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Borrowings and Lines of Credit | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Borrowings and Lines of Credit | Note 8: Borrowings and Lines of Credit As of June 30, 2023, 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 expires in September 2023. As of June 30, 2023, there were no borrowings outstanding under these agreements. 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 June 30, 2023, 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 $1.0 billion and $0.5 billion of commercial paper borrowings outstanding at June 30, 2023 and December 31, 2022, respectively, which is reflected in Short-term borrowings in our Condensed Consolidated Balance Sheet. At June 30, 2023 and December 31, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 5.5% and 4.4%, respectively. During the six months ended June 30, 2023, we had no new commercial paper borrowings with maturities greater than 90 days. During the six months ended June 30, 2023, we made $200 million in repayments of commercial paper with maturities greater than 90 days. During the six months ended June 30, 2022, we had no commercial paper borrowings or repayments with original maturities more than 90 days from the date of issuance. We had the following issuances of long-term debt during the six months ended June 30, 2023:
Issuance Date | Description of Notes | Aggregate Principal Balance (in millions) |
February 27, 2023 | 5.000% notes due 2026 | $ | 500 |  |
| 5.150% notes due 2033 | 1,250 |  |
| 5.375% notes due 2053 | 1,250 |  |
Long-term debt consisted of the following:
(dollars in millions) | June 30, 2023 |  | December 31, 2022
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 |
5.000% notes due 2026 (1) | 500 |  |  | — |
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) | 544 |  |  | 531 |
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 |
5.150% notes due 2033 (1) | 1,250 |  |  | — |
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 |
5.375% notes due 2053 (1) | 1,250 |  |  | — |
Other (including finance leases) | 262 |  |  | 253 |
Total principal long-term debt | 34,271 |  |  | 31,249 |
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs) | 6 |  |  | 40 |
Total long-term debt | 34,277 |  |  | 31,289 |
Less: current portion | 1,554 |  |  | 595 |
Long-term debt, net of current portion | $ | 32,723 |  |  | $ | 30,694 |
(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 average maturity of our long-term debt at June 30, 2023 is approximately 14 years.

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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://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
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