Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.20.2
DEBT (Tables)
 9 Months Ended
Sep. 27, 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 September 27,
2020		 December 31,
2019
Loans payable (1)
$ 129  $ 100 
Commercial paper 316 
(2)
 660 
(3)
(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 0.03 percent at September 27, 2020. This includes $116 million of borrowings under the EUR program that were at a negative weighted-average interest rate of 0.27 percent and $200 million of borrowings under the U.S. program at a weighted-average rate of 0.20 percent.
(3) The weighted-average interest rate, inclusive of all brokerage fees, was 1.82 percent at December 31, 2019. All borrowings were at positive interest rates.
Summary of long-term debt
A summary of long-term debt was as follows:
In millions Interest Rate September 27,
2020		 December 31,
2019
Long-term debt    
Senior notes, due 2023(1)
3.65% $ 500  $ 500 
Senior notes, due 2025 0.75% 500  — 
Debentures, due 2027 6.75% 58  58 
Debentures, due 2028 7.125% 250  250 
Senior notes, due 2030 1.50% 850  — 
Senior notes, due 2043 4.875% 500  500 
Senior notes, due 2050 2.60% 650  — 
Debentures, due 2098(2)
5.65% 165  165 
Other debt 130  59 
Unamortized discount and deferred issuance costs (73) (50)
Fair value adjustments due to hedge on indebtedness 50  35 
Finance leases 87  90 
Total long-term debt 3,667  1,607 
Less: Current maturities of long-term debt 58  31 
Long-term debt $ 3,609  $ 1,576 
(1) In June and July 2020, we settled our February 2014 interest rate swap. See "Interest Rate Risk" below for additional information.
(2) The effective interest rate 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 $ 38  $ 51  $ 29  $ 525  $ 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 September 27,
2020		 December 31,
2019
Fair value of total debt (1)
$ 4,532  $ 2,706 
Carrying value of total debt 4,112  2,367 
(1) The fair value of debt is derived from Level 2 inputs.