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DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Debt Outstanding | At December 31, 2023 and 2022, we had the following debt outstanding:
as of December 31 (in millions) | Effective interest rate in 2023¹ | 2023 1 |  | 2022 1
Commercial paper | — | % | $ | — |  |  | $ | 299 |
0.868% notes due 2023 | — | % | — |  |  | 799 |
Floating-rate notes due 2023 | — | % | — |  |  | 299 |
0.4% notes due 2024 | 0.3 | % | 828 |  |  | 799 |
1.322% notes due 2024 | 1.5 | % | 1,398 |  |  | 1,395 |
7.0% notes due 2024 | 7.0 | % | 13 |  |  | 13 |
Floating-rate notes due 2024 | 5.7 | % | 300 |  |  | 299 |
Term loan maturing 2024 | 6.9 | % | 130 |  |  | 1,664 |
1.3% notes due 2025 | 1.1 | % | 662 |  |  | 640 |
2.6% notes due 2026 | 2.7 | % | 748 |  |  | 748 |
Term loan maturing 2026 | 6.5 | % | 1,643 |  |  | 1,643 |
7.65% debentures due 2027 | 8.3 | % | 5 |  |  | 5 |
1.915% notes due 2027 | 2.0 | % | 1,445 |  |  | 1,443 |
6.625% debentures due 2028 | 5.7 | % | 95 |  |  | 96 |
2.272% notes due 2028 | 2.4 | % | 1,244 |  |  | 1,242 |
1.3% notes due 2029 | 1.4 | % | 828 |  |  | 792 |
3.95% notes due 2030 | 4.1 | % | 496 |  |  | 496 |
1.73% notes due 2031 | 2.7 | % | 646 |  |  | 645 |
2.539% notes due 2032 | 2.6 | % | 1,540 |  |  | 1,538 |
6.25% notes due 2037 | 6.4 | % | 265 |  |  | 265 |
3.65% notes due 2042 | 3.8 | % | 6 |  |  | 7 |
4.5% notes due 2043 | 4.6 | % | 256 |  |  | 256 |
3.5% notes due 2046 | 3.7 | % | 440 |  |  | 441 |
3.132% notes due 2051 | 3.2 | % | 741 |  |  | 742 |
Finance leases and other | 9.1 | % | 69 |  |  | 70 |
Total debt and finance lease obligations |  | 13,798 |  |  | 16,636 |
Short-term debt |  | — |  |  | (299) |
Current maturities of long-term debt and finance lease obligations |  | (2,668) |  |  | (1,105) |
Long-term debt and finance lease obligations |  | $ | 11,130 |  |  | $ | 15,232 |
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 and Finance Lease Maturities
as of and for the years ended December 31 (in millions) | Debt maturities
2024 | $ | 2,677 |
2025 | 668 |
2026 | 2,401 |
2027 | 1,460 |
2028 | 1,347 |
Thereafter | 5,302 |
Total debt and finance lease maturities | 13,855 |
Discounts, premiums, and adjustments relating to hedging instruments | (57) |
Total debt and finance lease obligations | $ | 13,798 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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