v3.25.2
FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Short-term debt obligations include:
Dollars in millionsJune 30,
2025		December 31,
2024
Non-U.S. short-term financing obligations
$240 $218 
Current portion of Long-term debt4,475 1,828 
Short-term debt obligations
$4,715 $2,046 
Under its commercial paper program, BMS may issue a maximum of $5.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance. The maximum issuance amount was reduced in January 2025 from $7.0 billion as of December 31, 2024 to $5.0 billion.
Long-term debt and the current portion of Long-term debt include:
Dollars in millionsJune 30,
2025		December 31,
2024
Principal value$48,415 $48,937 
Adjustments to principal value:
Fair value of interest rate swap contracts41 (10)
Unamortized basis adjustment from swap terminations66 71 
Unamortized bond discounts and issuance costs(375)(390)
Unamortized purchase price adjustments of Celgene debt798 823 
Total$48,945 $49,431 
Current portion of Long-term debt$4,475 $1,828 
Long-term debt44,470 47,603 
Total$48,945 $49,431 

The fair value of Long-term debt, including the current portion, was $45.5 billion as of June 30, 2025 and $45.3 billion as of December 31, 2024 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 debt obligations approximates the carrying value due to the short maturities of the debt instruments.

During the six months ended June 30, 2025, the €575 million 1.000% Euro Notes matured and were repaid.

During the six months ended June 30, 2024, BMS issued an aggregate principal amount of $13.0 billion of senior unsecured notes ("2024 Senior Unsecured Notes"), with proceeds, net of discount and loan issuance costs, of $12.9 billion. The Company used the net proceeds from this offering to partially fund the acquisitions of RayzeBio and Karuna (see "—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements" for further information) and used the remaining net proceeds for general corporate purposes. Additionally, $395 million 3.625% Notes matured and were repaid.

Interest payments were $1.0 billion and $735 million for the six months ended June 30, 2025 and 2024, respectively, net of amounts related to interest rate swap contracts.

Credit Facilities

As of June 30, 2025, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2030, extendable annually by one year with the consent of the lenders. In February 2024, we entered into a $2.0 billion 364-day revolving credit facility, which expired in January 2025. The facilities provide for customary terms and conditions with no financial covenants and are used to provide backup liquidity for our commercial paper borrowings. No borrowings were outstanding under the revolving credit facilities as of June 30, 2025 and December 31, 2024.