Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt, Pre-Swap Borrowing

($ in millions)
At December 31:	Maturities	2023		2022
U.S. dollar debt (weighted-average interest rate at December 31, 2023): (1)
3.4%	2023	$	—	$	1,529
3.3%	2024	5,003		5,009
5.1%	2025	1,601		1,603
3.5%	2026	5,201		4,351
3.1%	2027	3,619		3,620
5.0%	2028	1,313		313
3.5%	2029	3,250		3,250
2.0%	2030	1,350		1,350
4.4%	2032	1,850		1,850
4.8%	2033	750		—
8.0%	2038	83		83
4.5%	2039	2,745		2,745
2.9%	2040	650		650
4.0%	2042	1,107		1,107
7.0%	2045	27		27
4.7%	2046	650		650
4.3%	2049	3,000		3,000
3.0%	2050	750		750
4.2%	2052	1,400		1,400
5.1%	2053	650		—
7.1%	2096	316		316
		$	35,317	$	33,605
Euro debt (weighted-average interest rate at December 31, 2023): (1)
0.7%	2023	$	—	$	2,937
1.1%	2024	829		801
1.6%	2025	3,315		3,204
2.3%	2027	2,210		1,068
0.7%	2028	1,989		1,922
1.5%	2029	1,105		1,068
0.9%	2030	1,105		1,068
2.7%	2031	2,762		1,335
0.7%	2032	1,768		1,709
1.3%	2034	1,105		1,068
3.8%	2035	1,105		—
1.2%	2040	939		908
4.0%	2043	1,105		—
		$	19,335	$	17,087
Other currencies (weighted-average interest rate at December 31, 2023, in parentheses): (1)
Pound sterling (4.9%)	2038	$	955	$	—
Japanese yen (0.5%)	2024–2028	1,251		694
Other (14.2%)	2024–2026	241		361
		$	57,099	$	51,747
Finance lease obligations (4.5%)	2024–2034	499		239
		$	57,598	$	51,986
Less: net unamortized discount		838		835
Less: net unamortized debt issuance costs		154		138
Add: fair value adjustment (2)		(60)		(73)
		$	56,546	$	50,940
Less: current maturities		6,425		4,751
Total		$	50,121	$	46,189

(1)    Includes notes, debentures, bank loans and secured borrowings.

(2)    The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Balance Sheet as an amount equal to the sum of the debt’s carrying value and a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.

Post-Swap Borrowing (Long-Term Debt, Including Current Portion)

($ in millions)
	2023				2022
At December 31:	Amount		Weighted-Average Interest Rate		Amount		Weighted-Average Interest Rate
Fixed-rate debt	$	48,803	3.0	%	$	43,898	2.7	%
Floating-rate debt (1)	7,743		6.1	%	7,042		5.9	%
Total	$	56,546			$	50,940

(1)    Includes $6,725 million and $6,525 million in 2023 and 2022, respectively, of notional interest-rate swaps that effectively convert fixed-rate long-term debt into floating-rate debt. Refer to note T, “Derivative Financial Instruments,” for additional information.

Pre-swap annual contractual obligations of long-term debt outstanding

Pre-swap annual contractual obligations of long-term debt outstanding at December 31, 2023, are as follows:

($ in millions)
	Total
2024	$	6,427
2025	5,090
2026	5,624
2027	5,898
2028	3,959
Thereafter	30,600
Total	$	57,598

Interest on Debt

($ in millions)
For the year ended December 31:	2023		2022		2021
Cost of financing	$	334	$	346	$	392
Interest expense	1,607		1,216		1,155
Interest capitalized	9		5		3
Total interest paid and accrued	$	1,949	$	1,566	$	1,550