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DEBT (Tables) | 12 Months Ended
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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.

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