Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.3.0.814
DEBT (Tables)
 9 Months Ended
Sep. 27, 2015
Debt Disclosure [Abstract]  
Summary of long-term debt
A summary of long-term debt was as follows:
 
In millions
 
September 27,
2015
 
December 31,
2014
Long-term debt
 
 

 
 

Senior notes, 3.65%, due 2023
 
$
500

 
$
500

Debentures, 6.75%, due 2027
 
58

 
58

Debentures, 7.125%, due 2028
 
250

 
250

Senior notes, 4.875%, due 2043
 
500

 
500

Debentures, 5.65%, due 2098 (effective interest rate 7.48%)
 
165

 
165

Credit facilities related to consolidated joint ventures
 
3

 
3

Other debt
 
43

 
31

Unamortized discount
 
(46
)
 
(47
)
Fair value adjustments due to hedge on indebtedness
 
68

 
65

Capital leases
 
85

 
87

Total long-term debt
 
1,626

 
1,612

Less: Current maturities of long-term debt
 
(31
)
 
(23
)
Long-term debt
 
$
1,595

 
$
1,589


Principal repayments on long-term debt
Principal payments required on long-term debt during the next five years are as follows:
 
 
Required Principal Payments
In millions
 
2015
 
2016
 
2017
 
2018
 
2019
Principal payments
 
$
9

 
$
40

 
$
16

 
$
17

 
$
11

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 value and carrying value of total debt, including current maturities, was as follows:
 
In millions
 
September 27,
2015
 
December 31,
2014
Fair value of total debt(1)
 
$
1,859

 
$
1,993

Carrying value of total debt
 
1,653

 
1,698

_________________________________________________
(1) The fair value of debt is derived from Level 2 inputs.