The Company's debt from continuing operations at December 31 consisted of:

(In thousands)	2000	1999
Commercial paper	$ 798,029	$2,841,630
Notes payable:
7.70% notes due 2000	-	1,000,000
6.50% notes due 2002	250,000	250,000
7.90% notes due 2005	1,000,000	1,000,000
7.25% debentures due 2023	250,000	250,000
Pollution control and industrial   revenue bonds:   5.1%-5.8% due 2006-2020	85,150	96,850
Other debt:   2.1% - 24.0% due 2001-2009	70,328	48,759
	2,453,507	5,487,239
Less current portion	58,717	1,880,816
	$2,394,790	$3,606,423

  The fair value of the Company's outstanding debt was $2,506,594,000 and $5,490,427,000 at December 31, 2000 and 1999, respectively. The fair value of the Company's outstanding debt was estimated based on market prices.

The weighted average interest rate on the commercial paper outstanding at December 31, 2000 and 1999 was 6.45% and 5.72%, respectively. The commercial paper had original maturities that did not exceed 270 days and a weighted average remaining maturity of 35 days and 42 days at December 31, 2000 and 1999, respectively.

In 1998, the Company reduced its $5,000,000,000 revolving credit facility to $2,000,000,000 by terminating a $2,500,000,000, 364-day credit facility in its entirety and by reducing a $2,500,000,000, five-year credit facility to $2,000,000,000. The remaining $2,000,000,000, five-year credit facility supports a significant portion of the Company's commercial paper program and has a maturity date of July 31, 2002.

In March 2001, subsequent to the date of the "Report of Independent Public Accountants," the Company obtained new revolving credit facilities totaling $6,000,000,000 to support future expected borrowings under its commercial paper program. The new credit facilities are composed of a $3,000,000,000, 364-day facility with the option to extend the term of borrowings, if any, under the facility for an additional year and a $3,000,000,000, 364-day bridge facility to capital markets, which will be terminated upon the issuance of term debt by the Company during 2001.

The interest rate on borrowings under the three credit facilities, which total $8,000,000,000, is based on various rate options available to the Company. The proceeds of the credit facilities may be used to support commercial paper and the Company's general corporate and working capital requirements, including payments related to the Redux and Pondimin litigation. The credit facilities each contain the same financial covenant and various other customary covenants, representations, warranties, conditions and default provisions. At December 31, 2000 and 1999, there were no borrowings outstanding under the $2,000,000,000 credit facility. The entire balance of commercial paper outstanding at December 31, 2000 and the portion of commercial paper outstanding at December 31, 1999 supported by the $2,000,000,000 credit facility were classified as Long-term debt since the Company intends, and has the ability, to refinance these obligations through the issuance of additional commercial paper, through the use of its $2,000,000,000 credit facility or through the issuance of long-term debt. Outstanding commercial paper of $841,630,000 at December 31, 1999 was classified as current, representing the amount of the outstanding commercial paper borrowings in excess of the Company's $2,000,000,000 credit facility that supports the commercial paper program.

The Company has outstanding $1,000,000,000 of 7.90% notes due February 2005. These non-callable notes, which have semiannual interest payments due on February 15 and August 15, are unsecured and unsubordinated. The Company also has outstanding $250,000,000 of 6.50% notes due October 2002 and $250,000,000 of 7.25% debentures due March 2023. The 6.50% non-callable notes have semiannual interest payments due on April 15 and October 15. The 7.25% non-callable debentures have semiannual interest payments due on March 1 and September 1. The non-callable notes and debentures are unsecured and unsubordinated. The Company's $1,000,000,000 of 7.70% notes, which were classified as current at December 31, 1999, were due and repaid in February 2000. The aggregate maturities of debt during the next five years and thereafter at December 31, 2000 are as follows:

(In thousands)
2001	$ 58,717
2002	252,347
2003	7,697
2004	5,788
2005	1,001,394
Thereafter	329,535
	1,655,478
Commercial paper (classified as Long-term debt)	798,029
Total debt	$2,453,507

Interest payments in connection with the Company's debt obligations for the years ended December 31, 2000, 1999 and 1998 amounted to $342,970,000, $294,790,000 and $316,018,000, respectively.

Interest expense, net included interest income of $181,278,000, $129,406,000 and $115,813,000 in 2000, 1999 and 1998, respectively. Interest capitalized in connection with capital projects was $43,303,000, $15,375,000 and $9,497,000 in 2000, 1999 and 1998, respectively.

The Company enters into short-term foreign exchange forward contracts as part of its management of foreign currency exposures (see Note 1). At December 31, 2000 and 1999, the Company had notional amounts of $558,768,000 and $681,102,000, respectively, of foreign exchange forward contracts outstanding. The fair value of the foreign exchange forward contracts was a net receivable of $3,355,000 at December 31, 2000 and a net payable of $12,979,000 at December 31, 1999. The Company believes that the risk of loss associated with the foreign currency agreements from non-performance by the counterparties is not material to its financial position, results of operations or cash flows.