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v3.25.1

Borrowings (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Long-term debt | Pre-Swap Borrowing
|  |  |  | Balance |  | Balance |  |
(Dollars in millions) |  | Maturities |  | 3/31/2025 |  | 12/31/2024 |  |
U.S. dollar debt (weighted-average interest rate at March 31, 2025): (1) |  |  |  |  |  |  |  |
5.1% |  | 2025 |  | $ | 1,600 |  |  | $ | 1,601 |  |  |
3.7% |  | 2026 |  | 5,800 |  |  | 5,800 |  |  |
3.3% |  | 2027 |  | 4,119 |  |  | 4,119 |  |  |
4.8% |  | 2028 |  | 2,313 |  |  | 1,313 |  |  |
3.6% |  | 2029 |  | 3,752 |  |  | 3,750 |  |  |
3.2% |  | 2030 |  | 2,356 |  |  | 1,350 |  |  |
4.8% |  | 2031 |  | 500 |  |  | 500 |  |  |
4.6% |  | 2032 |  | 2,700 |  |  | 1,850 |  |  |
4.8% |  | 2033 |  | 750 |  |  | 750 |  |  |
4.9% |  | 2034 |  | 1,000 |  |  | 1,000 |  |  |
5.2% |  | 2035 |  | 900 |  |  | — |  |  |
8.0% |  | 2038 |  | 83 |  |  | 83 |  |  |
4.5% |  | 2039 |  | 2,745 |  |  | 2,745 |  |  |
2.9% |  | 2040 |  | 650 |  |  | 650 |  |  |
4.0% |  | 2042 |  | 1,107 |  |  | 1,107 |  |  |
5.3% |  | 2044 |  | 1,000 |  |  | 1,000 |  |  |
7.0% |  | 2045 |  | 27 |  |  | 27 |  |  |
4.7% |  | 2046 |  | 650 |  |  | 650 |  |  |
4.3% |  | 2049 |  | 3,000 |  |  | 3,000 |  |  |
3.0% |  | 2050 |  | 750 |  |  | 750 |  |  |
4.2% |  | 2052 |  | 1,400 |  |  | 1,400 |  |  |
5.1% |  | 2053 |  | 650 |  |  | 650 |  |  |
5.3% |  | 2054 |  | 1,400 |  |  | 1,400 |  |  |
5.7% |  | 2055 |  | 1,000 |  |  | — |  |  |
7.1% |  | 2096 |  | 316 |  |  | 316 |  |  |
|  |  |  | $ | 40,569 |  |  | $ | 35,813 |  |  |
Euro debt (weighted-average interest rate at March 31, 2025): (1) |  |  |  |  |  |  |  |
1.9% |  | 2025 |  | $ | 2,160 |  |  | $ | 3,106 |  |  |
2.3% |  | 2027 |  | 2,160 |  |  | 2,071 |  |  |
0.7% |  | 2028 |  | 1,944 |  |  | 1,863 |  |  |
1.5% |  | 2029 |  | 1,080 |  |  | 1,035 |  |  |
1.7% |  | 2030 |  | 1,890 |  |  | 1,035 |  |  |
2.7% |  | 2031 |  | 2,701 |  |  | 2,588 |  |  |
0.7% |  | 2032 |  | 1,728 |  |  | 1,656 |  |  |
3.2% |  | 2033 |  | 1,188 |  |  | — |  |  |
1.3% |  | 2034 |  | 1,080 |  |  | 1,035 |  |  |
3.8% |  | 2035 |  | 1,080 |  |  | 1,035 |  |  |
3.5% |  | 2037 |  | 972 |  |  | — |  |  |
1.2% |  | 2040 |  | 918 |  |  | 880 |  |  |
4.0% |  | 2043 |  | 1,080 |  |  | 1,035 |  |  |
3.8% |  | 2045 |  | 810 |  |  | — |  |  |
|  |  |  | $ | 20,794 |  |  | $ | 17,340 |  |  |
Other currencies (weighted-average interest rate at March 31, 2025): (1) |  |  |  |  |  |  |  |
Pound sterling (4.9%) |  | 2038 |  | $ | 968 |  |  | $ | 939 |  |  |
Japanese yen (0.9%) |  | 2026–2028 |  | 849 |  |  | 808 |  |  |
Other (13.8%) |  | 2025–2027 |  | 189 |  |  | 212 |  |  |
|  |  |  | $ | 63,369 |  |  | $ | 55,111 |  |  |
Finance lease obligations (4.9% weighted-average interest rate at March 31, 2025) |  | 2025–2034 |  | 1,031 |  |  | 1,000 |  |  |
|  |  |  | $ | 64,400 |  |  | $ | 56,112 |  |  |
Less: net unamortized discount |  |  |  | 829 |  |  | 824 |  |  |
Less: net unamortized debt issuance costs |  |  |  | 198 |  |  | 168 |  |  |
Add: fair value adjustment (2) |  |  |  | (90) |  |  | (176) |  |  |
|  |  |  | $ | 63,283 |  |  | $ | 54,943 |  |  |
Less: current maturities |  |  |  | 6,912 |  |  | 5,059 |  |  |
Total |  |  |  | $ | 56,371 |  |  | $ | 49,884 |  |  |
(1)Includes notes, debentures, bank loans and secured borrowings. (2)The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Balance Sheet as an amount equal to the sum of the debt’s carrying value and a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.
Pre-swap annual contractual obligations of long-term debt outstanding | Pre-swap annual contractual obligations of long-term debt outstanding at March 31, 2025, were as follows:
(Dollars in millions) |  | Total
Remainder of 2025 |  | $ | 4,033 |
2026 |  | 6,336 |
2027 |  | 6,462 |
2028 |  | 4,986 |
2029 |  | 4,985 |
Thereafter |  | 37,598 |
Total |  | $ | 64,400 |
Interest on debt |
(Dollars in millions) |  |  |  |
For the three months ended March 31: |  | 2025 |  | 2024
Cost of financing |  | $ | 87 |  |  | $ | 85 |
Interest expense |  | 455 |  |  | 432 |
Interest capitalized |  | 2 |  |  | 2 |
Total interest paid and accrued |  | $ | 544 |  |  | $ | 519 |

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