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DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Carrying Value of Debt Obligations | The carrying value of our outstanding debt obligations, as of December 31, 2022 and 2021 consists of the following (in millions):
| Principal |  |  |  | Carrying Value
| Amount |  | Maturity |  | 2022 |  | 2021
Fixed-rate senior notes: |  |  |  |  |  |  |
2.450% senior notes | $ | — |  |  | 2022 |  | $ | — |  |  | $ | 1,010 |
2.350% senior notes | — |  |  | 2022 |  | — |  |  | 600 |
2.500% senior notes | 1,000 |  |  | 2023 |  | 999 |  |  | 998 |
2.800% senior notes | 500 |  |  | 2024 |  | 499 |  |  | 498 |
2.200% senior notes | 400 |  |  | 2024 |  | 399 |  |  | 399 |
3.900% senior notes | 1,000 |  |  | 2025 |  | 997 |  |  | 996 |
2.400% senior notes | 500 |  |  | 2026 |  | 499 |  |  | 498 |
3.050% senior notes | 1,000 |  |  | 2027 |  | 995 |  |  | 994 |
3.400% senior notes | 750 |  |  | 2029 |  | 747 |  |  | 746 |
2.500% senior notes | 400 |  |  | 2029 |  | 397 |  |  | 397 |
4.450% senior notes | 750 |  |  | 2030 |  | 744 |  |  | 744 |
6.200% senior notes | 1,500 |  |  | 2038 |  | 1,485 |  |  | 1,484 |
5.200% senior notes | 500 |  |  | 2040 |  | 494 |  |  | 494 |
4.875% senior notes | 500 |  |  | 2040 |  | 491 |  |  | 491 |
3.625% senior notes | 375 |  |  | 2042 |  | 369 |  |  | 368 |
3.400% senior notes | 500 |  |  | 2046 |  | 492 |  |  | 492 |
3.750% senior notes | 1,150 |  |  | 2047 |  | 1,137 |  |  | 1,137 |
4.250% senior notes | 750 |  |  | 2049 |  | 743 |  |  | 743 |
3.400% senior notes | 700 |  |  | 2049 |  | 688 |  |  | 688 |
5.300% senior notes | 1,250 |  |  | 2050 |  | 1,231 |  |  | 1,231 |
Floating-rate senior notes: |  |  |  |  |  |  |
Floating-rate senior notes | — |  |  | 2022 |  | — |  |  | 400 |
Floating-rate senior notes | 500 |  |  | 2023 |  | 500 |  |  | 500 |
Floating-rate senior notes | 1,039 |  |  | 2049-2067 |  | 1,027 |  |  | 1,027 |
Debentures: |  |  |  |  |  |  |
7.620% debentures | 276 |  |  | 2030 |  | 280 |  |  | 280 |
Pound Sterling Notes: |  |  |  |  |  |  |
5.500% notes | 80 |  |  | 2031 |  | 79 |  |  | 89 |
5.125% notes | 548 |  |  | 2050 |  | 521 |  |  | 583 |
Euro Senior Notes: |  |  |  |  |  |  |
0.375% senior notes | 746 |  |  | 2023 |  | 745 |  |  | 791 |
1.625% senior notes | 746 |  |  | 2025 |  | 744 |  |  | 791 |
1.000% senior notes | 533 |  |  | 2028 |  | 531 |  |  | 564 |
1.500% senior notes | 533 |  |  | 2032 |  | 530 |  |  | 564 |
Canadian senior notes: |  |  |  |  |  |  |
2.125% senior notes | 554 |  |  | 2024 |  | 553 |  |  | 585 |
Finance lease obligations (see note 11) | 390 |  |  | 2023 – 2063 |  | 390 |  |  | 408 |
Facility notes and bonds | 320 |  |  | 2029 – 2045 |  | 320 |  |  | 320 |
Other debt | 36 |  |  | 2023 – 2026 |  | 36 |  |  | 5 |
Total debt | $ | 19,826 |  |  |  |  | 19,662 |  |  | 21,915 |
Less: current maturities |  |  |  |  | (2,341) |  |  | (2,131) |
Long-term debt |  |  |  |  | $ | 17,321 |  |  | $ | 19,784 |
Debt Instruments, Average Effective Interest Rate | The average interest rates payable on the notes where fixed interest rates were swapped to variable interest rates, including the impact of the interest rate swaps, for the years ended December 31, 2022 and 2021 were as follows:
| Principal |  |  |  | Average Effective Interest Rate
| Value |  | Maturity |  | 2022 |  | 2021
3.125% senior notes | $ | 1,500 |  |  | 2021 |  | — | % |  | 1.07 | %
2.450% senior notes | 1,000 |  |  | 2022 |  | 1.75 | % |  | 0.76 | %
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 on our long-term debt and our projected aggregate annual purchase commitments (in millions):
Year | Debt Principal |  | Purchase Commitments (1)
2023 | $ | 2,259 |  |  | $ | 1,990 |
2024 | 1,460 |  |  | 1,102 |
2025 | 1,748 |  |  | 846 |
2026 | 515 |  |  | 304 |
2027 | 1,000 |  |  | — |
After 2027 | 12,454 |  |  | — |
Total | $ | 19,436 |  |  | $ | 4,242 |
(1) Purchase commitments include estimates of future amounts yet to be recognized in our financial statements.

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