XML 50 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1
DEBT AND FINANCING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Carrying Value of Debt Obligations
The carrying value of our outstanding debt obligations, as of December 31, 2021 and 2020 consists of the following (in millions):
PrincipalCarrying Value
AmountMaturity20212020
Commercial paper$— 2021$— $15 
Fixed-rate senior notes:
3.125% senior notes
— 2021— 1,507 
2.050% senior notes
— 2021— 700 
2.450% senior notes
1,000 20221,010 1,028 
2.350% senior notes
600 2022600 599 
2.500% senior notes
1,000 2023998 997 
2.800% senior notes
500 2024498 498 
2.200% senior notes
400 2024399 398 
3.900% senior notes
1,000 2025996 995 
2.400% senior notes
500 2026498 498 
3.050% senior notes
1,000 2027994 993 
3.400% senior notes
750 2029746 746 
2.500% senior notes
400 2029397 397 
4.450% senior notes
750 2030744 743 
6.200% senior notes
1,500 20381,484 1,483 
5.200% senior notes
500 2040494 493 
4.875% senior notes
500 2040491 490 
3.625% senior notes
375 2042368 368 
3.400% senior notes
500 2046492 491 
3.750% senior notes
1,150 20471,137 1,137 
4.250% senior notes
750 2049743 742 
3.400% senior notes
700 2049688 688 
5.300% senior notes
1,250 20501,231 1,231 
Floating-rate senior notes:
     Floating-rate senior notes— 2021— 350 
     Floating-rate senior notes400 2022400 399 
     Floating-rate senior notes500 2023500 499 
Floating-rate senior notes1,039 2049-20671,027 1,027 
Debentures:
7.620% debentures(1)
276 2030280 281 
Pound Sterling Notes:
     5.500% notes
90 203189 90 
     5.125% notes
614 2050583 586 
Euro Senior Notes:
0.375% senior notes
793 2023791 857 
1.625% senior notes
793 2025791 856 
1.000% senior notes
567 2028564 611 
1.500% senior notes
567 2032564 611 
Canadian senior notes:
     2.125% senior notes
586 2024585 583 
Finance lease obligations408 2022 – 2046408 342 
Facility notes and bonds320 2029 – 2045320 320 
Other debt5 2022 – 20255 5 
Total debt$22,083 21,915 24,654 
Less: current maturities(2,131)(2,623)
Long-term debt$19,784 $22,031 
(1) On April 1, 2020, the interest rate on these debentures decreased from 8.375% to 7.620% for the remaining 10 years until maturity.
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 2021 and 2020 were as follows:
PrincipalAverage Effective Interest Rate
ValueMaturity20212020
3.125% senior notes
$1,500 20211.07 %1.60 %
2.450% senior notes
1,000 20220.76 %1.55 %
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 and anticipated interest payments on our long-term debt and our projected aggregate annual purchase commitments (in millions):
YearDebt Principal
Debt Interest (1)
Purchase
Commitments (1)
2022$2,003 $722 $2,454 
20232,295 6681,467 
20241,487 630939 
20251,794 636363 
2026500 52381 
After 202613,598 716769 
Total$21,677 $10,346 $5,373 
(1) Debt interest and purchase commitments include estimates of future amounts yet to be recognized in our financial statements.