v3.25.2
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-term debt
Pre-Swap Borrowing
 BalanceBalance
(Dollars in millions)Maturities6/30/202512/31/2024
U.S. dollar debt (weighted-average interest rate at June 30, 2025): (1)
   
5.1%2025$1,600 $1,601 
3.7%20265,800 5,800 
3.3%20274,119 4,119 
4.8%20282,320 1,313 
3.6%20293,752 3,750 
3.2%20302,355 1,350 
4.8%2031500 500 
4.6%20322,700 1,850 
4.8%2033750 750 
4.9%20341,000 1,000 
5.2%2035900 — 
8.0%203883 83 
4.5%20392,745 2,745 
2.9%2040650 650 
4.0%20421,107 1,107 
5.3%20441,000 1,000 
7.0%204527 27 
4.7%2046650 650 
4.3%20493,000 3,000 
3.0%2050750 750 
4.2% 2052 1,400 1,400 
5.1% 2053 650 650 
5.3% 2054 1,400 1,400 
5.7% 2055 1,000 — 
7.1% 2096 316 316 
$40,576 $35,813 
Euro debt (weighted-average interest rate at June 30, 2025): (1)
2.9% 2025 $1,174 $3,106 
2.3% 2027 2,348 2,071 
0.7% 2028 2,113 1,863 
1.5% 2029 1,174 1,035 
1.7% 2030 2,054 1,035 
2.7% 2031 2,935 2,588 
0.7% 2032 1,878 1,656 
3.2% 2033 1,291 — 
1.3% 2034 1,174 1,035 
3.8% 2035 1,174 1,035 
3.5% 2037 1,056 — 
1.2% 2040 998 880 
4.0% 2043 1,174 1,035 
3.8% 2045 880 — 
$21,422 $17,340 
Other currencies (weighted-average interest rate at June 30, 2025): (1)
  
Pound sterling (4.9%)
2038$1,027 $939 
Japanese yen (0.9%)
2026–2028880 808 
Other (13.8%)
2025–2027158 212 
$64,063 $55,111 
Finance lease obligations (4.8% weighted-average interest rate at June 30, 2025)
2025–20351,180 1,000 
$65,242 $56,112 
Less: net unamortized discount 825 824 
Less: net unamortized debt issuance costs 197 168 
Add: fair value adjustment (2)
 (57)(176)
$64,164 $54,943 
Less: current maturities 8,944 5,059 
Total $55,219 $49,884 
(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.
Pre-swap annual contractual obligations of long-term debt outstanding
Pre-swap annual contractual obligations of long-term debt outstanding at June 30, 2025, were as follows:
(Dollars in millions)Total
Remainder of 2025$2,968 
20266,431 
20276,732 
20285,200 
20295,083 
Thereafter38,828 
Total$65,242 
Interest on debt
(Dollars in millions)  
For the six months ended June 30:20252024
Cost of financing$173 $167 
Interest expense965 859 
Interest capitalized4 6 
Total interest paid and accrued$1,141 $1,032