XML 31 R14.htm IDEA: XBRL DOCUMENT v3.23.3
Borrowings and Lines of Credit
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Borrowings and Lines of Credit
Note 8: Borrowings and Lines of Credit
As of September 30, 2023, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion. This agreement was renewed in August 2023 and expires in August 2028. As of September 30, 2023, there were no borrowings outstanding under this agreement. The Company’s $2.0 billion revolving credit agreement scheduled to expire September 2023, was terminated in August 2023, and there were no outstanding borrowings at the time of termination.
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 September 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 September 30, 2023 and December 31, 2022, respectively, which is reflected in Short-term borrowings in our Condensed Consolidated Balance Sheet. At September 30, 2023 and December 31, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 5.6% and 4.4%, respectively.
During the nine months ended September 30, 2023, we had no new borrowings, and $200 million of repayments, of commercial paper with maturities greater than 90 days. During the nine months ended September 30, 2022, we had $1.4 billion of proceeds from issuance, and no repayments, of commercial paper with maturities greater than 90 days.
We had the following issuances of long-term debt during the nine months ended September 30, 2023:
Issuance DateDescription of NotesAggregate 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 
We made the following repayment of long-term debt during the nine months ended September 30, 2023:
Repayment DateDescription of NotesAggregate Principal Balance (in millions)
August 16, 2023
3.650% notes due 2023
$171 
Long-term debt consisted of the following:
(dollars in millions)September 30, 2023December 31, 2022
3.650% notes due 2023 (1)
$— $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)
533 531 
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)
260 253 
Total principal long-term debt34,087 31,249 
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)3 40 
Total long-term debt34,090 31,289 
Less: current portion1,389 595 
Long-term debt, net of current portion$32,701 $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 September 30, 2023 is approximately 14 years.