The following table summarizes long-term debt:


as of December 31 (dollars in millions)	2022 Effective interest rate (a)		2022		2021 Effective interest rate (a)		2021
2.30-3.45% aggregate notes due 2022	1.92-3.28%		$	—	0.99-3.45%		$	12,428






3.75% senior notes due 2023	3.84	%	1,250		3.84	%	1,250
2.85% senior notes due 2023	2.91	%	1,000		2.91	%	1,000
Floating rate term loans due 2023	2.45	%	1,000		0.81	%	1,000
1.50% senior euro notes due 2023 (€500 principal)	0.49	%	532		0.49	%	567
2.80% senior notes due 2023	2.13	%	350		2.13	%	350
2.60% senior notes due 2024	2.69	%	3,750		2.69	%	3,750
1.375% senior euro notes due 2024 (€1,450 principal)	1.46	%	1,543		1.46	%	1,643
3.85% senior notes due 2024	2.07	%	1,032		2.07	%	1,032
1.25% senior euro notes due 2024 (€700 principal)	0.65	%	745		0.65	%	793
3.60% senior notes due 2025	3.66	%	3,750		3.66	%	3,750
3.80% senior notes due 2025	2.09	%	3,021		2.09	%	3,021
Floating rate term loans due 2025	1.39	%	—		1.36	%	2,000
Floating rate term loans due 2025	2.82	%	2,000		—		—
2.95% senior notes due 2026	3.02	%	4,000		3.02	%	4,000
3.20% senior notes due 2026	3.28	%	2,000		3.28	%	2,000
0.75% senior euro notes due 2027 (€750 principal)	0.86	%	798		0.86	%	850
4.25% senior notes due 2028	4.38	%	1,750		4.38	%	1,750
2.125% senior euro notes due 2028 (€750 principal)	2.18	%	798		2.18	%	850
2.625% senior euro notes due 2028 (€500 principal)	1.20	%	532		1.20	%	567
3.20% senior notes due 2029	3.25	%	5,500		3.25	%	5,500
2.125% senior euro notes due 2029 (€550 principal)	1.19	%	585		1.19	%	623
1.25% senior euro notes due 2031 (€650 principal)	1.30	%	691		1.30	%	737
4.55% senior notes due 2035	3.52	%	1,789		3.52	%	1,789
4.50% senior notes due 2035	4.58	%	2,500		4.58	%	2,500
4.30% senior notes due 2036	4.37	%	1,000		4.37	%	1,000
4.05% senior notes due 2039	4.11	%	4,000		4.11	%	4,000
4.40% senior notes due 2042	4.46	%	2,600		4.46	%	2,600
4.625% senior notes due 2042	4.00	%	457		4.00	%	457
4.85% senior notes due 2044	4.11	%	1,074		4.11	%	1,074
4.70% senior notes due 2045	4.73	%	2,700		4.73	%	2,700
4.75% senior notes due 2045	4.20	%	881		4.20	%	881
4.45% senior notes due 2046	4.50	%	2,000		4.50	%	2,000
4.875% senior notes due 2048	4.94	%	1,750		4.94	%	1,750
4.25% senior notes due 2049	4.29	%	5,750		4.29	%	5,750
Fair value hedges			(346)				102
Unamortized bond discounts			(116)				(130)
Unamortized deferred financing costs			(222)				(251)
Unamortized bond premiums (b)			793				954
Other			33				33
Total long-term debt and finance lease obligations			63,270				76,670
Current portion			4,135				12,481
Noncurrent portion			$	59,135			$	64,189

In 2022, the company repaid $2.9 billion aggregate principal amount of 3.450% senior notes, $1.7 billion aggregate principal amount of 3.25% senior notes, $1.0 billion aggregate principal amount of 3.2% senior notes. These repayments were made by exercising, under the terms of the notes ranging between 60 and 90-day early redemptions at 100% of the principal amount. During the quarter ended December 31, 2022, the company also paid $3.1 billion aggregate principal amount of 2.9% senior notes, $3.0 billion aggregate principal amount of 2.3% senior notes and $750 million aggregate principal amount of floating rate senior notes at maturity. Additionally in 2022, the company refinanced its $2.0 billion floating rate five-year term loan. As part of the refinancing, the company repaid the existing $2.0 billion term loan due May 2025 and borrowed $2.0 billion under a new term loan at a lower floating rate. All other significant terms of the loan, including the maturity date, remained unchanged after the refinancing.

In 2021, the company repaid $1.8 billion aggregate principal amount of 2.3% senior notes, €750 million aggregate principal amount of 0.5% senior Euro notes and $1.2 billion aggregate principal amount of 5.0% senior notes. These repayments were made by exercising, under the terms of the notes, ranging between 30 and 90-day early redemptions at 100% of the principal amounts. The company also repaid $1.3 billion aggregate principal amount of 3.375% senior notes $1.8 billion aggregate principal amount of 2.15% senior notes and $1.5 billion aggregate principal amount of floating rate senior notes at maturity. Additionally in 2021, the company refinanced its $1.0 billion floating rate three-year term loan. As part of the refinancing, the company repaid the existing $1.0 billion term loan due May 2023 and borrowed $1.0 billion under a new term loan at a lower floating rate. All other significant terms of the loan, including the maturity date, remained unchanged after the refinancing.

There were no commercial paper borrowings outstanding as of December 31, 2022 and December 31, 2021. No commercial paper borrowings were issued during 2022 or 2021. There were commercial paper borrowings issued during 2020 and the weighted-average interest rate was 1.8%. AbbVie currently has a $4.0 billion five-year revolving credit facility that matures in August 2024. This credit facility enables the company to borrow funds on an unsecured basis at variable interest rates and contains various covenants, all of which the company was in compliance with as of December 31, 2022. Commitment fees under AbbVie's revolving credit facilities were insignificant in 2022, 2021 and 2020. No amounts were outstanding under the company's credit facilities as of December 31, 2022 and December 31, 2021.

In connection with the separation, AbbVie has indemnified Abbott for all liabilities resulting from the operation of AbbVie's business other than income tax liabilities with respect to periods prior to the distribution date and other liabilities as agreed to by AbbVie and Abbott. AbbVie has no material exposures to off-balance sheet arrangements and no special-purpose entities. In the ordinary course of business, AbbVie has periodically entered into third-party agreements, such as the assignment of product rights, which have resulted in AbbVie becoming secondarily liable for obligations for which AbbVie had previously been primarily liable. Based upon past experience, the likelihood of payments under these agreements is remote.