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FINANCING ARRANGEMENTS | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS Short-term debt obligations include:
Dollars in millions | September 30, 2024 |  | December 31, 2023
Non-U.S. short-term financing obligations | $ | 205 |  |  | $ | 170 |
Current portion of Long-term debt | 873 |  |  | 2,873 |
Other | — |  |  | 76 |
Short-term debt obligations | $ | 1,078 |  |  | $ | 3,119 |
BMS may issue a maximum of $7.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance under its commercial paper program. BMS issued $3.0 billion of commercial paper during the first quarter of 2024, and such amount was fully repaid by the end of the third quarter of 2024. Long-term debt and the current portion of Long-term debt include:
Dollars in millions | September 30, 2024 |  | December 31, 2023
Principal value | $ | 49,025 |  |  | $ | 38,886 |
Adjustments to principal value: |  |  |
Fair value of interest rate swap contracts | 11 |  |  | (11) |
Unamortized basis adjustment from swap terminations | 74 |  |  | 82 |
Unamortized bond discounts and issuance costs | (398) |  |  | (303) |
Unamortized purchase price adjustments of Celgene debt | 835 |  |  | 872 |
Total | $ | 49,547 |  |  | $ | 39,526 |
Current portion of Long-term debt | $ | 873 |  |  | $ | 2,873 |
Long-term debt | 48,674 |  |  | 36,653 |
Total | $ | 49,547 |  |  | $ | 39,526 |
The fair value of Long-term debt was $47.9 billion as of September 30, 2024 and $36.7 billion as of December 31, 2023 valued using Level 2 inputs, which are based upon the quoted market prices for the same or similar debt instruments. The fair value of Short-term debt obligations approximates the carrying value due to the short maturities of the debt instruments. During the first quarter of 2024, BMS issued an aggregate principal amount of $13.0 billion of unsecured senior notes ("2024 Senior Unsecured Notes"), with proceeds, net of discount and loan issuance costs, of $12.9 billion, consisting of:
|  | Principal Amount (in millions)
Floating rate notes due 2026(a) |  | $ | 500 |
4.950% Notes due 2026 |  | 1,000 |
4.900% Notes due 2027 |  | 1,000 |
4.900% Notes due 2029 |  | 1,750 |
5.100% Notes due 2031 |  | 1,250 |
5.200% Notes due 2034 |  | 2,500 |
5.500% Notes due 2044 |  | 500 |
5.550% Notes due 2054 |  | 2,750 |
5.650% Notes due 2064 |  | 1,750 |
Total |  | $ | 13,000 |
(a) As of September 30, 2024, floating rate equals SOFR+0.49%. The Company used the net proceeds from this offering to partially fund the acquisitions of RayzeBio and Karuna (see "—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements" for further information) and used the remaining net proceeds for general corporate purposes. In connection with the issuance of the 2024 Senior Unsecured Notes, the Company terminated the $10.0 billion 364-day senior unsecured delayed draw term loan facility, which was entered into in February 2024 to provide bridge financing for the RayzeBio and Karuna acquisitions. During the nine months ended September 30, 2024, $2.5 billion 2.900% Notes and $395 million 3.625% Notes matured and were repaid. During the nine months ended September 30, 2023, $1.9 billion of debt matured and was repaid, including $750 million 2.750% Notes, $890 million 3.250% Notes and $239 million 7.150% Notes. Interest payments were $1.4 billion and $932 million for the nine months ended September 30, 2024 and 2023, respectively, net of amounts related to interest rate swap contracts. Credit Facilities As of September 30, 2024, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2029, extendable annually by one year with the consent of the lenders and a $2.0 billion 364-day revolving credit facility expiring in January 2025. The facilities provide for customary terms and conditions with no financial covenants and are used to provide backup liquidity for our commercial paper borrowings. No borrowings were outstanding under the revolving credit facilities as of September 30, 2024 and December 31, 2023.

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