XML 38 R26.htm IDEA: XBRL DOCUMENT v3.22.2
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Notes)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Disclosure NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
Notes PayableJun 30, 2022Dec 31, 2021
In millions
Commercial paper$200$—
Notes payable to banks and other lenders95161
Total notes payable$295$161
Period-end average interest rates4.59 %5.78 %

Long-Term Debt
2022 Average Rate
Jun 30, 2022
2021 Average Rate
Dec 31, 2021
In millions
Promissory notes and debentures:
Final maturity 2022— %$— 8.64 %$121 
Final maturity 20237.63 %250 7.63 %250 
Final maturity 20255.63 %333 5.63 %333 
Final maturity 2026— %— 3.63 %750 
Final maturity 2028 and thereafter 1
5.15 %9,364 5.15 %9,363 
Other facilities:
Foreign currency notes and loans, various rates and maturities1.16 %2,492 1.17 %2,730 
InterNotes®, varying maturities through 20523.44 %436 3.37 %392 
Finance lease obligations 2
826 869 
Unamortized debt discount and issuance costs(275)(297)
Long-term debt due within one year 3
(361)(231)
Long-term debt$13,065 $14,280 
1.Cost includes net fair value hedge adjustment gains of $47 million at June 30, 2022 and December 31, 2021. See Note 18 for additional information.
2.See Note 13 for additional information.
3.Presented net of current portion of unamortized debt issuance costs.

Maturities of Long-Term Debt for Next Five Years at Jun 30, 2022
In millions
2022$58 
2023$388 
2024$81 
2025$386 
2026$78 
2027$1,113 
2022 Activity
In the second quarter of 2022, the Company redeemed $750 million aggregate principal amount of 3.625 percent notes due May 2026. As a result of the redemption, the Company recognized a pretax loss on the early extinguishment of debt of $8 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate.

In the first six months of 2022, the Company issued an aggregate principal amount of $49 million of InterNotes®. The Company also repaid approximately $121 million of long-term debt at maturity.

2021 Activity
In the second quarter of 2021, the Company redeemed $208 million aggregate principal amount of 3.15 percent notes due May 2024 and $811 million aggregate principal amount of 3.50 percent notes due October 2024. As a result of the redemptions, the Company recognized a pretax loss on the early extinguishment of debt of $101 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate.

In the first six months of 2021, the Company issued an aggregate principal amount of $68 million of InterNotes®, and redeemed an aggregate principal amount of $18 million at maturity. In addition, the Company voluntarily repaid an aggregate principal amount of $204 million of InterNotes® with various maturities. As a result, the Company recognized a pretax loss on the early extinguishment of debt for the three and six months ended June 30, 2021 of $1 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate. The Company also repaid approximately $120 million of long-term debt at maturity and approximately $13 million of long-term debt was repaid by consolidated variable interest entities.

Available Credit Facilities
The following table summarizes the Company's credit facilities:

Committed and Available Credit Facilities at Jun 30, 2022
In millionsCommitted CreditAvailable CreditMaturity DateInterest
Five Year Competitive Advance and Revolving Credit Facility$5,000 $5,000 November 2026Floating rate
Bilateral Revolving Credit Facility200 200 September 2022Floating rate
Bilateral Revolving Credit Facility200 200 November 2022Floating rate
Bilateral Revolving Credit Facility200 200 September 2023Floating rate
Bilateral Revolving Credit Facility250 250 September 2023Floating rate
Bilateral Revolving Credit Facility300 300 September 2023Floating rate
Bilateral Revolving Credit Facility300 300 December 2023Floating rate
Bilateral Revolving Credit Facility300 300 December 2023Floating rate
Bilateral Revolving Credit Facility100 100 October 2024Floating rate
Bilateral Revolving Credit Facility200 200 November 2024Floating rate
Bilateral Revolving Credit Facility100 100 March 2025Floating rate
Bilateral Revolving Credit Facility250 250 March 2025Floating rate
Bilateral Revolving Credit Facility100 100 March 2025Floating rate
Bilateral Revolving Credit Facility100 100 March 2025Floating rate
Bilateral Revolving Credit Facility100 100 March 2026Floating rate
Bilateral Revolving Credit Facility100 100 October 2026Floating rate
Bilateral Revolving Credit Facility150 150 November 2026Floating rate
Bilateral Revolving Credit Facility100 100 May 2027Floating rate
Bilateral Revolving Credit Facility350 350 June 2027Floating rate
Total committed and available credit facilities$8,400 $8,400 
Debt Covenants and Default Provisions
There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first six months of 2022. For additional information on the Company's debt covenants and default provisions, see Note 15 to the Consolidated Financial Statements included in the 2021 10-K.