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DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Debt Outstanding | At December 31, 2021 and 2020, we had the following debt outstanding:
as of December 31 (in millions) | Effective interest rate in 2021¹ | 2021 1 |  | 2020 1
Commercial paper | 0.3 | % | $ | 300 |  |  | $ | — |
1.7% notes due 2021 | 1.9 | % | — |  |  | 400 |
2.4% notes due 2022 | 2.5 | % | 203 |  |  | 203 |
0.868% notes due 2023 | 1.2 | % | 797 |  |  | — |
Floating-rate notes due 2023 | 1.9 | % | 298 |  |  | — |
0.4% notes due 2024 | 0.6 | % | 846 |  |  | 915 |
1.322% notes due 2024 | 1.7 | % | 1,393 |  |  | — |
7.0% notes due 2024 | 7.0 | % | 13 |  |  | — |
Floating-rate notes due 2024 | 0.9 | % | 298 |  |  | — |
Term loan due 2024 | 1.8 | % | 1,998 |  |  | — |
1.3% notes due in 2025 | 1.4 | % | 678 |  |  | 734 |
2.6% notes due 2026 | 2.7 | % | 747 |  |  | 746 |
Term loan due 2026 | 1.9 | % | 1,998 |  |  | — |
7.65% debentures due 2027 | 7.7 | % | 5 |  |  | 5 |
1.915% notes due 2027 | 2.2 | % | 1,441 |  |  | — |
6.625% debentures due 2028 | 5.6 | % | 96 |  |  | 97 |
2.272% notes due 2028 | 2.5 | % | 1,241 |  |  | — |
1.3% notes due 2029 | 1.4 | % | 841 |  |  | 912 |
3.95% notes due 2030 | 4.0 | % | 495 |  |  | 495 |
1.73% notes due 2031 | 3.2 | % | 644 |  |  | 644 |
2.539% notes due 2032 | 2.7 | % | 1,537 |  |  | — |
6.25% notes due 2037 | 6.3 | % | 265 |  |  | 265 |
3.65% notes due 2042 | 3.7 | % | 6 |  |  | 6 |
4.5% notes due 2043 | 4.6 | % | 256 |  |  | 256 |
3.5% notes due 2046 | 3.6 | % | 441 |  |  | 440 |
3.132% notes due 2051 | 3.2 | % | 742 |  |  | — |
Finance leases and other | 9.3 | % | 81 |  |  | 74 |
Total debt |  | 17,660 |  |  | 6,192 |
Short-term debt |  | (301) |  |  | — |
Current maturities of long-term debt and finance lease obligations |  | (210) |  |  | (406) |
Long-term debt and finance lease obligations |  | $ | 17,149 |  |  | $ | 5,786 |
1 Book values include any discounts, premiums and adjustments related to hedging instruments and effective interest rates reflect amortization of those items.
Schedule of Maturities of Long-term Debt | Future Debt Maturities
as of and for the years ended December 31 (in millions) | Debt maturities
2022 | $ | 513 |
2023 | 1,108 |
2024 | 4,567 |
2025 | 684 |
2026 | 2,754 |
Thereafter | 8,128 |
Total obligations and commitments | 17,754 |
Discounts, premiums, and adjustments relating to hedging instruments | (94) |
Total debt | $ | 17,660 |

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