DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Short-term Debt [Line Items]

Summary of long-term debt

A summary of long-term debt was as follows:

		December 31,
In millions	Interest Rate	2021		2020
Long-term debt
Senior notes, due 2023	3.65%	$	500	$	500
Senior notes, due 2025 (1)	0.75%	500		500
Debentures, due 2027	6.75%	58		58
Debentures, due 2028	7.125%	250		250
Senior notes, due 2030 (1)	1.50%	850		850
Senior notes, due 2043	4.875%	500		500
Senior notes, due 2050	2.60%	650		650
Debentures, due 2098 (2)	5.65%	165		165
Other debt		110		132
Unamortized discount and deferred issuance costs		(68)		(72)
Fair value adjustments due to hedge on indebtedness		34		48
Finance leases		89		91
Total long-term debt		3,638		3,672
Less: Current maturities of long-term debt		59		62
Long-term debt		$	3,579	$	3,610
(1) In 2021 we entered into a series of interest rate swaps to effectively convert from a fixed rate to floating rate. See "Interest Rate Risk" below for additional information.
(2) The effective interest rate 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	2022		2023		2024		2025		2026
Principal payments	$	59	$	536	$	31	$	507	$	24

Schedule of Interest Rate Derivatives

The following table summarizes the gains and losses:

	Years ended December 31,
In millions	2021				2020				2019
Type of Swap	Gain (Loss) on Swaps		Gain (Loss) on Borrowings		Gain (Loss) on Swaps		Gain (Loss) on Borrowings		Gain (Loss) on Swaps		Gain (Loss) on Borrowings
Interest rate swaps(1)	$	(3)	$	2	$	7	$	(5)	$	16	$	(14)
(1) The difference between the gain (loss) on swaps and borrowings represented hedge ineffectiveness.

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table summarizes the interest rate lock activity in AOCL:

	Year ended December 31,
In millions	2021				2020		2019
Type of Swap	Gain (Loss)  Recognized in AOCL		Gain (Loss) Reclassified from AOCL into Interest Expense		Gain (Loss)  Recognized in AOCL	Gain (Loss) Reclassified from AOCL into Interest Expense	Gain (Loss)  Recognized in AOCL	Gain (Loss) Reclassified from AOCL into Interest Expense
Interest rate locks	$	19	$	—	(22)	—	(10)	—

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:

	December 31,
In millions	2021		2020
Fair values of total debt (1)	$	4,461	$	4,665
Carrying value of total debt	4,159		4,164
(1) The fair value of debt is derived from Level 2 input measures.

Loans Payable

Short-term Debt [Line Items]

Weighted-average interest rate

The weighted-average interest rate for notes payable, bank overdrafts and current maturities of long-term debt at December 31 was as follows:

	2021		2020
Weighted-average interest rate	2.71	%	2.53	%

Commercial Paper

Short-term Debt [Line Items]

Weighted-average interest rate

The weighted-average interest rate for commercial paper at December 31 was as follows:

	2021			2020
Weighted-average interest rate	(0.01)	%	(1)	(0.01)	%	(2)
(1) The weighted-average interest rate, inclusive of all brokerage fees, was negative 0.01 percent at December 31, 2021. This included $113 million of borrowings under the Europe program that were at a negative weighted-average interest rate of 0.39 percent and $200 million of borrowings under the U.S. program at a weighted-average interest rate of 0.21 percent.
(2) The weighted-average interest rate, inclusive of all brokerage fees, was negative 0.01 percent at December 31, 2020. This included $123 million of borrowings under the Europe program that were at a negative weighted-average interest rate of 0.34 percent and $200 million of borrowings under the U.S. program at a weighted-average interest rate of 0.19 percent.