Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.23.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
Loans payable, commercial paper and the related weighted-average interest rates were as follows:
In millions March 31,
2023		 December 31,
2022
Loans payable (1)
$ 229  $ 210 
Commercial paper (2)
2,545  2,574 
(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 4.82 percent and 4.27 percent at March 31, 2023 and December 31, 2022, respectively.
Summary of long-term debt
A summary of long-term debt was as follows:
In millions Interest Rate March 31,
2023		 December 31,
2022
Long-term debt    
Senior notes, due 2023(1)
3.65% $ 500  $ 500 
Term loan, due 2025(2)
Variable 1,450  1,550 
Senior notes, due 2025(3)
0.75% 500  500 
Debentures, due 2027 6.75% 58  58 
Debentures, due 2028 7.125% 250  250 
Senior notes, due 2030(3)
1.50% 850  850 
Senior notes, due 2043 4.875% 500  500 
Senior notes, due 2050 2.60% 650  650 
Debentures, due 2098(4)
5.65% 165  165 
Other debt 109  121 
Unamortized discount and deferred issuance costs (63) (64)
Fair value adjustments due to hedge on indebtedness (102) (122)
Finance leases 111  113 
Total long-term debt 4,978  5,071 
Less: Current maturities of long-term debt 569  573 
Long-term debt $ 4,409  $ 4,498 
(1) Senior notes, due 2023, are classified as current maturities of long-term debt.
(2) During the first quarter of 2023, we paid down $100 million of the term loan.
(3) 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 14, "DERIVATIVES," to our Condensed Consolidated Financial Statements for additional information.
(4) 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 2023 2024 2025 2026 2027
Principal payments $ 559  $ 46  $ 1,962  $ 56  $ 65 
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 March 31,
2023		 December 31,
2022
Fair value of total debt (1)
$ 7,386  $ 7,400 
Carrying value of total debt 7,752  7,855 
(1) The fair value of debt is derived from Level 2 input measures.