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DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Carrying Value of Debt Obligations | The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our debt obligations, as of December 31, 2016 and 2015 (in millions). The carrying value of these debt obligations can differ from the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest rate swap hedging relationships.
| Principal |  |  |  | Carrying Value
| Amount |  | Maturity |  | 2016 |  | 2015
Commercial paper | $ | 3,250 |  |  | 2017 |  | $ | 3,250 |  |  | $ | 2,965 |
Fixed-rate senior notes: |  |  |  |  |  |  |
1.125% senior notes | 375 |  |  | 2017 |  | 374 |  |  | 372 |
5.50% senior notes | 750 |  |  | 2018 |  | 769 |  |  | 787 |
5.125% senior notes | 1,000 |  |  | 2019 |  | 1,043 |  |  | 1,064 |
3.125% senior notes | 1,500 |  |  | 2021 |  | 1,584 |  |  | 1,613 |
2.45% senior notes | 1,000 |  |  | 2022 |  | 986 |  |  | 991 |
2.40% senior notes | 500 |  |  | 2026 |  | 497 |  |  | — |
6.20% senior notes | 1,500 |  |  | 2038 |  | 1,481 |  |  | 1,481 |
4.875% senior notes | 500 |  |  | 2040 |  | 489 |  |  | 489 |
3.625% senior notes | 375 |  |  | 2042 |  | 367 |  |  | 367 |
3.40% senior notes | 500 |  |  | 2046 |  | 491 |  |  | — |
8.375% Debentures: |  |  |  |  |  |  |
8.375% debentures | 424 |  |  | 2020 |  | 461 |  |  | 474 |
8.375% debentures | 276 |  |  | 2030 |  | 282 |  |  | 282 |
Pound Sterling Notes: |  |  |  |  |  |  |
5.50% notes | 82 |  |  | 2031 |  | 76 |  |  | 92 |
5.125% notes | 560 |  |  | 2050 |  | 535 |  |  | 638 |
Euro Senior Notes: |  |  |  |  |  |  |
1.625% notes | 738 |  |  | 2025 |  | 732 |  |  | 759 |
1.000% notes | 527 |  |  | 2028 |  | 523 |  |  | — |
Floating rate senior notes | 527 |  |  | 2020 |  | 525 |  |  | 544 |
Floating rate senior notes | 833 |  |  | 2049 – 2066 |  | 824 |  |  | 600 |
Capital lease obligations | 447 |  |  | 2017– 3005 |  | 447 |  |  | 475 |
Facility notes and bonds | 320 |  |  | 2029 – 2045 |  | 319 |  |  | 319 |
Other debt | 20 |  |  | 2017 – 2022 |  | 20 |  |  | 22 |
Total debt | $ | 16,004 |  |  |  |  | 16,075 |  |  | 14,334 |
Less: current maturities |  |  |  |  | (3,681 | ) |  | (3,018 | )
Long-term debt |  |  |  |  | $ | 12,394 |  |  | $ | 11,316 |
Debt Instruments, Average Effective Interest Rate | The average interest rate payable on these notes, including the impact of the interest rate swaps, for 2016 and 2015, respectively, were as follows:
| Principal |  |  |  | Average Effective Interest Rate
| Value |  | Maturity |  | 2016 |  | 2015
1.125% senior notes | $ | 375 |  |  | 2017 |  | 1.04 | % |  | 0.68 | %
5.50% senior notes | $ | 750 |  |  | 2018 |  | 2.94 | % |  | 2.54 | %
5.125% senior notes | $ | 1,000 |  |  | 2019 |  | 2.49 | % |  | 2.06 | %
3.125% senior notes | $ | 1,500 |  |  | 2021 |  | 1.40 | % |  | 1.04 | %
2.45% senior notes | $ | 1,000 |  |  | 2022 |  | 1.26 | % |  | 0.87 | %
Recorded Value of Property, Plant and Equipment Subject to Capital Leases | The recorded value of our property, plant and equipment subject to capital leases is as follows as of December 31 (in millions):
| 2016 |  | 2015
Vehicles | $ | 68 |  |  | $ | 74 |
Aircraft | 2,291 |  |  | 2,289 |
Buildings | 190 |  |  | 207 |
Accumulated amortization | (896 | ) |  | (849 | )
Property, plant and equipment subject to capital leases | $ | 1,653 |  |  | $ | 1,721 |
Aggregate Minimum Lease Payments, Annual Principal Payments and Amounts Expected to be Spent for Purchase Commitments | The following table sets forth the aggregate minimum lease payments under capital and operating leases, the aggregate annual principal payments due under our long-term debt and the aggregate amounts expected to be spent for purchase commitments (in millions).
Year | Capital Leases |  | Operating Leases |  | Debt Principal |  | Purchase Commitments
2017 | $ | 72 |  |  | $ | 368 |  |  | $ | 3,635 |  |  | $ | 1,358 |
2018 | 70 |  |  | 302 |  |  | 756 |  |  | 1,151 |
2019 | 62 |  |  | 221 |  |  | 1,001 |  |  | 758 |
2020 | 56 |  |  | 168 |  |  | 528 |  |  | 286 |
2021 | 39 |  |  | 111 |  |  | 1,501 |  |  | 17 |
After 2021 | 370 |  |  | 300 |  |  | 8,136 |  |  | 45 |
Total | 669 |  |  | $ | 1,470 |  |  | $ | 15,557 |  |  | $ | 3,615 |
Less: imputed interest | (222 | ) |  |  |  |  |  |
Present value of minimum capitalized lease payments | 447 |  |  |  |  |  |  |
Less: current portion | (46 | ) |  |  |  |  |  |
Long-term capitalized lease obligations | $ | 401 |  |  |  |  |  |  |

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- Definition Tabular disclosure of long-lived, depreciable assets that are subject to a lease meeting the criteria for capitalization and are used in the normal conduct of business to produce goods and services. Examples may include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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