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Borrowings and Lines of Credit | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Borrowings and Lines of Credit | NOTE 10: BORROWINGS AND LINES OF CREDIT As of December 31, 2022, we had revolving credit agreements with various banks permitting aggregate borrowings of up to $7.0 billion, consisting of a $5.0 billion revolving credit agreement, which expires in April 2025, and a $2.0 billion revolving credit agreement, which was renewed in September 2022 and expires in September 2023. As of December 31, 2022, there were no borrowings outstanding under these agreements. In addition, at December 31, 2022, approximately $0.8 billion was available under short-term lines of credit with local banks at our various domestic and international subsidiaries. From time to time, we use commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions, pension contributions, debt refinancing, dividend payments and repurchases of our common stock. The commercial paper notes have original maturities of not more than 364 days from the date of issuance. As of December 31, 2022, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. We had $524 million of commercial paper outstanding at December 31, 2022, which is reflected in Short-term borrowings in our Consolidated Balance Sheet. At December 31, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 4.4%. There was no commercial paper outstanding at December 31, 2021. Proceeds from issuance of commercial paper with maturities greater than 90 days were $1.4 billion during 2022. There were $1.2 billion repayments of commercial paper with maturities greater than 90 days during 2022. During 2021, we had no commercial paper borrowings with original maturities more than 90 days from the date of issuance. On November 17, 2021, we completed a cash tender offer for the notes included in the repayments table below (the Tender Offer Notes), resulting in a partial repayment of approximately $1.5 billion of aggregate principal on these notes. In connection with this transaction, we recorded debt extinguishment costs of $617 million, primarily related to premiums. We had de minimis issuances and repayments of long-term debt during 2022. We had the following issuances of long-term debt during 2021:
Issuance Date | Description of Notes | Aggregate Principal Balance (in millions) |
November 16, 2021 | 2.375% notes due 2032 (1) | $ | 1,000 |  |
| 3.030% notes due 2052 (1) | 1,100 |  |
August 10, 2021 | 1.900% notes due 2031 (2) | 1,000 |  |
| 2.820% notes due 2051 (2) | 1,000 |  |
(1) The net proceeds received from these debt issuances were used to fund the purchase of the Tender Offer Notes. (2) The net proceeds received from these debt issuances, along with cash on hand, were used to fund the repayment of our 2.800% and 2.500% notes due in 2022. We made the following repayments of long-term debt during 2021:
Repayment Date | Description of Notes | Aggregate Principal Balance (in millions)
November 17, 2021 | 5.700% notes due 2040 (1) | $ | 447 |
| 6.125% notes due 2038 (1) | 425 |
| 6.050% notes due 2036 (1) | 190 |
| 5.400% notes due 2035 (1) | 154 |
| 7.500% notes due 2029 (1) | 136 |
| 6.700% notes due 2028 (1) | 115 |
| 6.800% notes due 2036 (1) | 17 |
| 7.000% notes due 2038 (1) | 11 |
| 7.100% notes due 2027 (1) | 6 |
November 15, 2021 | 3.100% notes due 2021 | 250 |
August 26, 2021 | 2.800% notes due 2022 (1) | 1,100 |
| 2.500% notes due 2022 (1) | 1,100 |
March 1, 2021 | 8.750% notes due 2021 | 250 |
(1) In connection with the early repayment of outstanding principal, we recorded debt extinguishment costs of $649 million in 2021. Long-term debt consisted of the following as of December 31:
(dollars in millions) | 2022 |  | 2021
3.650% notes due 2023 (1) | $ | 171 |  |  | $ | 171 |
3.700% notes due 2023 (1) | 400 |  |  | 400 |
3.200% notes due 2024 (1) | 950 |  |  | 950 |
3.150% notes due 2024 (1) | 300 |  |  | 300 |
3.950% notes due 2025 (1) | 1,500 |  |  | 1,500 |
2.650% notes due 2026 (1) | 719 |  |  | 719 |
3.125% notes due 2027 (1) | 1,100 |  |  | 1,100 |
3.500% notes due 2027 (1) | 1,300 |  |  | 1,300 |
7.200% notes due 2027 (1) | 382 |  |  | 382 |
7.100% notes due 2027 | 135 |  |  | 135 |
6.700% notes due 2028 | 285 |  |  | 285 |
7.000% notes due 2028 (1) | 185 |  |  | 185 |
4.125% notes due 2028 (1) | 3,000 |  |  | 3,000 |
7.500% notes due 2029 (1) | 414 |  |  | 414 |
2.150% notes due 2030 (€500 million principal value) (1) | 531 |  |  | 565 |
2.250% notes due 2030 (1) | 1,000 |  |  | 1,000 |
1.900% notes due 2031 (1) | 1,000 |  |  | 1,000 |
2.375% notes due 2032 (1) | 1,000 |  |  | 1,000 |
5.400% notes due 2035 (1) | 446 |  |  | 446 |
6.050% notes due 2036 (1) | 410 |  |  | 410 |
6.800% notes due 2036 (1) | 117 |  |  | 117 |
7.000% notes due 2038 | 148 |  |  | 148 |
6.125% notes due 2038 (1) | 575 |  |  | 575 |
4.450% notes due 2038 (1) | 750 |  |  | 750 |
5.700% notes due 2040 (1) | 553 |  |  | 553 |
4.875% notes due 2040 (1) | 600 |  |  | 600 |
4.700% notes due 2041 (1) | 425 |  |  | 425 |
4.500% notes due 2042 (1) | 3,500 |  |  | 3,500 |
4.800% notes due 2043 (1) | 400 |  |  | 400 |
4.200% notes due 2044 (1) | 300 |  |  | 300 |
4.150% notes due 2045 (1) | 850 |  |  | 850 |
3.750% notes due 2046 (1) | 1,100 |  |  | 1,100 |
4.050% notes due 2047 (1) | 600 |  |  | 600 |
4.350% notes due 2047 (1) | 1,000 |  |  | 1,000 |
4.625% notes due 2048 (1) | 1,750 |  |  | 1,750 |
3.125% notes due 2050 (1) | 1,000 |  |  | 1,000 |
2.820% notes due 2051 (1) | 1,000 |  |  | 1,000 |
3.030% notes due 2052 (1) | 1,100 |  |  | 1,100 |
Other (including finance leases) | 253 |  |  | 270 |
Total principal long-term debt | 31,249 |  |  | 31,300 |
Other (fair market value adjustments, (discounts)/premiums and debt issuance costs) | 40 |  |  | 51 |
Total long-term debt | 31,289 |  |  | 31,351 |
Less: current portion | 595 |  |  | 24 |
Long-term debt, net of current portion | $ | 30,694 |  |  | $ | 31,327 |
(1) We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date. The weighted-average interest rate related to total debt was 4.0% at both December 31, 2022 and 2021. The average maturity of our long-term debt at December 31, 2022 is approximately 14 years. The schedule of principal payments required on long-term debt for the next five years and thereafter is:
(in millions) |
2023 | $ | 588 |
2024 | 1,270 |
2025 | 1,590 |
2026 | 751 |
2027 | 2,935 |
Thereafter | 24,115 |
Total | $ | 31,249 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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