| Summary of long-term debt |
A summary of long-term debt was as follows:
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December 31, |
| In millions |
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Interest Rate |
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2024 |
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2023 |
| Long-term debt |
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| Hydrogenics promissory notes, due 2024 and 2025 |
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—% |
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110
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160 |
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Term loan, due 2025 (1)(2)
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Variable |
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—
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1,150 |
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Senior notes, due 2025 (3)
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0.75% |
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500
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500 |
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Atmus term loan, due 2027 (4)
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Variable |
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—
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600 |
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| Debentures, due 2027 |
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6.75% |
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58
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58 |
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| Debentures, due 2028 |
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7.125% |
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250
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250 |
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| Senior notes, due 2029 |
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4.90% |
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500
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— |
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Senior notes, due 2030 (3)
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1.50% |
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850
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850 |
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| Senior notes, due 2034 |
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5.15% |
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750
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— |
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| Senior notes, due 2043 |
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4.875% |
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500
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500 |
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| Senior notes, due 2050 |
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2.60% |
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650
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650 |
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| Senior notes, due 2054 |
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5.45% |
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1,000
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— |
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Debentures, due 2098 (5)
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5.65% |
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165
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165 |
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| Other debt |
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160
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94 |
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| Unamortized discount and deferred issuance costs |
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(89) |
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(72) |
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| Fair value adjustments due to hedge on indebtedness |
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(85) |
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(96) |
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| Finance leases |
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125
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111 |
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| Total long-term debt |
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5,444
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4,920 |
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Less: Current maturities of long-term debt (6)
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660
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118 |
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| Long-term debt |
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$ |
4,784
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$ |
4,802 |
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(1) During 2024, we repaid the outstanding balance of the term loan.
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(2) 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 20, "DERIVATIVES," for additional information.
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(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 20, "DERIVATIVES," for additional information.
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(4) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.
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(5) The effective interest rate is 7.48 percent.
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(6) The weighted-average interest rates for the years ended December 31, 2024 and 2023, were 1.01 percent and 1.87 percent, respectively.
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| 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:
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December 31, |
| In millions |
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2024 |
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2023 |
Fair values of total debt (1)
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$ |
6,651
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$ |
6,375 |
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| Carrying value of total debt |
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7,059
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6,696 |
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(1) The fair value of debt is derived from Level 2 input measures.
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