DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Carrying Value of Debt Obligations

The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our debt obligations, as of December 31, 2013 and 2012 (in millions). The carrying value of these debt obligations can differ from the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest rate swap hedging relationships.

	Principal			Carrying Value
	Amount		Maturity	2013			2012
Commercial paper	$	—		$	—		$	—
Fixed-rate senior notes:
4.50% senior notes	1,750		2013	—			1,751
3.875% senior notes	1,000		2014	1,007			1,033
1.125% senior notes	375		2017	367			373
5.50% senior notes	750		2018	821			851
5.125% senior notes	1,000		2019	1,079			1,140
3.125% senior notes	1,500		2021	1,579			1,655
2.45% senior notes	1,000		2022	913			996
6.20% senior notes	1,500		2038	1,481			1,480
4.875% senior notes	500		2040	489			489
3.625% senior notes	375		2042	367			367
8.375% Debentures:
8.375% debentures	424		2020	479			512
8.375% debentures	276		2030	283			284
Pound Sterling Notes:
5.50% notes	110		2031	105			103
5.125% notes	750		2050	714			699
Floating rate senior notes	374		2049 – 2053	370			374
Capital lease obligations	473		2014 – 3004	473			440
Facility notes and bonds	320		2015 – 2036	320			320
Other debt	25		2014 - 2022	25			3
Total debt	$	12,502		10,872			12,870
Less: current maturities				(48		)	(1,781		)
Long-term debt				$	10,824		$	11,089

Debt Instruments, Average Effective Interest Rate

The average interest rate payable on these notes, including the impact of the interest rate swaps, for 2013 and 2012, respectively, were as follows:

	Principal		Average Effective Interest Rate
	Value	Maturity	2013		2012
4.50% senior notes	1,750	2013	2.43	%	2.51	%
3.875% senior notes	1,000	2014	0.97	%	1.14	%
1.125% senior notes	375	2017	0.64	%	0.57	%
5.50% senior notes	750	2018	2.53	%	2.71	%
5.125% senior notes	1,000	2019	2.01	%	2.20	%
3.125% senior notes	1,500	2021	1.11	%	1.28	%
2.45% senior notes	1,000	2022	0.86	%	0.86	%

Recorded Value of Property, Plant and Equipment Subject to Capital Leases

The recorded value of our property, plant and equipment subject to capital leases is as follows as of December 31 (in millions):

	2013			2012
Vehicles	$	49		$	63
Aircraft	2,289			2,282
Buildings	181			65
Plant Equipment	2			2
Technology Equipment	—			3
Accumulated amortization	(727		)	(611		)
	$	1,794		$	1,804

Aggregate Minimum Lease Payments, Annual Principal Payments and Amounts Expected to be Spent for Purchase Commitments

The following table sets forth the aggregate minimum lease payments under capital and operating leases, the aggregate annual principal payments due under our long-term debt, and the aggregate amounts expected to be spent for purchase commitments (in millions).

Year	Capital Leases			Operating Leases		Debt Principal		Purchase Commitments
2014	$	67		$	310	$	1,009	$	333
2015	65			239		107		100
2016	58			180		6		50
2017	58			146		377		11
2018	53			99		750		—
After 2018	422			242		8,030		—
Total	723			$	1,216	$	10,279	$	494
Less: imputed interest	(250		)
Present value of minimum capitalized lease payments	473
Less: current portion	(39		)
Long-term capitalized lease obligations	$	434