Borrowings and Lines of Credit

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings and Lines of Credit

NOTE 9: BORROWINGS AND LINES OF CREDIT

As of December 31, 2023, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion. This agreement was renewed in August 2023 and expires in August 2028. As of December 31, 2023, there were no borrowings outstanding under this agreement. The Company’s $2.0 billion revolving credit agreement scheduled to expire in September 2023 was terminated in August 2023, and there were no outstanding borrowings at the time of termination. In addition, at December 31, 2023, approximately $0.7 billion was available under short-term lines of credit with local banks primarily 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, 2023, 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 no commercial paper borrowings outstanding at December 31, 2023. At December 31, 2022, we had $0.5 billion of commercial paper borrowings outstanding, which is reflected in Short-term borrowings in our Consolidated Balance Sheet. During 2023, we had no new proceeds from issuance, and $200 million of 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. At December 31, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 4.4%.

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.

During 2022, we had insignificant issuances and repayments of long-term debt. During 2023, we had the following issuances of long-term debt and proceeds from term loan borrowings:

Date	Description of Notes	Aggregate 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 2023, we made the following repayments of long-term debt:

Date	Description of Notes	Aggregate Principal Balance (in millions)
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)	2023		2022
3.650% notes due 2023 (1)	$	—	$	171
3.700% notes due 2023 (1)	—		400
3.200% notes due 2024 (1)	950		950
3.150% notes due 2024 (1)	300		300
3 Month SOFR plus 1.225% term loan due 2025	2,000		—
3.950% notes due 2025 (1)	1,500		1,500
5.000% notes due 2026 (1)	500		—
2.650% notes due 2026 (1)	719		719
3 Month SOFR plus 1.225% term loan due 2026	2,000		—
5.750% notes due 2026 (1)	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		—
7.500% notes due 2029 (1)	414		414
2.150% notes due 2030 (€500 million principal value) (1)	548		531
2.250% notes due 2030 (1)	1,000		1,000
6.000% notes due 2031 (1)	1,000		—
1.900% notes due 2031 (1)	1,000		1,000
2.375% notes due 2032 (1)	1,000		1,000

(dollars in millions)	2023		2022
5.150% notes due 2033 (1)	1,250		—
6.100% notes due 2034 (1)	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		—
6.400% notes due 2054 (1)	1,750		—
Other (including finance leases)	255		253
Total principal long-term debt	43,697		31,249
Other (fair market value adjustments, (discounts)/premiums and debt issuance costs)	(59)		40
Total long-term debt	43,638		31,289
Less: current portion	1,283		595
Long-term debt, net of current portion	$	42,355	$	30,694

(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 4.6% and 4.0% at December 31, 2023 and 2022, respectively.

The average maturity of our long-term debt at December 31, 2023 is approximately 13 years. The schedule of principal payments required on long-term debt for the next five years and thereafter is:

(in millions)
2024	$	1,272
2025	3,593
2026	4,505
2027	2,937
2028	3,482
Thereafter	27,908
Total	$	43,697