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DEBT AND FINANCING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Carrying Value of Debt Obligations The carrying value of our outstanding debt obligations, as of December 31, 2020 and 2019 consists of the following (in millions):
PrincipalCarrying Value
AmountMaturity20202019
Commercial paper$15 2021$15 $3,234 
Fixed-rate senior notes:
3.125% senior notes
1,500 20211,507 1,524 
2.050% senior notes
700 2021700 699 
2.450% senior notes
1,000 20221,028 1,003 
2.350% senior notes
600 2022599 598 
2.500% senior notes
1,000 2023997 995 
2.800% senior notes
500 2024498 497 
2.200% senior notes
400 2024398 398 
3.900% senior notes
1,000 2025995 — 
2.400% senior notes
500 2026498 498 
3.050% senior notes
1,000 2027993 992 
3.400% senior notes
750 2029746 745 
2.500% senior notes
400 2029397 397 
4.450% senior notes
750 2030743 — 
6.200% senior notes
1,500 20381,483 1,483 
5.200% senior notes
500 2040493 — 
4.875% senior notes
500 2040490 490 
3.625% senior notes
375 2042368 368 
3.400% senior notes
500 2046491 491 
3.750% senior notes
1,150 20471,137 1,136 
4.250% senior notes
750 2049742 742 
3.400% senior notes
700 2049688 688 
5.300% senior notes
1,250 20501,231 — 
Floating-rate senior notes:
     Floating-rate senior notes350 2021350 349 
     Floating-rate senior notes400 2022399 399 
     Floating-rate senior notes500 2023499 499 
Floating-rate senior notes1,039 2049-20671,027 1,028 
8.375% Debentures:
8.375% debentures
— 2020— 426 
8.375% debentures
276 2030281 281 
Pound Sterling Notes:
     5.500% notes
90 203190 86 
     5.125% notes
618 2050586 566 
Euro Senior Notes:
0.375% senior notes
860 2023857 779 
1.625% senior notes
860 2025856 779 
1.000% senior notes
614 2028611 556 
1.500% senior notes
614 2032611 556 
Floating-rate senior notes— 2020— 559 
Canadian senior notes:
     2.125% senior notes
585 2024583 571 
Finance lease obligations342 2021 – 2159342 498 
Facility notes and bonds320 2029 – 2045320 320 
Other debt6 2021 – 20255 8 
Total debt$24,814 24,654 25,238 
Less: current maturities(2,623)(3,420)
Long-term debt$22,031 $21,818 
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 2020 and 2019 were as follows:
PrincipalAverage Effective Interest Rate
ValueMaturity20202019
5.125% senior notes
$1,000 2019— %4.48 %
3.125% senior notes
1,500 20211.60 %2.59 %
2.450% senior notes
1,000 20221.55 %3.03 %
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):
YearDebt PrincipalPurchase
Commitments
2021$2,568 $2,730 
20222,001 1,415 
20232,360 404 
20241,485 201 
20251,860 60 
After 202514,198 1 
Total$24,472 $4,811