XML 49 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Borrowings | Borrowings The components of long-term debt are as follows:
(Dollars in Millions) |  | 2023 |  | Effective Rate % |  | 2022 |  | Effective Rate % |
6.73% Debentures due 2023 |  | $— |  | — | % |  | $250 |  | 6.73 | % |
3.375% Notes due 2023 |  | — |  | — |  |  | 801 |  | 3.17 |  |
2.05% Notes due 2023 |  | — |  | — |  |  | 500 |  | 2.09 |  |
0.650% Notes due 2024 (750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3) |  | 831 | (2) | 0.68 |  |  | 792 | (3) | 0.68 |  |
5.50% Notes due 2024 (500MM 1.2756 GBP )(2)/(500MM GBP 1.2037)(3) |  | 637 | (2) | 6.75 |  |  | 600 | (3) | 6.75 |  |
2.625% Notes due 2025 |  | 750 |  | 2.63 |  |  | 749 |  | 2.63 |  |
0.55% Notes due 2025 |  | 950 |  | 0.57 |  |  | 918 |  | 0.57 |  |
2.46% Notes due 2026 |  | 1,997 |  | 2.47 |  |  | 1,996 |  | 2.47 |  |
2.95% Notes due 2027 |  | 900 |  | 2.96 |  |  | 877 |  | 2.96 |  |
0.95% Notes due 2027 |  | 1,419 |  | 0.96 |  |  | 1,394 |  | 0.96 |  |
1.150% Notes due 2028 (750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3) |  | 828 | (2) | 1.21 |  |  | 794 | (3) | 1.21 |  |
2.90% Notes due 2028 |  | 1,497 |  | 2.91 |  |  | 1,496 |  | 2.91 |  |
6.95% Notes due 2029 |  | 298 |  | 7.14 |  |  | 298 |  | 7.14 |  |
1.30% Notes due 2030 |  | 1,630 |  | 1.30 |  |  | 1,607 |  | 1.30 |  |
4.95% Debentures due 2033 |  | 499 |  | 4.95 |  |  | 498 |  | 4.95 |  |
4.375% Notes due 2033 |  | 854 |  | 4.24 |  |  | 854 |  | 4.24 |  |
1.650% Notes due 2035 (1.5B Euro 1.1090)(2)/(1.5B Euro 1.0651)(3) |  | 1,652 | (2) | 1.68 |  |  | 1,591 | (3) | 1.68 |  |
3.587% Notes due 2036 |  | 864 |  | 3.59 |  |  | 842 |  | 3.59 |  |
5.95% Notes due 2037 |  | 994 |  | 5.99 |  |  | 993 |  | 5.99 |  |
3.625% Notes due 2037 |  | 1,357 |  | 3.64 |  |  | 1,336 |  | 3.64 |  |
5.85% Debentures due 2038 |  | 697 |  | 5.85 |  |  | 697 |  | 5.85 |  |
3.400% Notes due 2038 |  | 993 |  | 3.42 |  |  | 992 |  | 3.42 |  |
4.50% Debentures due 2040 |  | 541 |  | 4.63 |  |  | 540 |  | 4.63 |  |
2.10% Notes due 2040 |  | 849 |  | 2.14 |  |  | 828 |  | 2.14 |  |
4.85% Notes due 2041 |  | 297 |  | 4.89 |  |  | 297 |  | 4.89 |  |
4.50% Notes due 2043 |  | 496 |  | 4.52 |  |  | 496 |  | 4.52 |  |
3.73% Notes due 2046 |  | 1,977 |  | 3.74 |  |  | 1,976 |  | 3.74 |  |
3.75% Notes due 2047 |  | 832 |  | 3.76 |  |  | 812 |  | 3.76 |  |
3.500% Notes due 2048 |  | 743 |  | 3.52 |  |  | 743 |  | 3.52 |  |
2.250% Notes due 2050 |  | 826 |  | 2.29 |  |  | 808 |  | 2.29 |  |
2.450% Notes due 2060 |  | 1,073 |  | 2.49 |  |  | 1,055 |  | 2.49 |  |
Other |  | 69 |  | — |  |  | 7 |  | — |  |
Subtotal |  | 27,350 | (4) | 2.98 | % | (1) | 28,437 | (4) | 3.04 | % | (1)
Less current portion |  | 1,469 |  |  |  | 1,551 |  |  |
Total long-term debt |  | $25,881 |  |  |  | $26,886 |  |  |
(1)Weighted average effective rate. (2)Translation rate at December 31, 2023. (3)Translation rate at January 1, 2023. (4)The excess of the carrying value over the fair value of debt was $1.0 billion and $1.6 billion at the end of fiscal year 2023 and fiscal year 2022, respectively. Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs. The Company has access to substantial sources of funds at numerous banks worldwide. In September 2023, the Company secured a new 364-day Credit Facility of $10 billion, which expires on September 5, 2024. The Company early terminated the additional 364-day revolving Credit Facility of $10 billion, which had an expiration of November 21, 2023. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material. Throughout fiscal years 2023 and 2022, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $3.5 billion and $12.8 billion at the end of fiscal years 2023 and 2022, respectively. The current portion of the long term debt was $1.5 billion and $1.6 billion in 2023 and 2022, respectively, and the remainder is commercial paper and local borrowing by international subsidiaries. The current debt balance as of December 31, 2023 includes $2.0 billion of commercial paper which has a weighted average interest rate of 5.37% and a weighted average maturity of approximately two months. The current debt balance as of January 1, 2023 includes $11.2 billion of commercial paper which has a weighted average interest rate of 4.23% and a weighted average maturity of approximately two months. Aggregate maturities of long-term debt obligations commencing in 2024 are:
(Dollars in Millions) |  |  |  |  |  |  |  |
2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | After 2028
$1,469 |  | 1,700 |  | 1,997 |  | 2,320 |  | 2,325 |  | 17,539

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration