| Carrying Value of Debt Obligations |
The carrying value of our outstanding debt obligations, as of December 31, 2019 and 2018 consists of the following (in millions):
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Principal |
|
|
|
Carrying Value |
|
Amount |
|
Maturity |
|
2019 |
|
2018 |
Commercial paper |
$ |
3,243 |
|
|
2020 |
|
$ |
3,234 |
|
|
$ |
2,662 |
|
Fixed-rate senior notes: |
|
|
|
|
|
|
|
5.125% senior notes |
1,000 |
|
|
2019 |
|
— |
|
|
998 |
|
3.125% senior notes |
1,500 |
|
|
2021 |
|
1,524 |
|
|
1,492 |
|
2.050% senior notes |
700 |
|
|
2021 |
|
699 |
|
|
698 |
|
2.450% senior notes |
1,000 |
|
|
2022 |
|
1,003 |
|
|
1,023 |
|
2.350% senior notes |
600 |
|
|
2022 |
|
598 |
|
|
597 |
|
2.500% senior notes |
1,000 |
|
|
2023 |
|
995 |
|
|
994 |
|
2.800% senior notes |
500 |
|
|
2024 |
|
497 |
|
|
496 |
|
2.200% senior notes |
400 |
|
|
2024 |
|
398 |
|
|
— |
|
2.400% senior notes |
500 |
|
|
2026 |
|
498 |
|
|
498 |
|
3.050% senior notes |
1,000 |
|
|
2027 |
|
992 |
|
|
991 |
|
3.400% senior notes |
750 |
|
|
2029 |
|
745 |
|
|
— |
|
2.500% senior notes |
400 |
|
|
2029 |
|
397 |
|
|
— |
|
6.200% senior notes |
1,500 |
|
|
2038 |
|
1,483 |
|
|
1,482 |
|
4.875% senior notes |
500 |
|
|
2040 |
|
490 |
|
|
490 |
|
3.625% senior notes |
375 |
|
|
2042 |
|
368 |
|
|
368 |
|
3.400% senior notes |
500 |
|
|
2046 |
|
491 |
|
|
491 |
|
3.750% senior notes |
1,150 |
|
|
2047 |
|
1,136 |
|
|
1,136 |
|
4.250% senior notes |
750 |
|
|
2049 |
|
742 |
|
|
— |
|
3.400% senior notes |
700 |
|
|
2049 |
|
688 |
|
|
— |
|
Floating-rate senior notes: |
|
|
|
|
|
|
|
Floating-rate senior notes |
350 |
|
|
2021 |
|
349 |
|
|
349 |
|
Floating-rate senior notes |
400 |
|
|
2022 |
|
399 |
|
|
399 |
|
Floating-rate senior notes |
500 |
|
|
2023 |
|
499 |
|
|
499 |
|
Floating-rate senior notes |
1,041 |
|
|
2049-2067 |
|
1,028 |
|
|
1,029 |
|
8.375% Debentures: |
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|
|
|
|
|
|
8.375% debentures |
424 |
|
|
2020 |
|
426 |
|
|
419 |
|
8.375% debentures |
276 |
|
|
2030 |
|
281 |
|
|
274 |
|
Pound Sterling Notes: |
|
|
|
|
|
|
|
5.500% notes |
87 |
|
|
2031 |
|
86 |
|
|
84 |
|
5.125% notes |
597 |
|
|
2050 |
|
566 |
|
|
546 |
|
Euro Senior Notes: |
|
|
|
|
|
|
|
0.375% senior notes |
783 |
|
|
2023 |
|
779 |
|
|
797 |
|
1.625% senior notes |
783 |
|
|
2025 |
|
779 |
|
|
798 |
|
1.000% senior notes |
560 |
|
|
2028 |
|
556 |
|
|
570 |
|
1.500% senior notes |
560 |
|
|
2032 |
|
556 |
|
|
569 |
|
Floating-rate senior notes |
560 |
|
|
2020 |
|
559 |
|
|
572 |
|
Canadian senior notes: |
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|
|
|
|
|
|
2.125% senior notes |
573 |
|
|
2024 |
|
571 |
|
|
548 |
|
Finance lease obligations |
498 |
|
|
2020 – 2210 |
|
498 |
|
|
534 |
|
Facility notes and bonds |
320 |
|
|
2029 – 2045 |
|
320 |
|
|
320 |
|
Other debt |
8 |
|
|
2020 – 2025 |
|
8 |
|
|
13 |
|
Total debt |
$ |
26,388 |
|
|
|
|
25,238 |
|
|
22,736 |
|
Less: current maturities |
|
|
|
|
(3,420 |
) |
|
(2,805 |
) |
Long-term debt |
|
|
|
|
$ |
21,818 |
|
|
$ |
19,931 |
|
|
| Debt Instruments, Average Effective Interest Rate |
The average interest rate payable on the notes where fixed interest rates were swapped to variable-based interest rates, including the impact of the interest rate swaps, for 2019 and 2018 were as follows:
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Principal |
|
|
|
Average Effective Interest Rate |
|
Value |
|
Maturity |
|
2019 |
|
2018 |
5.50% senior notes |
$ |
750 |
|
|
2018 |
|
— |
% |
|
3.63 |
% |
5.125% senior notes |
1,000 |
|
|
2019 |
|
4.48 |
% |
|
3.99 |
% |
3.125% senior notes |
1,500 |
|
|
2021 |
|
2.59 |
% |
|
2.32 |
% |
2.45% senior notes |
1,000 |
|
|
2022 |
|
3.03 |
% |
|
2.77 |
% |
|
| 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 due under our long-term debt and the aggregate amounts expected to be spent for purchase commitments (in millions).
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|
Year |
Debt Principal |
|
Purchase
Commitments(1)
|
2020 |
$ |
4,232 |
|
|
3,569 |
|
2021 |
2,551 |
|
|
1,982 |
|
2022 |
2,001 |
|
|
966 |
|
2023 |
2,284 |
|
|
323 |
|
2024 |
1,474 |
|
|
261 |
|
After 2024 |
12,349 |
|
|
201 |
|
Total |
$ |
24,891 |
|
|
$ |
7,302 |
|
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