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Debt And Lines Of Credit (Note)
 12 Months Ended
Dec. 31, 2022
Debt Instruments [Abstract]  
Debt And Lines Of Credit [Note Text Block]

Amounts related to early debt extinguishment during the years ended December 31, 2022, 2021 and 2020 were as follows: 

In millions202220212020
Early debt reductions (a)$503 $2,472 $1,640 
Pre-tax early debt extinguishment costs (b)93 461 196 
(a)Reductions related to notes with interest rates ranging from 3.00% to 8.70% with original maturities from 2021 to 2048 for the years ended December 31, 2022, 2021 and 2020.
(b)Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations.

The Company's early debt reductions in 2022 included a debt tender of $498 million with interest rates ranging from 6.40% to 8.70% and maturity dates ranging from 2023 to 2039. In addition, in 2022, the Company had $5 million in open market repurchases related to debt with interest rates ranging from 4.35% to 4.40% and maturity dates ranging from 2047 to 2048. In addition to the early debt reductions, the Company had debt reductions of $514 million in 2022 related primarily to capital leases, debt maturities, and international debt.

During the second quarter of 2022, the Company borrowed approximately $144 million under a term loan credit agreement with a third party lender. Subsequently, the Company exchanged 4,132,000 shares of Sylvamo common stock owned by the Company in exchange and as repayment of the approximately $144 million term loan obligation.

During the third quarter of 2022, the Company borrowed approximately $210 million under a term loan credit agreement with a third party lender. Subsequently, the Company repaid $167 million of the term loan with an exchange of 4,614,358 shares of Sylvamo common stock owned by the Company. The remainder of the term loan was repaid with cash.
During the first quarter of 2022, the Company issued approximately $88 million of debt with an interest rate of 2.65% and a maturity date of 2027. The proceeds from this issuance were used to repay approximately $88 million of outstanding debt that matured on April 1, 2022. During the third quarter of 2022, the Company issued approximately $50 million of debt with a variable rate of interest and a maturity date of 2027. During the fourth quarter of 2022, the Company issued $110 million of debt with a variable rate of interest and a maturity date of 2027.

In January 2023, the Company entered into a variable term loan agreement providing for a $600 million term loan which was fully drawn on the date of such loan agreement and matures in 2028. The $600 million debt was issued following the repayment of $410 million of commercial paper earlier in 2023 and will be used to repay debt maturing later in 2023 and general corporate purposes.
The Company had debt issuances in 2021 of $1.5 billion related primarily to Sylvamo debt issuances as discussed further in Note 8 - Divestitures.
The borrowing capacity of the Company's commercial paper program is $1.0 billion supported by its $1.5 billion credit agreement. In June 2021, the Company extended the maturity date of the $1.5 billion credit facility from December 2022 to June 2026. Under the terms of this program, individual maturities on borrowings may vary, but not exceed one year from the date of issue. Interest bearing notes may be issued either as fixed or floating rate notes. The Company had $410 million borrowings outstanding as of December 31, 2022 and no borrowings outstanding as of December 31, 2021 under this program.

The liquidity facilities also previously included up to $550 million of uncommitted financings based on eligible receivables balances under a receivables securitization program that had an expiration date in April 2022. The receivables securitization program was renewed on April 27, 2022 with up to $500 million of uncommitted financings based on eligible receivables balances with the expiration date in April 2024. As of December 31, 2022 and December 31, 2021, the Company had no borrowings outstanding under the program.

A summary of long-term debt follows: 
In millions at December 3120222021
6.875% notes – due 2023
87 94 
7.350% notes – due 2025
39 44 
7.750% notes – due 2025
22 31 
7.200% notes – due 2026
58 58 
6.400% notes – due 2026
5 5 
7.150% notes – due 2027
7 7 
6.875% notes – due 2029
10 37 
5.000% notes – due 2035
407 407 
6.650% notes – due 2037
3 4 
8.700% notes – due 2038
86 265 
7.300% notes – due 2039
453 722 
6.000% notes – due 2041
585 585 
4.800% notes – due 2044
686 686 
5.150% notes – due 2046
449 449 
4.400% notes – due 2047
647 648 
4.350% notes – due 2048
740 744 
Floating rate notes – due 2023 – 2027 (a)732 222 
Environmental and industrial development bonds – due 2023 – 2028 (b)489 489 
Total principal5,505 5,497 
Capitalized leases59 66 
Premiums, discounts, and debt issuance costs(42)(48)
Terminated interest rate swaps55 58 
Other (c)2 6 
Total (d)5,579 5,579 
Less: current maturities763 196 
Long-term debt$4,816 $5,383 
(a)The weighted average interest rate on these notes was 4.6% in 2022 and 1.4% in 2021.
(b)The weighted average interest rate on these bonds was 2.4% in 2022 and 3.2% in 2021.
(c)Includes $0 million and $1 million of fair market value adjustments as of December 31, 2022 and 2021, respectively.
(d)The fair market value was approximately $5.2 billion at December 31, 2022 and $7.1 billion at December 31, 2021. Debt fair value measurements use Level 2 inputs.

At December 31, 2022, contractual obligations for future payments of debt maturities (including finance lease liabilities disclosed in Note 10 - Leases and excluding the timber monetization structures disclosed in Note 15 - Variable Interest Entities) by calendar year were as follows over the next five years: 2023 – $763 million; 2024 – $148 million; 2025 – $191 million; 2026 – $72 million; and 2027 – $298 million.


The Company’s financial covenants require the maintenance of a minimum net worth, as defined in our debt agreements, of $9 billion and a total debt-to-capital ratio of less than 60%. Net worth is defined as the sum of common stock, paid-in capital and retained earnings, less treasury stock plus any cumulative goodwill impairment charges. The calculation also excludes accumulated other comprehensive income/loss and both the current and long-term Nonrecourse Financial Liabilities of Variable Interest Entities. The total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth. As of December 31, 2022, we were in compliance with our debt covenants.