash proceeds from the offering of $1.07 billion for general corporate purposes, including the repayment of outstanding commercial paper. The aggregate amounts of maturities on long-term debt for the next five years are as follows:
| 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
Maturities on long-term debt | $ | 3.1 |  |  | $ | 649.5 |  |  | $ | 778.1 |  |  | $ | 799.3 |  |  | $ | 765.8 |
We have converted approximately 10 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. The weighted-average effective borrowing rates based on long-term debt obligations and interest rates at December 31, 2022 and 2021, including the effects of interest rate swaps for hedged debt obligations, were 2.87 percent and 2.27 percent, respectively. The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows:
| 2022 |  | 2021 |  | 2020
Cash payments for interest on borrowings | $ | 323.7 |  |  | $ | 338.0 |  |  | $ | 345.8 |
In accordance with the requirements of derivatives and hedging guidance, the portion of our fixed-rate debt obligations that is hedged as a fair value hedge is reflected in the consolidated balance sheets as an amount equal to the sum of the debt's carrying value plus the fair value adjustment representing changes in fair value of the hedged debt attributable to movements in market interest rates subsequent to the inception of the hedge.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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