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Borrowings and Lines of Credit | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Borrowings and Lines of Credit | NOTE 9: BORROWINGS AND LINES OF CREDIT As of December 31, 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 December 31, 2023, there were no borrowings outstanding under this agreement. The Company’s $2.0 billion revolving credit agreement scheduled to expire in September 2023 was terminated in August 2023, and there were no outstanding borrowings at the time of termination. In addition, at December 31, 2023, approximately $0.7 billion was available under short-term lines of credit with local banks primarily at our 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, 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 no commercial paper borrowings outstanding at December 31, 2023. At December 31, 2022, we had $0.5 billion of commercial paper borrowings outstanding, which is reflected in Short-term borrowings in our Consolidated Balance Sheet. During 2023, we had no new proceeds from issuance, and $200 million of repayments, of commercial paper with maturities greater than 90 days. During 2022, we had $1.4 billion of proceeds from issuance, and $1.2 billion of repayments, of commercial paper with maturities greater than 90 days. At December 31, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 4.4%. On October 24, 2023, we entered into a senior unsecured bridge credit agreement (Bridge Loan) with various banks permitting aggregate borrowings of up to $10.0 billion, to fund an accelerated share repurchase (ASR) and pay related fees and expenses. The $10.0 billion Bridge Loan was paid in full and terminated in the fourth quarter of 2023 upon receipt of proceeds from the $4.0 billion term loan facilities and the $6.0 billion of long-term debt issuances as described below and cash on hand. During 2022, we had insignificant issuances and repayments of long-term debt. During 2023, we had the following issuances of long-term debt and proceeds from term loan borrowings:
Date | Description of Notes | Aggregate Principal Balance (in millions) |
November 8, 2023 | 5.750% notes due 2026 (1) | $ | 1,250 |  |
| 5.750% notes due 2029 (1) | 500 |  |
| 6.000% notes due 2031 (1) | 1,000 |  |
| 6.100% notes due 2034 (1) | 1,500 |  |
| 6.400% notes due 2054 (1) | 1,750 |  |
November 7, 2023 | 18 Month term loan at 3 Month Secured Overnight Financing Rate (SOFR) plus 1.225% due 2025(1) | 2,000 |  |
| 3-Year term loan at 3 Month SOFR plus 1.225% due 2026 (1) | 2,000 |  |
February 27, 2023 | 5.000% notes due 2026 | 500 |  |
| 5.150% notes due 2033 | 1,250 |  |
| 5.375% notes due 2053 | 1,250 |  |
(1) The net proceeds received from these debt issuances and term loans, along with cash on hand, were used to fund the repayment of the Bridge Loan, which was used to fund the ASR. During 2023, we made the following repayments of long-term debt:
Date | Description of Notes | Aggregate Principal Balance (in millions)
December 15, 2023 | 3.700% notes due 2023 | $ | 400 |
August 16, 2023 | 3.650% notes due 2023 | 171 |
Long-term debt consisted of the following as of December 31:
(dollars in millions) | 2023 |  | 2022
3.650% notes due 2023 (1) | $ | — |  |  | $ | 171 |
3.700% notes due 2023 (1) | — |  |  | 400 |
3.200% notes due 2024 (1) | 950 |  |  | 950 |
3.150% notes due 2024 (1) | 300 |  |  | 300 |
3 Month SOFR plus 1.225% term loan due 2025 | 2,000 |  |  | — |
3.950% notes due 2025 (1) | 1,500 |  |  | 1,500 |
5.000% notes due 2026 (1) | 500 |  |  | — |
2.650% notes due 2026 (1) | 719 |  |  | 719 |
3 Month SOFR plus 1.225% term loan due 2026 | 2,000 |  |  | — |
5.750% notes due 2026 (1) | 1,250 |  |  | — |
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 |
5.750% notes due 2029 (1) | 500 |  |  | — |
7.500% notes due 2029 (1) | 414 |  |  | 414 |
2.150% notes due 2030 (€500 million principal value) (1) | 548 |  |  | 531 |
2.250% notes due 2030 (1) | 1,000 |  |  | 1,000 |
6.000% notes due 2031 (1) | 1,000 |  |  | — |
1.900% notes due 2031 (1) | 1,000 |  |  | 1,000 |
2.375% notes due 2032 (1) | 1,000 |  |  | 1,000 |
(dollars in millions) | 2023 |  | 2022
5.150% notes due 2033 (1) | 1,250 |  |  | — |
6.100% notes due 2034 (1) | 1,500 |  |  | — |
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 |  |  | — |
6.400% notes due 2054 (1) | 1,750 |  |  | — |
Other (including finance leases) | 255 |  |  | 253 |
Total principal long-term debt | 43,697 |  |  | 31,249 |
Other (fair market value adjustments, (discounts)/premiums and debt issuance costs) | (59) |  |  | 40 |
Total long-term debt | 43,638 |  |  | 31,289 |
Less: current portion | 1,283 |  |  | 595 |
Long-term debt, net of current portion | $ | 42,355 |  |  | $ | 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 weighted-average interest rate related to total debt was 4.6% and 4.0% at December 31, 2023 and 2022, respectively. The average maturity of our long-term debt at December 31, 2023 is approximately 13 years. The schedule of principal payments required on long-term debt for the next five years and thereafter is:
(in millions) |
2024 | $ | 1,272 |
2025 | 3,593 |
2026 | 4,505 |
2027 | 2,937 |
2028 | 3,482 |
Thereafter | 27,908 |
Total | $ | 43,697 |

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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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