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Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Borrowings | Borrowings Debt at December 31 consisted of the following:
| 2023 |  | 2022
Short-term commercial paper borrowings | $ | 6,189.4 |  |  | $ | 1,498.0 |
Long-term notes | 19,104.6 |  |  | 14,815.3
Other long-term debt | 6.5 |  |  | 6.9 |
Unamortized debt issuance costs | (90.5) |  |  | (77.2) |
Fair value adjustment on hedged long-term notes | 15.3 |  |  | (4.4) |
Total debt | 25,225.3 |  |  | 16,238.6 |
Less current portion | (6,904.5) |  |  | (1,501.1) |
Long-term debt | $ | 18,320.8 |  |  | $ | 14,737.5 |
The weighted-average effective borrowing rates on short-term commercial paper borrowings were 5.39 percent and 4.20 percent at December 31, 2023 and 2022, respectively. The following table summarizes long-term notes at December 31:
| 2023 |  | 2022 |
0.15% Swiss franc denominated notes due 2024 | $ | 714.6 |  |  | $ | 649.5 |  |
7.125% notes due 2025 | 217.5 |  |  | 217.5 |  |
2.75% notes due 2025 | 560.6 |  |  | 560.6 |  |
5.0% notes due 2026 | 750.0 |  |  | — |  |
1.625% euro denominated notes due 2026 | 830.7 |  |  | 799.3 |  |
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 | 476.4 |  |  | 433.0 |  |
3.375% notes due 2029 | 930.6 |  |  | 930.6 |  |
0.42% Japanese yen denominated notes due 2029 | 162.5 |  |  | 172.1 |  |
2.125% euro denominated notes due 2030 | 830.7 |  |  | 799.3 |  |
0.625% euro denominated notes due 2031 | 664.6 |  |  | 639.4 |  |
4.7% notes due 2033 | 1,000.0 |  |  | — |  |
0.50% euro denominated notes due 2033 | 664.6 |  |  | 639.4 |  |
0.56% Japanese yen denominated notes due 2034 | 65.8 |  |  | 69.7 |  |
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 | 318.5 |  |  | 301.2 |  |
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 | 1,107.6 |  |  | 1,065.7 |  |
0.97% Japanese yen denominated notes due 2049 | 54.2 |  |  | 57.4 |  |
2.25% notes due 2050 | 1,250.0 |  |  | 1,250.0 |  |
1.125% euro denominated notes due 2051 | 553.8 |  |  | 532.9 |  |
4.875% notes due 2053 | 1,250.0 |  |  | — |  |
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 | 775.3 |  |  | 746.0 |  |
4.95% notes due 2063 | 1,000.0 |  |  | — |  |
Unamortized note discounts | (121.2) |  |  | (96.1) |  |
Total long-term notes | $ | 19,104.6 |  |  | $ | 14,815.3 |  |
The weighted-average effective borrowing rate for each issuance of the long term-notes approximates the stated interest rate. At December 31, 2023, we had a total of $7.42 billion of unused committed bank credit facilities, which consisted primarily of a $3.00 billion credit facility that expires in December 2027 and a $4.00 billion 364-day facility that expires in September 2024, 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, 2023. Of the remaining committed bank credit facilities, the outstanding balances as of December 31, 2023 and 2022 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 February 2024, we issued $1.00 billion of 4.500 percent fixed-rate notes due in 2027, $1.00 billion of 4.500 percent fixed-rate notes due in 2029, $1.50 billion of 4.700 percent fixed-rate notes due in 2034, $1.50 billion of 5.000 percent fixed-rate notes due in 2054, and $1.50 billion of 5.100 percent fixed-rate notes due in 2064, all with interest to be paid semi-annually. We used, or will be using, the net cash proceeds from the offering of $6.45 billion for general business purposes, including the repayment of outstanding commercial paper, repayment of current maturities of long-term debt, and repayment of the $750.0 million of 5.000 percent fixed-rate notes due in 2026, which are callable at par beginning February 27, 2024. In February 2023, we issued $750.0 million of 5.000 percent fixed-rate notes due in 2026, which are callable at par after one year, $1.00 billion of 4.700 percent fixed-rate notes due in 2033, $1.25 billion of 4.875 percent fixed-rate notes due in 2053, and $1.00 billion of 4.950 percent fixed-rate notes due in 2063, all with interest to be paid semi-annually. We used the net cash proceeds from the offering of $3.96 billion for general business purposes, including the repayment of outstanding commercial paper. In September 2021, we issued euro-denominated notes totaling €1.80 billion and British pound-denominated notes totaling £250.0 million. 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 aggregate amounts of maturities on long-term debt for the next five years are as follows:
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
Maturities on long-term debt | $ | 717.5 |  |  | $ | 778.1 |  |  | $ | 1,580.7 |  |  | $ | 765.8 |  |  | $ | 476.4 |
We have converted approximately 12 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, 2023 and 2022, including the effects of interest rate swaps for hedged debt obligations, were 3.37 percent and 2.87 percent, respectively. The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows:
| 2023 |  | 2022 |  | 2021
Cash payments for interest on borrowings | $ | 404.2 |  |  | $ | 323.7 |  |  | $ | 338.0 |
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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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