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v3.24.0.1

Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | 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.
Aggregate Maturities of Long Term Obligations | 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

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