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NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Notes) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Debt Disclosure | NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
Notes Payable | Sep 30, 2022 | Dec 31, 2021
In millions
Commercial paper | $ | 100 | $ | —
Notes payable to banks and other lenders | 85 | 161
Total notes payable | $ | 185 | $ | 161
Period-end average interest rates | 8.09 | % | 5.78 | %
Long-Term Debt | 2022 Average Rate | Sep 30, 2022 | 2021 Average Rate | Dec 31, 2021
In millions
Promissory notes and debentures: |  |  |  |
Final maturity 2022 | — | % | $ | — |  | 8.64 | % | $ | 121 |
Final maturity 2023 | 7.63 | % | 250 |  | 7.63 | % | 250 |
Final maturity 2025 | 5.63 | % | 333 |  | 5.63 | % | 333 |
Final maturity 2026 | — | % | — |  | 3.63 | % | 750 |
Final maturity 2028 and thereafter 1 | 5.15 | % | 9,364 |  | 5.15 | % | 9,363 |
Other facilities: |  |  |  |
Foreign currency notes and loans, various rates and maturities | 1.16 | % | 2,339 |  | 1.17 | % | 2,730 |
InterNotes®, varying maturities through 2052 | 3.52 | % | 462 |  | 3.37 | % | 392 |
Finance lease obligations 2 |  | 804 |  |  | 869 |
Unamortized debt discount and issuance costs |  | (267) |  |  | (297) |
Long-term debt due within one year 3 |  | (364) |  |  | (231) |
Long-term debt |  | $ | 12,921 |  |  | $ | 14,280 |
1.Cost includes net fair value hedge adjustment gains of $47 million at September 30, 2022 and December 31, 2021. See Note 19 for additional information. 2.See Note 14 for additional information. 3.Presented net of current portion of unamortized debt issuance costs.
Maturities of Long-Term Debt for Next Five Years at Sep 30, 2022
In millions
2022 | $ | 34 |
2023 | $ | 390 |
2024 | $ | 84 |
2025 | $ | 386 |
2026 | $ | 79 |
2027 | $ | 1,068 |
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 first nine months of 2022, the Company issued an aggregate principal amount of $82 million of InterNotes®. The Company also repaid approximately $121 million of long-term debt at maturity and approximately $2 million of long-term debt was repaid by consolidated variable interest entities. 2021 Activity In the second quarter of 2021, the Company redeemed $208 million aggregate principal amount of 3.15 percent notes due May 2024 and $811 million aggregate principal amount of 3.50 percent notes due October 2024. As a result of the redemptions, the Company recognized a pretax loss on the early extinguishment of debt of $101 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate. In the third quarter of 2021, the Company completed cash tender offers for certain debt securities. In total, $1,042 million aggregate principal amount was tendered and retired. As a result, the Company recognized a pretax loss of $472 million on the early extinguishment of debt, included in "Sundry income (expense) – net" in the consolidated statements of income (related to Corporate) and included in "Other net loss" in the consolidated statements of cash flows. In addition, the Company voluntarily repaid $81 million of long-term debt due within one year. In the first nine months of 2021, the Company issued an aggregate principal amount of $95 million of InterNotes®, and redeemed an aggregate principal amount of $28 million at maturity. In addition, the Company voluntarily repaid an aggregate principal amount of $213 million of InterNotes® with various maturities. As a result, the Company recognized a pretax loss on the early extinguishment of debt for the nine months ended September 30, 2021 of $1 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate. The Company also repaid approximately $173 million of long-term debt at maturity and approximately $14 million of long-term debt was repaid by consolidated variable interest entities. Available Credit Facilities The following table summarizes the Company's credit facilities:
Committed and Available Credit Facilities at Sep 30, 2022
In millions | Committed Credit | Available Credit | Maturity Date | Interest
Five Year Competitive Advance and Revolving Credit Facility | $ | 5,000 |  | $ | 5,000 |  | November 2026 | Floating rate
Bilateral Revolving Credit Facility | 200 |  | 200 |  | November 2022 | Floating rate
Bilateral Revolving Credit Facility | 200 |  | 200 |  | September 2023 | Floating rate
Bilateral Revolving Credit Facility | 250 |  | 250 |  | September 2023 | Floating rate
Bilateral Revolving Credit Facility | 300 |  | 300 |  | September 2023 | Floating rate
Bilateral Revolving Credit Facility | 300 |  | 300 |  | December 2023 | Floating rate
Bilateral Revolving Credit Facility | 300 |  | 300 |  | December 2023 | Floating rate
Bilateral Revolving Credit Facility | 100 |  | 100 |  | October 2024 | Floating rate
Bilateral Revolving Credit Facility | 100 |  | 100 |  | March 2025 | Floating rate
Bilateral Revolving Credit Facility | 250 |  | 250 |  | March 2025 | Floating rate
Bilateral Revolving Credit Facility | 100 |  | 100 |  | March 2025 | Floating rate
Bilateral Revolving Credit Facility | 100 |  | 100 |  | March 2025 | Floating rate
Bilateral Revolving Credit Facility | 200 |  | 200 |  | September 2025 | Floating rate
Bilateral Revolving Credit Facility | 100 |  | 100 |  | March 2026 | Floating rate
Bilateral Revolving Credit Facility | 100 |  | 100 |  | October 2026 | Floating rate
Bilateral Revolving Credit Facility | 150 |  | 150 |  | November 2026 | Floating rate
Bilateral Revolving Credit Facility | 100 |  | 100 |  | May 2027 | Floating rate
Bilateral Revolving Credit Facility | 350 |  | 350 |  | June 2027 | Floating rate
Bilateral Revolving Credit Facility | 200 |  | 200 |  | September 2027 | Floating rate
Total committed and available credit facilities | $ | 8,400 |  | $ | 8,400 |  |  |
Debt Covenants and Default Provisions There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first nine months of 2022. For additional information on the Company's debt covenants and default provisions, see Note 15 to the Consolidated Financial Statements included in the 2021 10-K.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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