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DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Carrying Value of Debt Obligations | The carrying value of our outstanding debt obligations, as of December 31, 2019 and 2018 consists of the following (in millions):
| Principal |  |  |  | Carrying Value
| Amount |  | Maturity |  | 2019 |  | 2018
Commercial paper | $ | 3,243 |  |  | 2020 |  | $ | 3,234 |  |  | $ | 2,662 |
Fixed-rate senior notes: |  |  |  |  |  |  |
5.125% senior notes | 1,000 |  |  | 2019 |  | — |  |  | 998 |
3.125% senior notes | 1,500 |  |  | 2021 |  | 1,524 |  |  | 1,492 |
2.050% senior notes | 700 |  |  | 2021 |  | 699 |  |  | 698 |
2.450% senior notes | 1,000 |  |  | 2022 |  | 1,003 |  |  | 1,023 |
2.350% senior notes | 600 |  |  | 2022 |  | 598 |  |  | 597 |
2.500% senior notes | 1,000 |  |  | 2023 |  | 995 |  |  | 994 |
2.800% senior notes | 500 |  |  | 2024 |  | 497 |  |  | 496 |
2.200% senior notes | 400 |  |  | 2024 |  | 398 |  |  | — |
2.400% senior notes | 500 |  |  | 2026 |  | 498 |  |  | 498 |
3.050% senior notes | 1,000 |  |  | 2027 |  | 992 |  |  | 991 |
3.400% senior notes | 750 |  |  | 2029 |  | 745 |  |  | — |
2.500% senior notes | 400 |  |  | 2029 |  | 397 |  |  | — |
6.200% senior notes | 1,500 |  |  | 2038 |  | 1,483 |  |  | 1,482 |
4.875% senior notes | 500 |  |  | 2040 |  | 490 |  |  | 490 |
3.625% senior notes | 375 |  |  | 2042 |  | 368 |  |  | 368 |
3.400% senior notes | 500 |  |  | 2046 |  | 491 |  |  | 491 |
3.750% senior notes | 1,150 |  |  | 2047 |  | 1,136 |  |  | 1,136 |
4.250% senior notes | 750 |  |  | 2049 |  | 742 |  |  | — |
3.400% senior notes | 700 |  |  | 2049 |  | 688 |  |  | — |
Floating-rate senior notes: |  |  |  |  |  |  |
Floating-rate senior notes | 350 |  |  | 2021 |  | 349 |  |  | 349 |
Floating-rate senior notes | 400 |  |  | 2022 |  | 399 |  |  | 399 |
Floating-rate senior notes | 500 |  |  | 2023 |  | 499 |  |  | 499 |
Floating-rate senior notes | 1,041 |  |  | 2049-2067 |  | 1,028 |  |  | 1,029 |
8.375% Debentures: |  |  |  |  |  |  |
8.375% debentures | 424 |  |  | 2020 |  | 426 |  |  | 419 |
8.375% debentures | 276 |  |  | 2030 |  | 281 |  |  | 274 |
Pound Sterling Notes: |  |  |  |  |  |  |
5.500% notes | 87 |  |  | 2031 |  | 86 |  |  | 84 |
5.125% notes | 597 |  |  | 2050 |  | 566 |  |  | 546 |
Euro Senior Notes: |  |  |  |  |  |  |
0.375% senior notes | 783 |  |  | 2023 |  | 779 |  |  | 797 |
1.625% senior notes | 783 |  |  | 2025 |  | 779 |  |  | 798 |
1.000% senior notes | 560 |  |  | 2028 |  | 556 |  |  | 570 |
1.500% senior notes | 560 |  |  | 2032 |  | 556 |  |  | 569 |
Floating-rate senior notes | 560 |  |  | 2020 |  | 559 |  |  | 572 |
Canadian senior notes: |  |  |  |  |  |  |
2.125% senior notes | 573 |  |  | 2024 |  | 571 |  |  | 548 |
Finance lease obligations | 498 |  |  | 2020 – 2210 |  | 498 |  |  | 534 |
Facility notes and bonds | 320 |  |  | 2029 – 2045 |  | 320 |  |  | 320 |
Other debt | 8 |  |  | 2020 – 2025 |  | 8 |  |  | 13 |
Total debt | $ | 26,388 |  |  |  |  | 25,238 |  |  | 22,736 |
Less: current maturities |  |  |  |  | (3,420 | ) |  | (2,805 | )
Long-term debt |  |  |  |  | $ | 21,818 |  |  | $ | 19,931 |
Debt Instruments, Average Effective Interest Rate | The average interest rate payable on the notes where fixed interest rates were swapped to variable-based interest rates, including the impact of the interest rate swaps, for 2019 and 2018 were as follows:
| Principal |  |  |  | Average Effective Interest Rate
| Value |  | Maturity |  | 2019 |  | 2018
5.50% senior notes | $ | 750 |  |  | 2018 |  | — | % |  | 3.63 | %
5.125% senior notes | 1,000 |  |  | 2019 |  | 4.48 | % |  | 3.99 | %
3.125% senior notes | 1,500 |  |  | 2021 |  | 2.59 | % |  | 2.32 | %
2.45% senior notes | 1,000 |  |  | 2022 |  | 3.03 | % |  | 2.77 | %
Aggregate Minimum Lease Payments, Annual Principal Payments and Amounts Expected to be Spent for Purchase Commitments | The following table sets forth 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 | Debt Principal |  | Purchase Commitments(1)
2020 | $ | 4,232 |  |  | 3,569 |
2021 | 2,551 |  |  | 1,982 |
2022 | 2,001 |  |  | 966 |
2023 | 2,284 |  |  | 323 |
2024 | 1,474 |  |  | 261 |
After 2024 | 12,349 |  |  | 201 |
Total | $ | 24,891 |  |  | $ | 7,302 |

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