DEBT (Tables)

12 Months Ended

Dec. 31, 2023

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	2023		2022
Long-term debt
Senior notes, due 2023	3.65%	$	—	$	500
Hydrogenics promissory notes, due 2024 and 2025 (1)	—%	160		—
Term loan, due 2025 (2)(3)	Variable	1,150		1,550
Senior notes, due 2025 (4)	0.75%	500		500
Atmus term loan, due 2027 (5)	Variable	600		—
Debentures, due 2027	6.75%	58		58
Debentures, due 2028	7.125%	250		250
Senior notes, due 2030 (4)	1.50%	850		850
Senior notes, due 2043	4.875%	500		500
Senior notes, due 2050	2.60%	650		650
Debentures, due 2098 (6)	5.65%	165		165
Other debt		94		121
Unamortized discount and deferred issuance costs		(72)		(64)
Fair value adjustments due to hedge on indebtedness		(96)		(122)
Finance leases		111		113
Total long-term debt		4,920		5,071
Less: Current maturities of long-term debt		118		573
Long-term debt		$	4,802	$	4,498
(1) See NOTE 24, "ACQUISITIONS," for additional information.
(2) During 2023, we paid down $400 million of the term loan.
(3) In September 2023, we entered into a series of interest rate swaps in order to trade a portion of the floating rate into fixed rate. See "Interest Rate Risk" in NOTE 21, "DERIVATIVES," for additional information.
(4) 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" in NOTE 21, "DERIVATIVES," for additional information.
(5) See "Atmus Credit Agreement" section below for additional information.
(6) The effective interest rate is 7.48 percent.

Principal repayments on long-term debt

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

In millions	2024		2025		2026		2027		2028
Principal payments	$	118	$	1,797	$	67	$	614	$	266

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	2023		2022
Fair values of total debt (1)	$	6,375	$	7,400
Carrying value of total debt	6,696		7,855
(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:

	2023		2022
Weighted-average interest rate	3.31	%	4.02	%

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:

	2023		2022
Weighted-average interest rate	5.43	%	4.27	%