XML 75 R51.htm IDEA: XBRL DOCUMENT v3.22.4
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of notes payable
Notes Payable at Dec 31
In millions20222021
Commercial paper$299 $— 
Notes payable to banks and other lenders63 161 
Total notes payable$362 $161 
Year-end average interest rates6.55 %5.78 %
Schedule of long-term debt
Long-Term Debt at Dec 312022 Average Rate20222021
Average
Rate		2021
In millions
Promissory notes and debentures:
Final maturity 2022— %$— 8.64 %$121 
Final maturity 20237.63 %250 7.63 %250 
Final maturity 20255.63 %333 5.63 %333 
Final maturity 2026— %— 3.63 %750 
Final maturity 2028 and thereafter 1
5.36 %10,864 5.15 %9,363 
Other facilities:
Foreign currency notes and loans, various rates and maturities1.16 %2,562 1.17 %2,730 
InterNotes®, varying maturities through 20523.87 %543 3.37 %392 
Finance lease obligations 2
790 869 
Unamortized debt discount and issuance costs(282)(297)
Long-term debt due within one year 3
(362)(231)
Long-term debt$14,698 $14,280 
1.Cost includes net fair value hedge adjustment gains of $46 million at December 31, 2022 ($47 million at December 31, 2021). See Note 21 for additional information.
2.See Note 16 for additional information.
3.Presented net of current portion of unamortized debt issuance costs.
Schedule of maturities of long-term debt
Maturities of Long-Term Debt for Next Five Years at Dec 31, 2022
In millions
2023$362 
2024$127 
2025$388 
2026$78 
2027$1,209 

2022 Activity
In the second quarter of 2022, the Company redeemed $750 million aggregate principal amount of 3.625 percent notes due May 2026. As a result of the redemption, the Company recognized a pretax loss on the early extinguishment of debt of $8 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate.

In the fourth quarter of 2022, the Company issued $1.5 billion of senior unsecured notes. The offering included $600 million aggregate principal amount of 6.30 percent notes due 2033 and $900 million aggregate principal amount of 6.90 percent notes due 2053.
In 2022, the Company issued an aggregate principal amount of $167 million of InterNotes®. Additionally, the Company repaid $121 million of long-term debt at maturity and approximately $3 million of long-term debt was repaid by consolidated variable interest entities.
Schedule of committed and available credit facilities
The following table summarizes the Company's credit facilities:

Committed and Available Credit Facilities at Dec 31, 2022
In millionsCommitted CreditCredit AvailableMaturity DateInterest
Five Year Competitive Advance and Revolving Credit Facility$5,000 $5,000 November 2027Floating rate
Bilateral Revolving Credit Facility300 300 September 2023Floating rate
Bilateral Revolving Credit Facility 1
500 500 November 2024Floating rate
Bilateral Revolving Credit Facility100 100 March 2025Floating rate
Bilateral Revolving Credit Facility100 100 March 2025Floating rate
Bilateral Revolving Credit Facility100 100 March 2025Floating rate
Bilateral Revolving Credit Facility200 200 September 2025Floating rate
Bilateral Revolving Credit Facility250 250 September 2025Floating rate
Bilateral Revolving Credit Facility300 300 November 2025Floating rate
Bilateral Revolving Credit Facility100 100 March 2026Floating rate
Bilateral Revolving Credit Facility150 150 November 2026Floating rate
Bilateral Revolving Credit Facility200 200 November 2026Floating rate
Bilateral Revolving Credit Facility250 250 March 2027Floating rate
Bilateral Revolving Credit Facility100 100 May 2027Floating rate
Bilateral Revolving Credit Facility350 350 June 2027Floating rate
Bilateral Revolving Credit Facility200 200 September 2027Floating rate
Bilateral Revolving Credit Facility100 100 October 2027Floating rate
Bilateral Revolving Credit Facility100 100 November 2027Floating rate
Total Committed and Available Credit Facilities$8,400 $8,400 
1.Assumes the option to extend the bilateral revolving credit facility will be exercised.