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Borrowings and Lines of Credit | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Borrowings and Lines of Credit | NOTE 9: BORROWINGS AND LINES OF CREDIT As of December 31, 2024, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion, which expires in August 2028. As of December 31, 2024, there were no borrowings outstanding under this agreement. In addition, at December 31, 2024, approximately $0.7 billion was available under short-term lines of credit primarily with global banks 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, 2024, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. At December 31, 2024 and 2023, we had no commercial paper borrowings outstanding. During 2024, we had no new borrowings or repayments of commercial paper with maturities greater than 90 days. During 2023, we had no new borrowings and had $200 million in 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. 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. There were no issuances of long-term debt during 2024. 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 2024 and 2023, we made the following repayments of long-term debt:
Date | Description of Notes | Aggregate Principal Balance (in millions)
December 24, 2024 | 3 Month SOFR plus 1.225% term loan due 2025 | $ | 500 |
December 15, 2024 | 3.150% notes due 2024 | 300 |
May 7, 2024 | 3 Month SOFR plus 1.225% term loan due 2025 | 250 |
April 17, 2024 | 3 Month SOFR plus 1.225% term loan due 2025 | 250 |
April 4, 2024 | 3 Month SOFR plus 1.225% term loan due 2025 | 250 |
March 15, 2024 | 3.200% notes due 2024 | 950 |
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) | 2024 |  | 2023
3.200% notes due 2024 (1) | $ | — |  |  | $ | 950 |
3.150% notes due 2024 (1) | — |  |  | 300 |
3 Month SOFR plus 1.225% term loan due 2025 | 750 |  |  | 2,000 |
3.950% notes due 2025 (1) | 1,500 |  |  | 1,500 |
5.000% notes due 2026 (1) | 500 |  |  | 500 |
2.650% notes due 2026 (1) | 719 |  |  | 719 |
3 Month SOFR plus 1.225% term loan due 2026 | 2,000 |  |  | 2,000 |
5.750% notes due 2026 (1) | 1,250 |  |  | 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 |  |  | 500 |
7.500% notes due 2029 (1) | 414 |  |  | 414 |
(dollars in millions) | 2024 |  | 2023
2.150% notes due 2030 (€500 million principal value) (1) | 520 |  |  | 548 |
2.250% notes due 2030 (1) | 1,000 |  |  | 1,000 |
6.000% notes due 2031 (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 |  |  | 1,250 |
6.100% notes due 2034 (1) | 1,500 |  |  | 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 |  |  | 1,250 |
6.400% notes due 2054 (1) | 1,750 |  |  | 1,750 |
Other (including finance leases) | 232 |  |  | 255 |
Total principal long-term debt | 41,146 |  |  | 43,697 |
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs) | (68) |  |  | (59) |
Total long-term debt | 41,078 |  |  | 43,638 |
Less: current portion | 2,352 |  |  | 1,283 |
Long-term debt, net of current portion | $ | 38,726 |  |  | $ | 42,355 |
(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 4.5% and 4.6% at December 31, 2024 and 2023, respectively. The average maturity of our long-term debt at December 31, 2024 is approximately 12 years. The schedule of principal payments required on long-term debt for the next five years and thereafter is:
(in millions) |
2025 | $ | 2,343 |
2026 | 4,505 |
2027 | 2,937 |
2028 | 3,482 |
2029 | 922 |
Thereafter | 26,957 |
Total | $ | 41,146 |

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