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Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
Debt at December 31 consisted of the following:
20242023
Short-term commercial paper borrowings$4,337.6 $6,189.4 
Long-term notes 29,474.0 19,104.6
Other long-term debt6.8 6.5 
Unamortized debt issuance costs(160.8)(90.5)
Fair value adjustment on hedged long-term notes(13.4)15.3 
Total debt33,644.2 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:
20242023
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:
20252026202720282029
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:
202420232022
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.