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DEBT (Tables)

6 Months Ended

Jun. 28, 2020

Loans payable, commercial paper and the related weighted-average interest rates were as follows:


In millions	June 28, 2020		December 31, 2019


Loans payable ⁽¹⁾	$	109	$	100

Commercial paper ⁽²⁾	2,027		660




⁽¹⁾ Loans payable consist primarily of notes payable to various domestic and international 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 0.55 percent and 1.82 percent at June 28, 2020 and December 31, 2019, respectively.

Summary of long-term debt

A summary of long-term debt was as follows:


In millions	Interest Rate	June 28, 2020		December 31, 2019
Long-term debt
Senior notes, due 2023⁽¹⁾	3.65%	$	500	$	500
Debentures, due 2027	6.75%	58		58
Debentures, due 2028	7.125%	250		250
Senior notes, due 2043	4.875%	500		500
Debentures, due 2098⁽²⁾	5.65%	165		165

Other debt		140		59

Unamortized discount		(49)		(50)
Fair value adjustments due to hedge on indebtedness		53		35
Finance leases		88		90
Total long-term debt		1,705		1,607
Less: Current maturities of long-term debt		66		31
Long-term debt		$	1,639	$	1,576

⁽¹⁾ In June 2020, we settled a portion of our February 2014 interest rate swap. See "Interest Rate Risk" below for additional information.
⁽²⁾ The effective interest rate on this debt is 7.48%.

Principal repayments on long-term debt

Principal payments required on long-term debt during the next five years are as follows:



In millions	2020		2021		2022		2023		2024
Principal payments	$	44	$	59	$	29	$	524	$	22

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	June 28, 2020		December 31, 2019
Fair value of total debt ⁽¹⁾	$	4,241	$	2,706
Carrying values of total debt	3,841		2,367

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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details