Annual report pursuant to Section 13 and 15(d)

DEBT AND FINANCING ARRANGEMENTS (Tables)

v3.22.4
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):
Principal Carrying Value
Amount Maturity 2022 2021
Fixed-rate senior notes:
2.450% senior notes
$ —  2022 $ —  $ 1,010 
2.350% senior notes
—  2022 —  600 
2.500% senior notes
1,000  2023 999  998 
2.800% senior notes
500  2024 499  498 
2.200% senior notes
400  2024 399  399 
3.900% senior notes
1,000  2025 997  996 
2.400% senior notes
500  2026 499  498 
3.050% senior notes
1,000  2027 995  994 
3.400% senior notes
750  2029 747  746 
2.500% senior notes
400  2029 397  397 
4.450% senior notes
750  2030 744  744 
6.200% senior notes
1,500  2038 1,485  1,484 
5.200% senior notes
500  2040 494  494 
4.875% senior notes
500  2040 491  491 
3.625% senior notes
375  2042 369  368 
3.400% senior notes
500  2046 492  492 
3.750% senior notes
1,150  2047 1,137  1,137 
4.250% senior notes
750  2049 743  743 
3.400% senior notes
700  2049 688  688 
5.300% senior notes
1,250  2050 1,231  1,231 
Floating-rate senior notes:
     Floating-rate senior notes —  2022 —  400 
     Floating-rate senior notes 500  2023 500  500 
Floating-rate senior notes 1,039  2049-2067 1,027  1,027 
Debentures:
7.620% debentures
276  2030 280  280 
Pound Sterling Notes:
     5.500% notes
80  2031 79  89 
     5.125% notes
548  2050 521  583 
Euro Senior Notes:
0.375% senior notes
746  2023 745  791 
1.625% senior notes
746  2025 744  791 
1.000% senior notes
533  2028 531  564 
1.500% senior notes
533  2032 530  564 
Canadian senior notes:
     2.125% senior notes
554  2024 553  585 
Finance lease obligations (see note 11)
390  2023 – 2063 390  408 
Facility notes and bonds 320  2029 – 2045 320  320 
Other debt 36  2023 – 2026 36 
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:
Principal Average Effective Interest Rate
Value Maturity 2022 2021
3.125% senior notes
$ 1,500  2021 —  % 1.07  %
2.450% senior notes
1,000  2022 1.75  % 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):
Year Debt Principal
Purchase
Commitments (1)
2023 $ 2,259  $ 1,990 
2024 1,460  1,102 
2025 1,748  846 
2026 515  304 
2027 1,000  — 
After 2027 12,454  — 
Total $ 19,436  $ 4,242 
(1) Purchase commitments include estimates of future amounts yet to be recognized in our financial statements.