Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The components of long-term debt are as follows:

(Dollars in Millions)	2023		Effective Rate %			2022		Effective Rate %
6.73% Debentures due 2023	$—		—	%		$250		6.73	%
3.375% Notes due 2023	—		—			801		3.17
2.05% Notes due 2023	—		—			500		2.09
0.650% Notes due 2024 (750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)	831	(2)	0.68			792	(3)	0.68
5.50% Notes due 2024 (500MM 1.2756 GBP )(2)/(500MM GBP 1.2037)(3)	637	(2)	6.75			600	(3)	6.75
2.625% Notes due 2025	750		2.63			749		2.63
0.55% Notes due 2025	950		0.57			918		0.57
2.46% Notes due 2026	1,997		2.47			1,996		2.47
2.95% Notes due 2027	900		2.96			877		2.96
0.95% Notes due 2027	1,419		0.96			1,394		0.96
1.150% Notes due 2028 (750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)	828	(2)	1.21			794	(3)	1.21
2.90% Notes due 2028	1,497		2.91			1,496		2.91
6.95% Notes due 2029	298		7.14			298		7.14
1.30% Notes due 2030	1,630		1.30			1,607		1.30
4.95% Debentures due 2033	499		4.95			498		4.95
4.375% Notes due 2033	854		4.24			854		4.24
1.650% Notes due 2035 (1.5B Euro 1.1090)(2)/(1.5B Euro 1.0651)(3)	1,652	(2)	1.68			1,591	(3)	1.68
3.587% Notes due 2036	864		3.59			842		3.59
5.95% Notes due 2037	994		5.99			993		5.99
3.625% Notes due 2037	1,357		3.64			1,336		3.64
5.85% Debentures due 2038	697		5.85			697		5.85
3.400% Notes due 2038	993		3.42			992		3.42
4.50% Debentures due 2040	541		4.63			540		4.63
2.10% Notes due 2040	849		2.14			828		2.14
4.85% Notes due 2041	297		4.89			297		4.89
4.50% Notes due 2043	496		4.52			496		4.52
3.73% Notes due 2046	1,977		3.74			1,976		3.74
3.75% Notes due 2047	832		3.76			812		3.76
3.500% Notes due 2048	743		3.52			743		3.52
2.250% Notes due 2050	826		2.29			808		2.29
2.450% Notes due 2060	1,073		2.49			1,055		2.49
Other	69		—			7		—
Subtotal	27,350	(4)	2.98	%	(1)	28,437	(4)	3.04	%	(1)
Less current portion	1,469					1,551
Total long-term debt	$25,881					$26,886

(1)Weighted average effective rate.

(2)Translation rate at December 31, 2023.

(3)Translation rate at January 1, 2023.

(4)The excess of the carrying value over the fair value of debt was $1.0 billion and $1.6 billion at the end of fiscal year 2023 and fiscal year 2022, respectively.

Aggregate Maturities of Long Term Obligations

Aggregate maturities of long-term debt obligations commencing in 2024 are:

(Dollars in Millions)
2024	2025	2026	2027	2028	After 2028
$1,469	1,700	1,997	2,320	2,325	17,539