Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.20.2
DEBT (Tables)
 6 Months Ended
Jun. 28, 2020
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
Loans payable, commercial paper and the related weighted-average interest rates were as follows:
In millions June 28,
2020		 December 31,
2019
Loans payable (1)
$ 109    $ 100   
Commercial paper (2)
2,027    660   
(1) Loans payable consist primarily of notes payable to various domestic and international financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate.
(2) The weighted-average interest rate, inclusive of all brokerage fees, was 0.55 percent and 1.82 percent at June 28, 2020 and December 31, 2019, respectively.
Summary of long-term debt
A summary of long-term debt was as follows:
In millions Interest Rate June 28,
2020		 December 31,
2019
Long-term debt    
Senior notes, due 2023(1)
3.65% $ 500    $ 500   
Debentures, due 2027 6.75% 58    58   
Debentures, due 2028 7.125% 250    250   
Senior notes, due 2043 4.875% 500    500   
Debentures, due 2098(2)
5.65% 165    165   
Other debt 140    59   
Unamortized discount (49)   (50)  
Fair value adjustments due to hedge on indebtedness 53    35   
Finance leases 88    90   
Total long-term debt 1,705    1,607   
Less: Current maturities of long-term debt 66    31   
Long-term debt $ 1,639    $ 1,576   
(1) In June 2020, we settled a portion of our February 2014 interest rate swap. See "Interest Rate Risk" below for additional information.
(2) The effective interest rate on this debt is 7.48%.
Principal repayments on long-term debt
Principal payments required on long-term debt during the next five years are as follows:
In millions 2020 2021 2022 2023 2024
Principal payments $ 44    $ 59    $ 29    $ 524    $ 22   
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: 
In millions June 28,
2020		 December 31,
2019
Fair value of total debt (1)
$ 4,241    $ 2,706   
Carrying values of total debt 3,841    2,367   
(1) The fair value of debt is derived from Level 2 inputs.