Borrowings and Lines of Credit

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings and Lines of Credit

NOTE 10: BORROWINGS AND LINES OF CREDIT

As of December 31, 2022, we had revolving credit agreements with various banks permitting aggregate borrowings of up to $7.0 billion, consisting of a $5.0 billion revolving credit agreement, which expires in April 2025, and a $2.0 billion revolving credit agreement, which was renewed in September 2022 and expires in September 2023. As of December 31, 2022, there were no borrowings outstanding under these agreements. In addition, at December 31, 2022, approximately $0.8 billion was available under short-term lines of credit with local banks at our various domestic and 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, 2022, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. We had $524 million of commercial paper outstanding at December 31, 2022, which is reflected in Short-term borrowings in our Consolidated Balance Sheet. At December 31, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 4.4%. There was no commercial paper outstanding at December 31, 2021.

Proceeds from issuance of commercial paper with maturities greater than 90 days were $1.4 billion during 2022. There were $1.2 billion repayments of commercial paper with maturities greater than 90 days during 2022. During 2021, we had no commercial paper borrowings with original maturities more than 90 days from the date of issuance.

On November 17, 2021, we completed a cash tender offer for the notes included in the repayments table below (the Tender Offer Notes), resulting in a partial repayment of approximately $1.5 billion of aggregate principal on these notes. In connection with this transaction, we recorded debt extinguishment costs of $617 million, primarily related to premiums.

We had de minimis issuances and repayments of long-term debt during 2022. We had the following issuances of long-term debt during 2021:

Issuance Date	Description of Notes	Aggregate Principal Balance (in millions)
November 16, 2021	2.375% notes due 2032 (1)	$	1,000
	3.030% notes due 2052 (1)	1,100
August 10, 2021	1.900% notes due 2031 (2)	1,000
	2.820% notes due 2051 (2)	1,000

(1)    The net proceeds received from these debt issuances were used to fund the purchase of the Tender Offer Notes.

(2)    The net proceeds received from these debt issuances, along with cash on hand, were used to fund the repayment of our 2.800% and 2.500% notes due in 2022.

We made the following repayments of long-term debt during 2021:

Repayment Date	Description of Notes	Aggregate Principal Balance (in millions)
November 17, 2021	5.700% notes due 2040 (1)	$	447
	6.125% notes due 2038 (1)	425
	6.050% notes due 2036 (1)	190
	5.400% notes due 2035 (1)	154
	7.500% notes due 2029 (1)	136
	6.700% notes due 2028 (1)	115
	6.800% notes due 2036 (1)	17
	7.000% notes due 2038 (1)	11
	7.100% notes due 2027 (1)	6
November 15, 2021	3.100% notes due 2021	250
August 26, 2021	2.800% notes due 2022 (1)	1,100
	2.500% notes due 2022 (1)	1,100
March 1, 2021	8.750% notes due 2021	250

(1)    In connection with the early repayment of outstanding principal, we recorded debt extinguishment costs of $649 million in 2021.

Long-term debt consisted of the following as of December 31:

(dollars in millions)	2022		2021
3.650% notes due 2023 (1)	$	171	$	171
3.700% notes due 2023 (1)	400		400
3.200% notes due 2024 (1)	950		950
3.150% notes due 2024 (1)	300		300
3.950% notes due 2025 (1)	1,500		1,500
2.650% notes due 2026 (1)	719		719
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
7.500% notes due 2029 (1)	414		414
2.150% notes due 2030 (€500 million principal value) (1)	531		565
2.250% notes due 2030 (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
5.400% 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
Other (including finance leases)	253		270
Total principal long-term debt	31,249		31,300
Other (fair market value adjustments, (discounts)/premiums and debt issuance costs)	40		51
Total long-term debt	31,289		31,351
Less: current portion	595		24
Long-term debt, net of current portion	$	30,694	$	31,327

(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 4.0% at both December 31, 2022 and 2021.

The average maturity of our long-term debt at December 31, 2022 is approximately 14 years. The schedule of principal payments required on long-term debt for the next five years and thereafter is:

(in millions)
2023	$	588
2024	1,270
2025	1,590
2026	751
2027	2,935
Thereafter	24,115
Total	$	31,249