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v3.22.4

Financing arrangements (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Carrying values and the fixed contractual coupon rates of long-term borrowings | Our borrowings consisted of the following (in millions):
| December 31,
| 2022 |  | 2021
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds) | $ | 757 |  |  | $ | 767 |
2.25% notes due 2023 (2.25% 2023 Notes) | 750 |  |  | 750 |
3.625% notes due 2024 (3.625% 2024 Notes) | 1,400 |  |  | 1,400 |
1.90% notes due 2025 (1.90% 2025 Notes) | 500 |  |  | 500 |
3.125% notes due 2025 (3.125% 2025 Notes) | 1,000 |  |  | 1,000 |
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) | 803 |  |  | 853 |
2.60% notes due 2026 (2.60% 2026 Notes) | 1,250 |  |  | 1,250 |
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) | 574 |  |  | 643 |
2.20% notes due 2027 (2.20% 2027 Notes) | 1,724 |  |  | 1,750 |
3.20% notes due 2027 (3.20% 2027 Notes) | 1,000 |  |  | 1,000 |
1.65% notes due in 2028 (1.65% 2028 Notes) | 1,234 |  |  | 1,250 |
3.00% notes due 2029 (3.00% 2029 Notes) | 750 |  |  | — |
4.05% notes due 2029 (4.05% 2029 Notes) | 1,250 |  |  | — |
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) | 846 |  |  | 947 |
2.45% notes due 2030 (2.45% 2030 Notes) | 1,250 |  |  | 1,250 |
2.30% notes due 2031 (2.30% 2031 Notes) | 1,250 |  |  | 1,250 |
2.00% notes due 2032 (2.00% 2032 Notes) | 1,051 |  |  | 1,250 |
3.35% notes due 2032 (3.35% 2032 Notes) | 1,000 |  |  | — |
4.20% notes due 2033 (4.20% 2033 Notes) | 750 |  |  | — |
6.375% notes due 2037 (6.375% 2037 Notes) | 478 |  |  | 478 |
6.90% notes due 2038 (6.90% 2038 Notes) | 254 |  |  | 254 |
6.40% notes due 2039 (6.40% 2039 Notes) | 333 |  |  | 333 |
3.15% notes due 2040 (3.15% 2040 Notes) | 2,000 |  |  | 2,000 |
5.75% notes due 2040 (5.75% 2040 Notes) | 373 |  |  | 373 |
2.80% notes due 2041 (2.80% 2041 Notes) | 1,110 |  |  | 1,150 |
4.95% notes due 2041 (4.95% 2041 Notes) | 600 |  |  | 600 |
5.15% notes due 2041 (5.15% 2041 Notes) | 729 |  |  | 729 |
5.65% notes due 2042 (5.65% 2042 Notes) | 415 |  |  | 415 |
5.375% notes due 2043 (5.375% 2043 Notes) | 185 |  |  | 185 |
4.40% notes due 2045 (4.40% 2045 Notes) | 2,250 |  |  | 2,250 |
4.563% notes due 2048 (4.563% 2048 Notes) | 1,415 |  |  | 1,415 |
3.375% notes due 2050 (3.375% 2050 Notes) | 2,250 |  |  | 2,250 |
4.663% notes due 2051 (4.663% 2051 Notes) | 3,541 |  |  | 3,541 |
3.00% notes due 2052 (3.00% 2052 Notes) | 1,254 |  |  | 1,350 |
4.20% notes due 2052 (4.20% 2052 Notes) | 1,000 |  |  | — |
4.875% notes due 2053 (4.875% 2053 Notes) | 1,000 |  |  | — |
2.77% notes due 2053 (2.77% 2053 Notes) | 940 |  |  | 940 |
4.40% notes due 2062 (4.40% 2062 Notes) | 1,250 |  |  | — |
Other notes due 2097 | 100 |  |  | 100 |
Unamortized bond discounts, premiums and issuance costs, net | (1,246) |  |  | (1,213) |
Fair value adjustments | (437) |  |  | 284 |
Other | 12 |  |  | 15 |
Total carrying value of debt | 38,945 |  |  | 33,309 |
Less current portion | (1,591) |  |  | (87) |
Total long-term debt | $ | 37,354 |  |  | $ | 33,222 |
Schedule of interest rate derivatives | As of December 31, 2022 and 2021, the effective interest rates on notes for which we have entered into interest rate swap contracts and the related notional amounts of these contracts were as follows (dollar amounts in millions):
Notes |  | Notional amounts | Effective interest rates
3.625% 2024 Notes |  | $ | 1,400 |  | LIBOR + 3.2%
3.125% 2025 Notes |  | 1,000 |  | LIBOR + 1.8%
2.60% 2026 Notes |  | 1,250 |  | LIBOR + 1.8%
2.45% 2030 Notes |  | 1,000 |  | LIBOR + 1.0%
2.30% 2031 Notes |  | 500 |  | LIBOR + 0.8%
4.663% 2051 Notes |  | 1,500 |  | LIBOR + 4.1%
Total notional amounts |  | $ | 6,650 |  |
Schedule of Long-term Debt Instruments Exchanged | The following principal amounts of each series of Old Notes were validly tendered and subsequently canceled in connection with the Exchange Offer (in millions):
| Principal amount exchanged
6.375% 2037 Notes | $ | 74 |
6.90% 2038 Notes | $ | 37 |
6.40% 2039 Notes | $ | 133 |
5.75% 2040 Notes | $ | 39 |
5.15% 2041 Notes | $ | 245 |
5.65% 2042 Notes | $ | 72 |
5.375% 2043 Notes | $ | 76 |
Aggregate contractual maturities of long-term debt obligations | The aggregate contractual maturities of all borrowings due subsequent to December 31, 2022, are as follows (in millions):
Maturity dates |  | Amounts
2023 |  | $ | 1,509 |
2024 |  | 1,400 |
2025 |  | 1,500 |
2026 |  | 2,627 |
2027 |  | 2,724 |
Thereafter |  | 30,868 |
Total |  | $ | 40,628 |

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