XML 33 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
Borrowings and Lines of Credit
 12 Months Ended
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:
DateDescription of NotesAggregate 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:
DateDescription of NotesAggregate 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)20242023
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)20242023
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 debt41,146 43,697 
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)(68)(59)
Total long-term debt41,078 43,638 
Less: current portion2,352 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 
20264,505 
20272,937 
20283,482 
2029922 
Thereafter26,957 
Total$41,146