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FINANCING ARRANGEMENTS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Short-term debt obligations include:
Dollars in millionsMarch 31,
2025		December 31,
2024
Non-U.S. short-term financing obligations
$205 $218 
Current portion of Long-term debt3,349 1,828 
Short-term debt obligations
$3,554 $2,046 
Under its commercial paper program, BMS may issue a maximum of $5.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance. The maximum amount of commercial paper that may be issued under BMS's commercial paper program was reduced in January 2025 from $7.0 billion as of December 31, 2024 to $5.0 billion.
Long-term debt and the current portion of Long-term debt include:
Dollars in millionsMarch 31,
2025		December 31,
2024
Principal value$48,986 $48,937 
Adjustments to principal value:
Fair value of interest rate swap contracts23 (10)
Unamortized basis adjustment from swap terminations68 71 
Unamortized bond discounts and issuance costs(382)(390)
Unamortized purchase price adjustments of Celgene debt811 823 
Total$49,506 $49,431 
Current portion of Long-term debt$3,349 $1,828 
Long-term debt46,157 47,603 
Total$49,506 $49,431 

The fair value of Long-term debt, including the current portion, was $46.0 billion as of March 31, 2025 and $45.3 billion as of December 31, 2024 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 three months ended March 31, 2024, BMS issued an aggregate principal amount of $13.0 billion of senior unsecured notes ("2024 Senior Unsecured Notes"), with proceeds, net of discount and loan issuance costs, of $12.9 billion. 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.

Interest payments were $624 million and $308 million for the three months ended March 31, 2025 and 2024, respectively, net of amounts related to interest rate swap contracts.

Credit Facilities

As of March 31, 2025, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2030, extendable annually by one year with the consent of the lenders. In February 2024, we entered into a $2.0 billion 364-day revolving credit facility, which expired 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 March 31, 2025 and December 31, 2024.