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Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings Borrowings
Debt at December 31 consisted of the following:
20222021
Short-term commercial paper borrowings$1,498.0 $— 
Long-term notes 14,815.3 16,741.2
Other long-term debt6.9 10.8 
Unamortized debt issuance costs(77.2)(84.2)
Fair value adjustment on hedged long-term notes(4.4)216.9 
Total debt16,238.6 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:
20222021
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:
20232024202520262027
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:
202220212020
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.