Quarterly report [Sections 13 or 15(d)]

DEBT (Tables)

v3.25.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
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,
2025		 December 31,
2024
Loans payable (1)
$ 291  $ 356 
Commercial paper (2)
1,740  1,259 
(1) Loans payable consist primarily of loans payable to various international and domestic 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 4.32 percent and 4.49 percent at March 31, 2025 and December 31, 2024, respectively.
Summary of long-term debt
A summary of long-term debt was as follows:
In millions Interest Rate March 31,
2025		 December 31,
2024
Long-term debt    
Hydrogenics promissory notes, due 2025 —% $ 110  $ 110 
Senior notes, due 2025 (1)
0.75% 500  500 
Debentures, due 2027 6.75% 58  58 
Debentures, due 2028 7.125% 250  250 
Senior notes, due 2029 4.90% 500  500 
Senior notes, due 2030 (1)
1.50% 850  850 
Senior notes, due 2034 5.15% 750  750 
Senior notes, due 2043 4.875% 500  500 
Senior notes, due 2050 2.60% 650  650 
Senior notes, due 2054 5.45% 1,000  1,000 
Debentures, due 2098 (2)
5.65% 165  165 
Other debt 149  160 
Unamortized discount and deferred issuance costs (82) (89)
Fair value adjustments due to hedge on indebtedness (70) (85)
Finance leases 127  125 
Total long-term debt 5,457  5,444 
Less: Current maturities of long-term debt 661  660 
Long-term debt $ 4,796  $ 4,784 
(1) In 2021, we entered into a series of interest rate swaps to effectively convert debt from a fixed rate to floating rate. In March of 2025, we settled the remainder of the interest rate swaps on our debt due in 2025. See "Interest Rate Risk" in NOTE 13, "DERIVATIVES," for additional information.
(2) 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 2025 2026 2027 2028 2029
Principal payments $ 649 

$ 72  $ 106  $ 293  $ 534 
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,
2025		 December 31,
2024
Fair value of total debt (1)
$ 7,143  $ 6,651 
Carrying value of total debt 7,488  7,059 
(1) The fair value of debt is derived from Level 2 input measures.