Document


Fixed-Rate Debt as a Percent of Total Debt(1)(2)
Dollars in millions	Years ended December 31, 2023				2022			2021
Total debt obligations		$	39,345.3		$	35,903.5		$	35,622.7
Fair value adjustments		61.8			91.5			(4.8)
Deferred debt costs		160.0			147.4			144.5
Debt obligations before fair value adjustments and deferred debt costs		$	39,567.1		$	36,142.4		$	35,762.4
Fixed-rate debt		$	37,816.0		$	34,604.1		$	33,796.3
Fixed-rate debt as a percent of total debt		96		%	96		%	95		%

(1)Based on debt obligations before the effects of fair value hedging adjustments and deferred debt costs. These effects are excluded as they have no impact on the obligation at maturity. See Debt Financing note to the consolidated financial statements.


Foreign Currency-Denominated Debt as a Percent of Total Debt(1)
Dollars in millions	Years ended December 31, 2023				2022			2021
Total debt obligations		$	39,345.3		$	35,903.5		$	35,622.7
Fair value adjustments		61.8			91.5			(4.8)
Deferred debt costs		160.0			147.4			$	144.5
Debt obligations before fair value adjustments and deferred debt costs		$	39,567.1		$	36,142.4		$	35,762.4
Foreign currency-denominated debt		$	15,087.0		$	13,010.4		$	12,778.7
Foreign currency-denominated debt as a percent of total debt		38		%	36		%	36		%


Total Debt as a Percent of Total Capitalization(1)(2)
Dollars in millions	Years ended December 31, 2023				2022			2021
Total debt obligations		$	39,345.3		$	35,903.5		$	35,622.7
Fair value adjustments		61.8			91.5			(4.8)
Deferred debt costs		160.0			147.4			144.5
Debt obligations before fair value adjustments and deferred debt costs		$	39,567.1		$	36,142.4		$	35,762.4
Total capitalization		$	34,860.4		$	30,139.0		$	31,161.4
Total debt as a percent of total capitalization		114		%	120		%	115		%


Cash Provided by Operations as a Percent of Total Debt(1)
Dollars in millions	Years ended December 31, 2023				2022			2021
Total debt obligations		$	39,345.3		$	35,903.5		$	35,622.7
Fair value adjustments		61.8			91.5			(4.8)
Deferred debt costs		160.0			147.4			144.5
Debt obligations before fair value adjustments and deferred debt costs		$	39,567.1		$	36,142.4		$	35,762.4
Cash provided by operations		$	9,611.9		$	7,386.7		$	9,141.5
Cash provided by operations as a percent of total debt		24		%	20		%	26		%


Free Cash Flow and Free Cash Flow Conversion Rate
Dollars in millions	Years ended December 31, 2023				2022			2021
Cash provided by operations		$	9,611.9		$	7,386.6		$	9,141.5
Less: Capital expenditures		2,357.4			1,899.2			2,040.0
Free cash flow		$	7,254.5		$	5,487.4		$	7,101.5
Divided by: Net income		8,468.8			6,177.4			7,545.2
Free cash flow conversion rate		85.7		%	88.8		%	94.1		%


After-tax Return on Invested Capital (dollars in millions)
Numerator	Years ended December 31, 2023				2022			2021
Operating income		$	11,646.7		$	9,371.0		$	10,356.0
Add: Nonoperating income (expense)(1)		236.3			198.6			(42.3)
Earnings before interest and income tax		$	11,883.0		$	9,569.6		$	10,313.7
Add: Impairment and other charges (gains), net		362.3			1,009.8			(285.4)
Add: Operating lease interest(2)		504.8			453.2			509.5
Less: Income taxes(3)		2,511.8			2,217.5			2,221.4
Net Operating income after tax		$	10,238.3		$	8,815.1		$	8,316.4


Denominator	Years ended December 31, 2023				2022			2021
Add: Average Stockholders' equity(4)		$	(5,084.2)		$	(6,232.6)		$	(5,829.9)
Add: Average Current and Long-term debt(4)		37,364.5			34,833.8			35,474.1
Add: Average Current and Long-term lease liability(4)		12,943.5			12,947.5			13,770.8
Less: Cash and equivalents		(4,579.3)			(2,583.8)			(4,709.2)
Average invested capital		$	40,644.5		$	38,964.9		$	38,705.9
Return on Invested Capital		25.2		%	22.6		%	21.5		%

(2)The Operating lease interest is calculated using the Short-term and Long-term Lease liability amount multiplied by 3.9%, 3.5% and 3.7% for the years ended December 31, 2023, 2022 and 2021, respectively. The rates represent the Company's weighted average discount rate used for leases that represents an estimate of the interest rate the Company would incur to borrow on a collateralized basis over the term of the lease within a particular currency environment.

(3)Calculated using the effective income tax rate for each year presented. The amounts are calculated using the non-GAAP tax rates of 19.7%, 20.1% and 21.1% for the years ended December 31, 2023, 2022 and 2021, respectively.