Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.24.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Short-term Debt [Line Items]  
Summary of long-term debt
A summary of long-term debt was as follows:
December 31,
In millions Interest Rate 2023 2022
Long-term debt
Senior notes, due 2023 3.65% $ —  $ 500 
Hydrogenics promissory notes, due 2024 and 2025 (1)
—% 160  — 
Term loan, due 2025 (2)(3)
Variable 1,150  1,550 
Senior notes, due 2025 (4)
0.75% 500  500 
Atmus term loan, due 2027 (5)
Variable 600  — 
Debentures, due 2027 6.75% 58  58 
Debentures, due 2028 7.125% 250  250 
Senior notes, due 2030 (4)
1.50% 850  850 
Senior notes, due 2043 4.875% 500  500 
Senior notes, due 2050 2.60% 650  650 
Debentures, due 2098 (6)
5.65% 165  165 
Other debt 94  121 
Unamortized discount and deferred issuance costs (72) (64)
Fair value adjustments due to hedge on indebtedness (96) (122)
Finance leases 111  113 
Total long-term debt 4,920  5,071 
Less: Current maturities of long-term debt 118  573 
Long-term debt $ 4,802  $ 4,498 
(1) See NOTE 24, "ACQUISITIONS," for additional information.
(2) During 2023, we paid down $400 million of the term loan.
(3) In September 2023, we entered into a series of interest rate swaps in order to trade a portion of the floating rate into fixed rate. See "Interest Rate Risk" in NOTE 21, "DERIVATIVES," for additional information.
(4) In 2021, we entered into a series of interest rate swaps to effectively convert from a fixed rate to floating rate. See "Interest Rate Risk" in NOTE 21, "DERIVATIVES," for additional information.
(5) See "Atmus Credit Agreement" section below for additional information.
(6) The effective interest rate is 7.48 percent.
Principal repayments on long-term debt
Principal payments required on long-term debt during the next five years are as follows:
In millions 2024 2025 2026 2027 2028
Principal payments $ 118  $ 1,797  $ 67  $ 614  $ 266 
Fair value and carrying value of total debt
Based on borrowing rates currently available to us for bank loans with similar terms and average maturities, considering our risk premium, the fair values and carrying values of total debt, including current maturities, were as follows:
December 31,
In millions 2023 2022
Fair values of total debt (1)
$ 6,375  $ 7,400 
Carrying value of total debt 6,696  7,855 
(1) The fair value of debt is derived from Level 2 input measures.
Loans Payable  
Short-term Debt [Line Items]  
Weighted-average interest rate The weighted-average interest rate for notes payable, bank overdrafts and current maturities of long-term debt at December 31 was as follows:
2023 2022
Weighted-average interest rate 3.31  % 4.02  %
Commercial Paper  
Short-term Debt [Line Items]  
Weighted-average interest rate The weighted-average interest rate for commercial paper at December 31 was as follows:
2023 2022
Weighted-average interest rate 5.43  % 4.27  %