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DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Carrying Value of Debt Obligations | The carrying value of our outstanding debt obligations, as of December 31, 2024 and 2023 consists of the following (in millions):
| Principal |  |  |  | Carrying Value
| Amount |  | Maturity |  | 2024 |  | 2023
Commercial paper | $ | — |  |  |  |  | $ | — |  |  | $ | 2,172 |
Fixed Rate senior notes: |  |  |  |  |  |  |
2.800% senior notes | — |  |  | 2024 |  | — |  |  | 499 |
2.200% senior notes | — |  |  | 2024 |  | — |  |  | 400 |
3.900% senior notes | 1,000 |  |  | 2025 |  | 1,000 |  |  | 999 |
2.400% senior notes | 500 |  |  | 2026 |  | 499 |  |  | 499 |
3.050% senior notes | 1,000 |  |  | 2027 |  | 997 |  |  | 996 |
3.400% senior notes | 750 |  |  | 2029 |  | 748 |  |  | 747 |
2.500% senior notes | 400 |  |  | 2029 |  | 398 |  |  | 398 |
4.450% senior notes | 750 |  |  | 2030 |  | 746 |  |  | 745 |
4.875% senior notes | 900 |  |  | 2033 |  | 895 |  |  | 894 |
5.150% senior notes | 900 |  |  | 2034 |  | 894 |  |  | — |
6.200% senior notes | 1,500 |  |  | 2038 |  | 1,486 |  |  | 1,485 |
5.200% senior notes | 500 |  |  | 2040 |  | 495 |  |  | 494 |
4.875% senior notes | 500 |  |  | 2040 |  | 492 |  |  | 491 |
3.625% senior notes | 375 |  |  | 2042 |  | 369 |  |  | 369 |
3.400% senior notes | 500 |  |  | 2046 |  | 492 |  |  | 492 |
3.750% senior notes | 1,150 |  |  | 2047 |  | 1,138 |  |  | 1,138 |
4.250% senior notes | 750 |  |  | 2049 |  | 743 |  |  | 743 |
3.400% senior notes | 700 |  |  | 2049 |  | 689 |  |  | 689 |
5.300% senior notes | 1,250 |  |  | 2050 |  | 1,232 |  |  | 1,232 |
5.050% senior notes | 1,100 |  |  | 2053 |  | 1,083 |  |  | 1,083 |
5.500% senior notes | 1,100 |  |  | 2054 |  | 1,087 |  |  | — |
5.600% senior notes | 600 |  |  | 2064 |  | 590 |  |  | — |
Floating rate senior notes: |  |  |  |  |  |  |
Floating-rate senior notes | 1,775 |  |  | 2049-2074 |  | 1,755 |  |  | 1,545 |
Debentures: |  |  |  |  |  |  |
7.620% debentures | 276 |  |  | 2030 |  | 279 |  |  | 280 |
Pound Sterling notes: |  |  |  |  |  |  |
5.500% notes | 84 |  |  | 2031 |  | 83 |  |  | 84 |
5.125% notes | 572 |  |  | 2050 |  | 544 |  |  | 550 |
Euro Senior Notes: |  |  |  |  |  |  |
1.625% notes | 732 |  |  | 2025 |  | 731 |  |  | 774 |
1.000% notes | 523 |  |  | 2028 |  | 521 |  |  | 551 |
1.500% notes | 523 |  |  | 2032 |  | 521 |  |  | 551 |
Canadian Senior Notes: |  |  |  |  |  |  |
2.125% notes | — |  |  | 2024 |  | — |  |  | 566 |
Finance lease obligations (see Note 11) | 455 |  |  | 2025-2118 |  | 455 |  |  | 472 |
Facility notes and bonds | 320 |  |  | 2029-2045 |  | 320 |  |  | 320 |
Other debt | 2 |  |  | 2025-2026 |  | 2 |  |  | 6 |
Total debt | $ | 21,487 |  |  |  |  | $ | 21,284 |  |  | $ | 22,264 |
Less: current maturities |  |  |  |  | (1,838) |  |  | (3,348) |
Long-term debt |  |  |  |  | $ | 19,446 |  |  | $ | 18,916 |
Schedule of Maturities of Long-Term Debt | 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)
2025 | $ | 1,732 |  |  | $ | 2,925 |
2026 | 500 |  |  | 2,462 |
2027 | 1,000 |  |  | 701 |
2028 | 523 |  |  | 111 |
2029 | 1,150 |  |  | 7 |
After 2029 | 16,125 |  |  | — |
Total | $ | 21,030 |  |  | $ | 6,206 |
(1) Purchase commitments include estimates of future amounts yet to be recognized in our financial statements. In addition to the purchase commitments presented above, during the first quarter of 2025 we entered into an accelerated share repurchase agreement for $1.0 billion worth of shares to be completed during the first quarter of 2025 and an agreement to purchase certain services totaling approximately $400 million to be paid over 10 years, beginning in 2025. Purchase commitments entered into after December 31, 2024 are not reflected in the table above.

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