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DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Debt Outstanding | At December 31, 2022 and 2021, we had the following debt outstanding:
as of December 31 (in millions) | Effective interest rate in 2022¹ | 2022 1 |  | 2021 1
Commercial paper | 4.8 | % | $ | 299 |  |  | $ | 300 |
2.4% notes due 2022 | 2.5 | % | — |  |  | 203 |
0.868% notes due 2023 | 1.1 | % | 799 |  |  | 797 |
Floating-rate notes due 2023 | 2.3 | % | 299 |  |  | 298 |
0.4% notes due 2024 | 0.9 | % | 799 |  |  | 846 |
1.322% notes due 2024 | 1.5 | % | 1,395 |  |  | 1,393 |
7.0% notes due 2024 | 7.0 | % | 13 |  |  | 13 |
Floating-rate notes due 2024 | 2.3 | % | 299 |  |  | 298 |
Term loan due 2024 | 3.0 | % | 1,664 |  |  | 1,998 |
1.3% notes due 2025 | 1.5 | % | 640 |  |  | 678 |
2.6% notes due 2026 | 2.7 | % | 748 |  |  | 747 |
Term loan due 2026 | 3.1 | % | 1,643 |  |  | 1,998 |
7.65% debentures due 2027 | 7.7 | % | 5 |  |  | 5 |
1.915% notes due 2027 | 2.1 | % | 1,443 |  |  | 1,441 |
6.625% debentures due 2028 | 5.7 | % | 96 |  |  | 96 |
2.272% notes due 2028 | 2.4 | % | 1,242 |  |  | 1,241 |
1.3% notes due 2029 | 1.5 | % | 792 |  |  | 841 |
3.95% notes due 2030 | 4.1 | % | 496 |  |  | 495 |
1.73% notes due 2031 | 2.7 | % | 645 |  |  | 644 |
2.539% notes due 2032 | 2.6 | % | 1,538 |  |  | 1,537 |
6.25% notes due 2037 | 6.3 | % | 265 |  |  | 265 |
3.65% notes due 2042 | 3.6 | % | 7 |  |  | 6 |
4.5% notes due 2043 | 4.6 | % | 256 |  |  | 256 |
3.5% notes due 2046 | 3.7 | % | 441 |  |  | 441 |
3.132% notes due 2051 | 3.2 | % | 742 |  |  | 742 |
Finance leases and other | 9.4 | % | 70 |  |  | 81 |
Total debt |  | 16,636 |  |  | 17,660 |
Short-term debt |  | (299) |  |  | (301) |
Current maturities of long-term debt and finance lease obligations |  | (1,105) |  |  | (210) |
Long-term debt and finance lease obligations |  | $ | 15,232 |  |  | $ | 17,149 |
1 Book values include any discounts, premiums and adjustments related to hedging instruments and effective interest rates reflect amortization of those items.
Future Debt Maturities | Future Debt Maturities
as of and for the years ended December 31 (in millions) | Debt maturities
2023 | $ | 1,404 |
2024 | 4,182 |
2025 | 643 |
2026 | 2,399 |
2027 | 1,459 |
Thereafter | 6,615 |
Total obligations and commitments | 16,702 |
Discounts, premiums, and adjustments relating to hedging instruments | (66) |
Total debt | $ | 16,636 |

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