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DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Carrying Value of Debt Obligations | The carrying value of our outstanding debt obligations, as of December 31, 2020 and 2019 consists of the following (in millions):
| Principal |  |  |  | Carrying Value
| Amount |  | Maturity |  | 2020 |  | 2019
Commercial paper | $ | 15 |  |  | 2021 |  | $ | 15 |  |  | $ | 3,234 |
Fixed-rate senior notes: |  |  |  |  |  |  |
3.125% senior notes | 1,500 |  |  | 2021 |  | 1,507 |  |  | 1,524 |
2.050% senior notes | 700 |  |  | 2021 |  | 700 |  |  | 699 |
2.450% senior notes | 1,000 |  |  | 2022 |  | 1,028 |  |  | 1,003 |
2.350% senior notes | 600 |  |  | 2022 |  | 599 |  |  | 598 |
2.500% senior notes | 1,000 |  |  | 2023 |  | 997 |  |  | 995 |
2.800% senior notes | 500 |  |  | 2024 |  | 498 |  |  | 497 |
2.200% senior notes | 400 |  |  | 2024 |  | 398 |  |  | 398 |
3.900% senior notes | 1,000 |  |  | 2025 |  | 995 |  |  | — |
2.400% senior notes | 500 |  |  | 2026 |  | 498 |  |  | 498 |
3.050% senior notes | 1,000 |  |  | 2027 |  | 993 |  |  | 992 |
3.400% senior notes | 750 |  |  | 2029 |  | 746 |  |  | 745 |
2.500% senior notes | 400 |  |  | 2029 |  | 397 |  |  | 397 |
4.450% senior notes | 750 |  |  | 2030 |  | 743 |  |  | — |
6.200% senior notes | 1,500 |  |  | 2038 |  | 1,483 |  |  | 1,483 |
5.200% senior notes | 500 |  |  | 2040 |  | 493 |  |  | — |
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 |  | 1,137 |  |  | 1,136 |
4.250% senior notes | 750 |  |  | 2049 |  | 742 |  |  | 742 |
3.400% senior notes | 700 |  |  | 2049 |  | 688 |  |  | 688 |
5.300% senior notes | 1,250 |  |  | 2050 |  | 1,231 |  |  | — |
Floating-rate senior notes: |  |  |  |  |  |  |
Floating-rate senior notes | 350 |  |  | 2021 |  | 350 |  |  | 349 |
Floating-rate senior notes | 400 |  |  | 2022 |  | 399 |  |  | 399 |
Floating-rate senior notes | 500 |  |  | 2023 |  | 499 |  |  | 499 |
Floating-rate senior notes | 1,039 |  |  | 2049-2067 |  | 1,027 |  |  | 1,028 |
8.375% Debentures: |  |  |  |  |  |  |
8.375% debentures | — |  |  | 2020 |  | — |  |  | 426 |
8.375% debentures | 276 |  |  | 2030 |  | 281 |  |  | 281 |
Pound Sterling Notes: |  |  |  |  |  |  |
5.500% notes | 90 |  |  | 2031 |  | 90 |  |  | 86 |
5.125% notes | 618 |  |  | 2050 |  | 586 |  |  | 566 |
Euro Senior Notes: |  |  |  |  |  |  |
0.375% senior notes | 860 |  |  | 2023 |  | 857 |  |  | 779 |
1.625% senior notes | 860 |  |  | 2025 |  | 856 |  |  | 779 |
1.000% senior notes | 614 |  |  | 2028 |  | 611 |  |  | 556 |
1.500% senior notes | 614 |  |  | 2032 |  | 611 |  |  | 556 |
Floating-rate senior notes | — |  |  | 2020 |  | — |  |  | 559 |
Canadian senior notes: |  |  |  |  |  |  |
2.125% senior notes | 585 |  |  | 2024 |  | 583 |  |  | 571 |
Finance lease obligations | 342 |  |  | 2021 – 2159 |  | 342 |  |  | 498 |
Facility notes and bonds | 320 |  |  | 2029 – 2045 |  | 320 |  |  | 320 |
Other debt | 6 |  |  | 2021 – 2025 |  | 5 |  |  | 8 |
Total debt | $ | 24,814 |  |  |  |  | 24,654 |  |  | 25,238 |
Less: current maturities |  |  |  |  | (2,623) |  |  | (3,420) |
Long-term debt |  |  |  |  | $ | 22,031 |  |  | $ | 21,818 |
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 2020 and 2019 were as follows:
| Principal |  |  |  | Average Effective Interest Rate
| Value |  | Maturity |  | 2020 |  | 2019
5.125% senior notes | $ | 1,000 |  |  | 2019 |  | — | % |  | 4.48 | %
3.125% senior notes | 1,500 |  |  | 2021 |  | 1.60 | % |  | 2.59 | %
2.450% senior notes | 1,000 |  |  | 2022 |  | 1.55 | % |  | 3.03 | %
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
2021 | $ | 2,568 |  |  | $ | 2,730 |
2022 | 2,001 |  |  | 1,415 |
2023 | 2,360 |  |  | 404 |
2024 | 1,485 |  |  | 201 |
2025 | 1,860 |  |  | 60 |
After 2025 | 14,198 |  |  | 1 |
Total | $ | 24,472 |  |  | $ | 4,811 |

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