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DEBT AND FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
DEBT AND FINANCING ARRANGEMENTS DEBT AND FINANCING ARRANGEMENTS The carrying value of our outstanding debt obligations as of June 30, 2022 and December 31, 2021 consists of the following (in millions):
Principal
Amount		Carrying Value
Maturity20222021
Fixed-rate senior notes:
2.450% senior notes
1,000 2022999 1,010 
2.350% senior notes
— 2022— 600 
2.500% senior notes
1,000 2023999 998 
2.800% senior notes
500 2024498 498 
2.200% senior notes
400 2024399 399 
3.900% senior notes
1,000 2025997 996 
2.400% senior notes
500 2026499 498 
3.050% senior notes
1,000 2027994 994 
3.400% senior notes
750 2029746 746 
2.500% senior notes
400 2029397 397 
4.450% senior notes
750 2030744 744 
6.200% senior notes
1,500 20381,484 1,484 
5.200% senior notes
500 2040494 494 
4.875% senior notes
500 2040491 491 
3.625% senior notes
375 2042368 368 
3.400% senior notes
500 2046492 492 
3.750% senior notes
1,150 20471,137 1,137 
4.250% senior notes
750 2049743 743 
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— 2022— 400 
Floating-rate senior notes500 2023500 500 
Floating-rate senior notes1,039 2049-20671,027 1,027 
Debentures:
7.620% debentures
276 2030280 280 
Pound Sterling notes:
5.500% notes
81 203180 89 
5.125% notes
553 2050525 583 
Euro senior notes:
0.375% senior notes
728 2023727 791 
1.625% senior notes
728 2025726 791 
1.000% senior notes
520 2028518 564 
1.500% senior notes
520 2032517 564 
Canadian senior notes:
2.125% senior notes
582 2024580 585 
Finance lease obligations372 2022-2046372 408 
Facility notes and bonds320 2029-2045320 320 
Other debt4 2022-20254 5 
Total debt$20,748 20,576 21,915 
Less: current maturities(2,579)(2,131)
Long-term debt$17,997 $19,784 
Commercial Paper
We are authorized to borrow up to $10.0 billion under a U.S. commercial paper program and €5.0 billion (in a variety of currencies) under a European commercial paper program. As of June 30, 2022, we had no outstanding balances under our commercial paper programs.
Debt Classification
We have classified certain floating-rate senior notes that are redeemable at the option of the note holder as long-term liabilities on our consolidated balance sheets, due to our intent and ability to refinance the debt if the put option is exercised.
Debt Repayments
During the quarter ended June 30, 2022, our 2.350% senior notes with a principal balance of $600 million and our floating rate senior notes with a principal balance of $400 million matured and were repaid in full.
Reference Rate Reform
Our floating-rate senior notes with maturities ranging from 2049 through 2067 bear interest at rates that reference the London Interbank Offer Rate ("LIBOR") for U.S. Dollars. As part of a broader program of reference rate reform, it is expected that U.S. Dollar LIBOR rates will cease to be published after June 2023. We are currently working to transition these notes to an alternative reference rate, and we anticipate that the Secured Overnight Financing Rate ("SOFR") will be adopted in accordance with recommendations of the Alternative Reference Rates Committee.
Sources of Credit
We maintain two credit agreements with a consortium of banks. The first of these agreements provides revolving credit facilities of $1.0 billion, and expires on December 6, 2022. Amounts outstanding under this agreement bear interest at a periodic fixed rate equal to the term SOFR rate, plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of June 30, 2022 was 0.875%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, may be used at our discretion.
The second agreement provides revolving credit facilities of $2.0 billion, and expires on December 7, 2026. Amounts outstanding under this facility bear interest at a periodic fixed rate equal to the term SOFR rate plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of June 30, 2022 was 0.875%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, plus an applicable margin, may be used at our discretion.
If the credit ratings established by Standard & Poors and Moody's differ, the higher rating will be used, except in cases where the lower rating is two or more levels lower. In these circumstances, the rating one step below the higher rating will be used. We are also able to request advances under these facilities based on competitive bids for the applicable interest rate. There were no amounts outstanding under these facilities as of June 30, 2022.
Debt Covenants
Our existing debt instruments and credit facilities subject us to certain financial covenants. As of June 30, 2022, and for all prior periods presented, we have satisfied these financial covenants. These covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions, to 10% of net tangible assets. As of June 30, 2022, 10% of net tangible assets was equivalent to $4.7 billion and we had no covered sale-leaseback transactions or secured indebtedness outstanding. We do not expect these covenants to have a material impact on our financial condition or liquidity.
Fair Value of Debt
Based on the borrowing rates currently available to us for long-term debt with similar terms and maturities, the fair value of long-term debt, including current maturities, was approximately $20.4 and $25.1 billion as of June 30, 2022 and December 31, 2021, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of all of our debt instruments.