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DEBT AND FINANCING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Carrying Value of Debt Obligations The carrying value of our outstanding debt obligations, as of December 31, 2022 and 2021 consists of the following (in millions):
PrincipalCarrying Value
AmountMaturity20222021
Fixed-rate senior notes:
2.450% senior notes
$— 2022$— $1,010 
2.350% senior notes
— 2022— 600 
2.500% senior notes
1,000 2023999 998 
2.800% senior notes
500 2024499 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 2027995 994 
3.400% senior notes
750 2029747 746 
2.500% senior notes
400 2029397 397 
4.450% senior notes
750 2030744 744 
6.200% senior notes
1,500 20381,485 1,484 
5.200% senior notes
500 2040494 494 
4.875% senior notes
500 2040491 491 
3.625% senior notes
375 2042369 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
80 203179 89 
     5.125% notes
548 2050521 583 
Euro Senior Notes:
0.375% senior notes
746 2023745 791 
1.625% senior notes
746 2025744 791 
1.000% senior notes
533 2028531 564 
1.500% senior notes
533 2032530 564 
Canadian senior notes:
     2.125% senior notes
554 2024553 585 
Finance lease obligations (see note 11)
390 2023 – 2063390 408 
Facility notes and bonds320 2029 – 2045320 320 
Other debt36 2023 – 202636 5 
Total debt$19,826 19,662 21,915 
Less: current maturities(2,341)(2,131)
Long-term debt$17,321 $19,784 
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 the years ended December 31, 2022 and 2021 were as follows:
PrincipalAverage Effective Interest Rate
ValueMaturity20222021
3.125% senior notes
$1,500 2021— %1.07 %
2.450% senior notes
1,000 20221.75 %0.76 %
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 payments on our long-term debt and our projected aggregate annual purchase commitments (in millions):
YearDebt Principal
Purchase
Commitments (1)
2023$2,259 $1,990 
20241,460 1,102 
20251,748 846 
2026515 304 
20271,000 — 
After 202712,454 — 
Total$19,436 $4,242 
(1) Purchase commitments include estimates of future amounts yet to be recognized in our financial statements.