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Borrowings | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Borrowings | Borrowings Debt at December 31 consisted of the following:
| 2024 |  | 2023
Short-term commercial paper borrowings | $ | 4,337.6 |  |  | $ | 6,189.4 |
Long-term notes | 29,474.0 |  |  | 19,104.6
Other long-term debt | 6.8 |  |  | 6.5 |
Unamortized debt issuance costs | (160.8) |  |  | (90.5) |
Fair value adjustment on hedged long-term notes | (13.4) |  |  | 15.3 |
Total debt | 33,644.2 |  |  | 25,225.3 |
Less current portion | (5,117.1) |  |  | (6,904.5) |
Long-term debt | $ | 28,527.1 |  |  | $ | 18,320.8 |
The weighted-average effective borrowing rates on short-term commercial paper borrowings were 4.61 percent and 5.39 percent at December 31, 2024 and 2023, respectively. The following table summarizes long-term notes at December 31:
| 2024 |  | 2023 |
0.15% Swiss franc denominated notes due 2024 | $ | — |  |  | $ | 714.6 |  |
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 |  |  | 750.0 |  |
1.625% euro denominated notes due 2026 | 779.1 |  |  | 830.7 |  |
4.500% notes due 2027 | 1,000.0 |  |  | — |  |
5.5% notes due 2027 | 364.3 |  |  | 364.3 |  |
3.1% notes due 2027 | 401.5 |  |  | 401.5 |  |
4.150% notes due 2027 | 750.0 |  |  | — |  |
0.45% Swiss franc denominated notes due 2028 | 441.6 |  |  | 476.4 |  |
4.500% notes due 2029 | 1,000.0 |  |  | — |  |
3.375% notes due 2029 | 930.6 |  |  | 930.6 |  |
4.200% notes due 2029 | 1,000.0 |  |  | — |  |
0.42% Japanese yen denominated notes due 2029 | 145.6 |  |  | 162.5 |  |
2.125% euro denominated notes due 2030 | 779.1 |  |  | 830.7 |  |
0.625% euro denominated notes due 2031 | 623.2 |  |  | 664.6 |  |
4.7% notes due 2033 | 1,000.0 |  |  | 1,000.0 |  |
0.50% euro denominated notes due 2033 | 623.2 |  |  | 664.6 |  |
4.700% notes due 2034 | 1,500.0 |  |  | — |  |
4.600% notes due 2034 | 1,250.0 |  |  | — |  |
0.56% Japanese yen denominated notes due 2034 | 58.9 |  |  | 65.8 |  |
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 | 313.8 |  |  | 318.5 |  |
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 | 1,038.7 |  |  | 1,107.6 |  |
0.97% Japanese yen denominated notes due 2049 | 48.5 |  |  | 54.2 |  |
2.25% notes due 2050 | 1,250.0 |  |  | 1,250.0 |  |
1.125% euro denominated notes due 2051 | 519.4 |  |  | 553.8 |  |
4.875% notes due 2053 | 1,250.0 |  |  | 1,250.0 |  |
5.000% notes due 2054 | 1,500.0 |  |  | — |  |
5.050% notes due 2054 | 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 | 727.1 |  |  | 775.3 |  |
4.95% notes due 2063 | 1,000.0 |  |  | 1,000.0 |  |
5.100% notes due 2064 | 1,500.0 |  |  | — |  |
5.200% notes due 2064 | 750.0 |  |  | — |  |
Unamortized note discounts | (130.7) |  |  | (121.2) |  |
Total long-term notes | $ | 29,474.0 |  |  | $ | 19,104.6 |  |
The weighted-average effective borrowing rate for each issuance of the long term-notes approximates the stated interest rate. At December 31, 2024, we had a total of $8.45 billion of unused committed bank credit facilities, which consisted primarily of a $3.00 billion credit facility that expires in December 2028 and a $5.00 billion 364-day facility that expires in September 2025, both of which are available to support our commercial paper program. We have not drawn against the $3.00 billion and $5.00 billion facilities as of December 31, 2024. Of the remaining committed bank credit facilities, the outstanding balances as of December 31, 2024 and 2023 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 2025, we issued $1.00 billion of 4.550 percent fixed-rate notes due in 2028, $1.25 billion of 4.750 percent fixed-rate notes due in 2030, $1.00 billion of 4.900 percent fixed-rate notes due in 2032, $1.25 billion of 5.100 percent fixed-rate notes due in 2035, $1.25 billion of 5.500 percent fixed-rate notes due in 2055, and $750.0 million of 5.600 percent fixed-rate notes due in 2065, all with interest to be paid semi-annually. We expect to use the net cash proceeds from the offering to fund potential business development activities, as well as general business purposes, including the repayment of outstanding commercial paper. In August 2024, we issued $750.0 million of 4.150 percent fixed-rate notes due in 2027, $1.00 billion of 4.200 percent fixed-rate notes due in 2029, $1.25 billion of 4.600 percent fixed-rate notes due in 2034, $1.25 billion of 5.050 percent fixed-rate notes due in 2054, and $750.0 million of 5.200 percent fixed-rate notes due in 2064, all with interest to be paid semi-annually. We used a portion of the net cash proceeds from the offering of $4.96 billion to fund the acquisition of Morphic and related fees and expenses, with any remaining funds used for general business purposes, including the repayment of outstanding commercial paper. 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 may 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. In February 2023, we issued $750.0 million of 5.000 percent fixed-rate notes due in 2026, $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. The aggregate amounts of maturities on long-term debt for the next five years are as follows:
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Maturities on long-term debt | $ | 780.9 |  |  | $ | 1,529.1 |  |  | $ | 2,515.8 |  |  | $ | 441.6 |  |  | $ | 3,076.1 |
We have converted approximately 5 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, 2024 and 2023, including the effects of interest rate swaps for hedged debt obligations, were 3.95 percent and 3.37 percent, respectively. The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows:
| 2024 |  | 2023 |  | 2022
Cash payments for interest on borrowings | $ | 577.5 |  |  | $ | 404.2 |  |  | $ | 323.7 |
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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