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DEBT
 12 Months Ended
Dec. 31, 2022
Debt [Abstract]  
Long-term Debt [Text Block]
DEBT
The following table presents the components of notes payable at year end December 31, 2022 and January 1, 2022:
(millions)20222021
  
Principal
amount		Effective
interest rate		Principal
amount		Effective
interest rate
U.S. commercial paper$330 4.46 %$— — %
Bank borrowings137 137 
Total$467  $137 
The following table presents the components of subordinated long-term debt at year end December 31, 2022 and January 1, 2022:
(millions)20222021
4.50% $650 million U.S. Dollar Notes due 2046$639 $638 
7.45% $625 million U.S. Dollar Debentures due 2031622 622 
2.10% $500 million U.S. Dollar Notes due 2030497 496 
0.50% €300 million Euro Notes due 2029317 338 
4.30% $600 million U.S. Dollar Notes due 2028539 592 
3.40% $600 million U.S. Dollar Notes due 2027597 596 
3.25% $750 million U.S. Dollar Notes due 2026745 744 
1.25% €600 million Euro Notes due 2025
648 693 
1.00% €600 million Euro Notes due 2024617 695 
2.65% $600 million U.S. Dollar Notes due 2023547 545 
2.75% $400 million U.S. Dollar Notes due 2023210 207 
0.80% €600 million Euro Notes due 2022— 682 
Other119 126 
6,097 6,974 
Less current maturities(780)(712)
Balance at year end$5,317 $6,262 

In November 2022, the Company repaid the €600 million, five-year 0.80% Euro Notes due 2022, upon maturity.

All of the Company’s Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions and also contain a change of control provision. There are no significant restrictions on the payment of dividends by the Company. The Company was in compliance with all these covenants as of December 31, 2022.

The Company and two of its subsidiaries (the Issuers) maintain a program under which the Issuers may issue euro-commercial paper notes up to a maximum aggregate amount outstanding at any time of $750 million or its equivalent in alternative currencies. The notes may have maturities ranging up to 364 days and will be senior unsecured obligations of the applicable Issuer. Notes issued by subsidiary Issuers will be guaranteed by the Company. The notes may be issued at a discount or may bear fixed or floating rate interest or a coupon calculated by reference to an index or formula. There were no commercial paper notes outstanding under this program as of December 31, 2022 and January 1, 2022.
At December 31, 2022, the Company had $3.1 billion of short-term lines of credit and letters of credit, of which $3.0 billion were unused and available for borrowing primarily on an unsecured basis. These lines were comprised principally of the December 2021 unsecured $1.5 billion Five-Year Credit Agreement, which expires in December 2026, and an unsecured $1.0 billion 364-Day Credit Agreement.
The Five-Year Credit Agreement allows the Company to borrow, on a revolving credit basis, up to $1.5 billion, which includes the ability to obtain European swingline loans in an aggregate principal amount up to the equivalent of $300 million. In December 2021, the Company terminated the original Five-Year Credit Agreement, which was originally set to expire in January of 2023, and entered into a new Five-Year Credit Agreement, which expires in December 2026.

In December 2022, the Company entered into an unsecured 364-Day Credit Agreement to borrow, on a revolving credit basis, up to $1.0 billion at any time outstanding, and terminated the $1.0 billion 364-day facility that was originally set to expire in December 2022.

The Five-Year and 364 Day Credit Agreements which had no outstanding borrowings as December 31, 2022, contain customary covenants and warranties, including specified restrictions on indebtedness, liens and a specified interest expense coverage ratio. If an event of default occurs, then, to the extent permitted, the administrative agents may terminate the commitments under the credit facilities, accelerate any outstanding loans under the agreements, and demand the deposit of cash collateral equal to the lender's letter of credit exposure plus interest. The Company was in compliance with all financial covenants contained in these agreements at December 31, 2022 and January 1, 2022.

Scheduled principal repayments on long-term debt are (in millions): 2023–$783; 2024–$655; 2025–$654; 2026–$764; 2027–$614; 2028 and beyond–$2,733.

Financial institutions have issued standby letters of credit conditionally guaranteeing obligations on behalf of the Company totaling $116 million, including $74 million secured and $42 million unsecured, as of December 31, 2022. These obligations are related primarily to insurance programs. There were no amounts drawn down on the letters of credit as of December 31, 2022.

The Company has issued guarantees for a certain portion of debt of unconsolidated affiliates. These arrangements include cross guarantees back from the other shareholder in proportion to their ownership of the unconsolidated affiliates. These guarantees are not material to the Company.
Interest expense capitalized as part of the construction cost of fixed assets was immaterial for all periods presented.