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Debt And Lines Of Credit (Note)
 12 Months Ended
Dec. 31, 2021
Debt Instruments [Abstract]  
Debt And Lines Of Credit [Note Text Block]

Amounts related to early debt extinguishment during the years ended December 31, 2021, 2020 and 2019 were as follows: 

In millions202120202019
Early debt reductions (a)$2,472 $1,640 $614 
Pre-tax early debt extinguishment costs (b)461 196 21 
(a)Reductions related to notes with interest rates ranging from 3.00% to 9.50% with original maturities from 2021 to 2048 for the years ended December 31, 2021, 2020 and 2019.
(b)Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations.

The Company's early debt reductions in 2021 included debt tenders of $500 million with interest rates ranging from 4.80% to 5.15% and maturity dates ranging from 2035 to 2046, $200 million with an interest rate of 3.55% due in 2029, and $558 million with interest rates ranging from 4.35% to 4.40% and maturity dates ranging from 2047 to 2048. In addition
to these debt tenders, the Company had make whole calls of $517 million related to debt with an interest rate 3.80% due in 2026 and $268 million related to debt with an interest rate of 3.00% due in 2027. Finally, the Company had $429 million in open market repurchases related to debt with interest rates ranging from 3.00% to 5.38% and maturity dates ranging from 2027 to 2048.
The Company had debt issuances in 2021 of $1.5 billion related primarily to Sylvamo debt issuances as discussed further in Note 8 - Divestitures and Impairments of Businesses. In addition to the early debt reductions, the Company had debt reductions of $37 million in 2021 related primarily to capital leases, debt maturities, and international debt.
The borrowing capacity of the Company's commercial paper program is $1.0 billion. Under the terms of this program, individual maturities on borrowings may vary, but not exceed one year from the date of issue. Interest bearing notes may be issued either as fixed or floating rate notes. The Company had no borrowings outstanding as of December 31, 2021 and December 31, 2020, under this program.

In March 2020, the Company entered into a $750 million contractually committed 364-day revolving credit agreement with a syndicate of banks and other financial institutions which supplemented the Company's $1.5 billion credit agreement. The Company determined not to extend the $750 million credit agreement after its expiration on March 24, 2021. In June 2021, the Company extended the maturity date of the $1.5 billion credit facility from December 2022 to June 2026. As of December 31, 2021 and December 31, 2020, the Company had no borrowings outstanding under the $1.5 billion credit agreement.

In April 2020, the Company's receivable securitization program was amended from an uncommitted financing arrangement to a committed financing arrangement with a borrowing limit up to $550 million based on eligible receivables balances that expires in April 2022. In February 2021, the Company's receivable securitization program was amended from a committed financing arrangement to an uncommitted financing arrangement with the borrowing limit and expiration date remaining unchanged. As of December 31, 2021 and December 31, 2020, the Company had no borrowings outstanding under the program.
A summary of long-term debt follows: 

In millions at December 3120212020
6.875% notes – due 2023
94 94 
7.350% notes – due 2025
44 44 
7.750% notes – due 2025
31 31 
3.800% notes – due 2026
— 517 
7.200% notes – due 2026
58 58 
6.400% notes – due 2026
5 5 
3.000% notes – due 2027
— 477 
7.150% notes – due 2027
7 7 
3.550% notes – due 2029
— 200 
6.875% notes – due 2029
37 37 
5.000% notes – due 2035
407 600 
6.650% notes – due 2037
4 4 
8.700% notes – due 2038
265 265 
7.300% notes – due 2039
722 722 
6.000% notes – due 2041
585 585 
4.800% notes – due 2044
686 800 
5.150% notes – due 2046
449 700 
4.400% notes – due 2047
648 1,084 
4.350% notes – due 2048
744 938 
Floating rate notes – due 2020 – 2024 (a)222 245 
Environmental and industrial development bonds – due 2022 – 2035 (b)489 579 
Total principal5,497 7,992 
Capitalized leases66 71 
Premiums, discounts, and debt issuance costs(48)(80)
Terminated interest rate swaps58 80 
Other (c)6 5 
Total (d)5,579 8,068 
Less: current maturities196 26 
Long-term debt$5,383 $8,042 
(a)The weighted average interest rate on these notes was 1.4% in 2021 and 1.3% in 2020.
(b)The weighted average interest rate on these bonds was 3.2% in 2021 and 3.5% in 2020.
(c)Includes $1 million and $4 million of fair market value adjustments as of December 31, 2021 and 2020, respectively.
(d)The fair market value was approximately $7.1 billion at December 31, 2021 and $10.5 billion at December 31, 2020.

At December 31, 2021, contractual obligations for future payments of debt maturities (including finance lease liabilities disclosed in Note 10 - Leases and excluding the timber monetization structures disclosed in Note 15 - Variable Interest Entities) by calendar year were as follows over the next five years: 2022 – $196 million; 2023 – $358 million; 2024 – $149 million; 2025 – $206 million; and 2026 – $73 million.

The Company’s financial covenants require the maintenance of a minimum net worth, as defined in our debt agreements, of $9 billion and a total debt-to-capital ratio of less than 60%. Net worth is defined as
the sum of common stock, paid-in capital and retained earnings, less treasury stock plus any cumulative goodwill impairment charges. The calculation also excludes accumulated other comprehensive income/loss and both the current and long-term Nonrecourse Financial Liabilities of Variable Interest Entities. The total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth. As of December 31, 2021, we were in compliance with our debt covenants.