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FINANCING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Short-term debt obligations include:
December 31,
Dollars in millions20232022
Non-U.S. short-term borrowings$170 $176 
Current portion of long-term debt2,873 3,897 
Other76 191 
Total$3,119 $4,264 
Long-term debt and the current portion of long-term debt includes:
 December 31,
Dollars in millions20232022
Principal Value:
0.537% Notes due 2023
— 1,500 
2.750% Notes due 2023
— 750 
3.250% Notes due 2023
— 500 
3.250% Notes due 2023
— 890 
7.150% Notes due 2023
— 239 
2.900% Notes due 2024
2,478 2,478 
3.625% Notes due 2024
395 395 
0.750% Notes due 2025
1,000 1,000 
1.000% Euro Notes due 2025
636 613 
3.875% Notes due 2025
229 229 
3.200% Notes due 2026
1,750 1,750 
6.800% Notes due 2026
256 256 
1.125% Notes due 2027
1,000 1,000 
3.250% Notes due 2027
512 512 
3.450% Notes due 2027
534 534 
3.900% Notes due 2028
1,500 1,500 
3.400% Notes due 2029
2,400 2,400 
1.450% Notes due 2030
1,250 1,250 
5.750% Notes due 2031
1,000 — 
2.950% Notes due 2032
1,750 1,750 
5.900% Notes due 2033
1,000 — 
1.750% Euro Notes due 2035
636 613 
5.875% Notes due 2036
279 279 
6.125% Notes due 2038
219 219 
4.125% Notes due 2039
2,000 2,000 
2.350% Notes due 2040
750 750 
5.700% Notes due 2040
153 153 
3.550% Notes due 2042
1,250 1,250 
3.250% Notes due 2042
500 500 
5.250% Notes due 2043
226 226 
4.500% Notes due 2044
342 342 
4.625% Notes due 2044
748 748 
5.000% Notes due 2045
758 758 
4.350% Notes due 2047
1,250 1,250 
4.550% Notes due 2048
1,272 1,272 
4.250% Notes due 2049
3,750 3,750 
2.550% Notes due 2050
1,500 1,500 
3.700% Notes due 2052
2,000 2,000 
6.250% Notes due 2053
1,250 — 
3.900% Notes due 2062
1,000 1,000 
6.400% Notes due 2063
1,250 — 
6.875% Notes due 2097
63 63 
0.130% Convertible debt due 2023
— 15 
Total$38,886 $38,234 
 December 31,
Dollars in millions20232022
Principal Value$38,886 $38,234 
Adjustments to Principal Value:
Fair value of interest rate swap contracts(11)(18)
Unamortized basis adjustment from swap terminations82 97 
Unamortized bond discounts and issuance costs(303)(284)
Unamortized purchase price adjustments of Celgene debt872 924 
Total$39,526 $38,953 
Current portion of long-term debt$2,873 $3,897 
Long-term debt36,653 35,056 
Total$39,526 $38,953 

The fair value of long-term debt was $36.7 billion and $34.9 billion at December 31, 2023 and 2022, respectively, 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 borrowings approximates the carrying value due to the short maturities of the debt instruments.

In February 2024, we entered into a $10.0 billion 364-day senior unsecured delayed draw term loan facility to provide bridge financing for the planned acquisitions of Karuna and RayzeBio. This facility would be drawn only if these acquisitions close prior to our planned issuance of debt securities and, if drawn, would be repaid following the issuance of such securities. No amounts were outstanding as of February 13, 2024.

In 2023, BMS issued an aggregate principal amount of $4.5 billion of fixed rate unsecured senior notes. The Company used the net proceeds of the offering to finance the acquisition of Mirati in January 2024 and for other general corporate purposes. In 2022, BMS issued an aggregate principal amount of $6.0 billion of fixed rate unsecured senior notes with net proceeds of $5.9 billion.

The notes rank equally in right of payment with all of BMS’s existing and future senior unsecured indebtedness and are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest.

In 2022, BMS purchased aggregate principal amount of $6.0 billion of certain of its debt securities for $6.6 billion of cash in a series of tender offers and “make whole” redemptions. In connection with these transactions, a $266 million loss on debt redemption was recognized based on the carrying value of the debt and included in Other (income)/expense, net.

In 2021, BMS purchased aggregate principal amount of $3.5 billion of certain of its debt securities for approximately $4.0 billion of cash in a series of tender offers and “make whole” redemptions. In connection with these transactions, a $281 million loss on debt redemption was recognized based on the carrying value of the debt and included in Other (income)/expense, net.

Repayment of notes at maturity aggregated $3.9 billion in 2023, $4.8 billion in 2022 and $2.0 billion in 2021. Interest payments were $1.2 billion in 2023, $1.4 billion in 2022 and $1.5 billion in 2021.

The aggregate maturities of long-term debt for each of the next five years are as follows: $2.9 billion in 2024; $1.9 billion in 2025; $2.0 billion in 2026; $2.0 billion in 2027; and $1.5 billion in 2028. Interest payments related to long-term debt for each of the next five years are as follows: $1.4 billion in 2024; $1.4 billion in 2025; $1.3 billion in 2026; $1.3 billion in 2027; and $1.2 billion in 2028.

Credit Facilities

As of December 31, 2023, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2028, which is extendable annually by one year with the consent of the lenders. In January 2024, we extended the credit facility to January 2029. Additionally, in February 2024, we entered into a $2.0 billion 364-day revolving credit facility. The facilities provide for customary terms and conditions with no financial covenants and may be used to provide backup liquidity for BMS’ commercial paper borrowings. No borrowings were outstanding under any revolving credit facility as of December 31, 2023 or 2022.

Available financial guarantees provided in the form of bank overdraft facilities, stand-by letters of credit and performance bonds were $1.0 billion as of December 31, 2023. Stand-by letters of credit and guarantees are issued through financial institutions in support of various obligations, including sale of products to hospitals and foreign ministries of health, bonds for customs, and duties and VAT.