Commercial paper-based financings agreement value

[Table of Contents](#i988dd6b5140d4a1b8c6b4c50f020743f_10)As of both December 31, 2021 and 2020, the fair value of the notes receivable was $2.3 billion. As of both December 31, 2021 and 2020, the fair value of this debt was $2.1 billion. The notes receivable and debt are classified as Level 2 within the fair value hierarchy, which is further defined in [Note 17](#i988dd6b5140d4a1b8c6b4c50f020743f_199).  
Activity between the Company and the 2007 financing entities was as follows:   


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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| In millions | 2021 | 2020 | 2019 |
| Revenue (a) | $ | 24  |  | $ | 41  |  | $ | 79  |  |
| Expense (b) | 24  |  | 43  |  | 76  |  |
| Cash receipts (c) | 5  |  | 29  |  | 62  |  |
| Cash payments (d) | 16  |  | 40  |  | 69  |  |

  
(a)The revenue is included in Interest expense, net, in the accompanying consolidated statement of operations and includes approximately $19 million for the years ended December 31, 2021, 2020 and 2019, respectively, of accretion income for the amortization of the purchase accounting adjustment on the Financial assets of variable interest entities.(b) The expense is included in Interest expense, net, in the accompanying consolidated statement of operations and includes approximately $7 million for the years ended December 31, 2021, 2020 and 2019 respectively, of accretion expense for the amortization of the purchase accounting adjustment on the Long-term nonrecourse financial liabilities of variable interest entities.(c) The cash receipts are interest received on the Financial assets of special purpose entities.(d) The cash payments are interest paid on Nonrecourse financial liabilities of special purpose entities.  
  
[NOTE 16 DEBT AND LINES OF CREDIT](#i988dd6b5140d4a1b8c6b4c50f020743f_196)  
Amounts related to early debt extinguishment during the years ended December 31, 2021, 2020 and 2019 were as follows:   


|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| In millions | 2021 | 2020 | 2019 |
| 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 additionto 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 Impa](#i988dd6b5140d4a1b8c6b4c50f020743f_172)[irments of](#i988dd6b5140d4a1b8c6b4c50f020743f_172) [Businesses](#i988dd6b5140d4a1b8c6b4c50f020743f_172). 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.  
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