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DEBT (Tables) | 3 Months Ended
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Mar. 29, 2020
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Loans payable, commercial paper and the related weighted-average interest rates were as follows:
In millions |  | March 29, 2020 |  |  |  | December 31, 2019 |  |
Loans payable (1) |  | $ | 121 |  |  |  |  | $ | 100 |  |  |
Commercial paper (2) |  | 1,617 |  |  |  |  | 660 |  |  |
(1) Loans payable consist primarily of notes payable to various domestic and international financial institutions, and 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 1.48 percent and 1.82 percent at March 29, 2020 and December 31, 2019, respectively. |  |  |  |  |  |  |  |
Summary of long-term debt | A summary of long-term debt was as follows:
In millions |  | Interest Rate |  | March 29, 2020 |  | December 31, 2019
Long-term debt |  |  |  |  |  |
Senior notes, due 2023 |  | 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(1) |  | 5.65% |  | 165 |  |  | 165 |
Other debt |  |  |  | 47 |  |  | 59 |
Unamortized discount |  |  |  | (50) |  |  | (50) |
Fair value adjustments due to hedge on indebtedness |  |  |  | 54 |  |  | 35 |
Finance leases |  |  |  | 89 |  |  | 90 |
Total long-term debt |  |  |  | 1,613 |  |  | 1,607 |
Less: Current maturities of long-term debt |  |  |  | 33 |  |  | 31 |
Long-term debt |  |  |  | $ | 1,580 |  |  | $ | 1,576 |
(1) 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 |  | $ | 21 |  |  | $ | 41 |  |  | $ | 9 |  |  | $ | 506 |  |  | $ | 5 |
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 |  | March 29, 2020 |  | December 31, 2019
Fair value of total debt (1) |  | $ | 3,661 |  |  | $ | 2,706 |
Carrying values of total debt |  | 3,351 |  |  | 2,367 |
(1) The fair value of debt is derived from Level 2 inputs. |  |  |  |

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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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