| Carrying Value of Debt Obligations |
The carrying value of our outstanding debt obligations, as of December 31, 2021 and 2020 consists of the following (in millions):
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Principal |
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Carrying Value |
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Amount |
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Maturity |
|
2021 |
|
2020 |
| Commercial paper |
$ |
— |
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|
2021 |
|
$ |
— |
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|
$ |
15 |
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| Fixed-rate senior notes: |
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|
|
|
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3.125% senior notes |
— |
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|
2021 |
|
— |
|
|
1,507 |
|
2.050% senior notes |
— |
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|
2021 |
|
— |
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|
700 |
|
2.450% senior notes |
1,000 |
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|
2022 |
|
1,010 |
|
|
1,028 |
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2.350% senior notes |
600 |
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|
2022 |
|
600 |
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|
599 |
|
2.500% senior notes |
1,000 |
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|
2023 |
|
998 |
|
|
997 |
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2.800% senior notes |
500 |
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|
2024 |
|
498 |
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|
498 |
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2.200% senior notes |
400 |
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|
2024 |
|
399 |
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|
398 |
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3.900% senior notes |
1,000 |
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|
2025 |
|
996 |
|
|
995 |
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2.400% senior notes |
500 |
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|
2026 |
|
498 |
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|
498 |
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3.050% senior notes |
1,000 |
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|
2027 |
|
994 |
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|
993 |
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3.400% senior notes |
750 |
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|
2029 |
|
746 |
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|
746 |
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2.500% senior notes |
400 |
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|
2029 |
|
397 |
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|
397 |
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4.450% senior notes |
750 |
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|
2030 |
|
744 |
|
|
743 |
|
6.200% senior notes |
1,500 |
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|
2038 |
|
1,484 |
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|
1,483 |
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5.200% senior notes |
500 |
|
|
2040 |
|
494 |
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|
493 |
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4.875% senior notes |
500 |
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|
2040 |
|
491 |
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|
490 |
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3.625% senior notes |
375 |
|
|
2042 |
|
368 |
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|
368 |
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3.400% senior notes |
500 |
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|
2046 |
|
492 |
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|
491 |
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3.750% senior notes |
1,150 |
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|
2047 |
|
1,137 |
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|
1,137 |
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4.250% senior notes |
750 |
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|
2049 |
|
743 |
|
|
742 |
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3.400% senior notes |
700 |
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|
2049 |
|
688 |
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|
688 |
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5.300% senior notes |
1,250 |
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|
2050 |
|
1,231 |
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|
1,231 |
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| Floating-rate senior notes: |
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| Floating-rate senior notes |
— |
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|
2021 |
|
— |
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|
350 |
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| Floating-rate senior notes |
400 |
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|
2022 |
|
400 |
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|
399 |
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| Floating-rate senior notes |
500 |
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|
2023 |
|
500 |
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|
499 |
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| Floating-rate senior notes |
1,039 |
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|
2049-2067 |
|
1,027 |
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|
1,027 |
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| Debentures: |
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7.620% debentures(1)
|
276 |
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|
2030 |
|
280 |
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|
281 |
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| Pound Sterling Notes: |
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5.500% notes |
90 |
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|
2031 |
|
89 |
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|
90 |
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5.125% notes |
614 |
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|
2050 |
|
583 |
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|
586 |
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| Euro Senior Notes: |
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0.375% senior notes |
793 |
|
|
2023 |
|
791 |
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|
857 |
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1.625% senior notes |
793 |
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|
2025 |
|
791 |
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|
856 |
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1.000% senior notes |
567 |
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|
2028 |
|
564 |
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|
611 |
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1.500% senior notes |
567 |
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|
2032 |
|
564 |
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|
611 |
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| Canadian senior notes: |
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2.125% senior notes |
586 |
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|
2024 |
|
585 |
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|
583 |
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| Finance lease obligations |
408 |
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|
2022 – 2046 |
|
408 |
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|
342 |
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| Facility notes and bonds |
320 |
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|
2029 – 2045 |
|
320 |
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|
320 |
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| Other debt |
5 |
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2022 – 2025 |
|
5 |
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|
5 |
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| Total debt |
$ |
22,083 |
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21,915 |
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24,654 |
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| Less: current maturities |
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(2,131) |
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(2,623) |
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| Long-term debt |
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$ |
19,784 |
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$ |
22,031 |
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(1) On April 1, 2020, the interest rate on these debentures decreased from 8.375% to 7.620% for the remaining 10 years until maturity.
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| 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 2021 and 2020 were as follows:
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Principal |
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|
Average Effective Interest Rate |
|
Value |
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Maturity |
|
2021 |
|
2020 |
|
|
|
|
|
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|
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3.125% senior notes |
$ |
1,500 |
|
|
2021 |
|
1.07 |
% |
|
1.60 |
% |
2.450% senior notes |
1,000 |
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|
2022 |
|
0.76 |
% |
|
1.55 |
% |
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| 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 and anticipated interest payments on our long-term debt and our projected aggregate annual purchase commitments (in millions):
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| Year |
Debt Principal |
|
Debt Interest (1)
|
|
Purchase
Commitments (1)
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| 2022 |
$ |
2,003 |
|
|
$ |
722 |
|
|
$ |
2,454 |
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| 2023 |
2,295 |
|
|
668 |
|
1,467 |
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| 2024 |
1,487 |
|
|
630 |
|
939 |
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| 2025 |
1,794 |
|
|
636 |
|
363 |
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| 2026 |
500 |
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|
523 |
|
81 |
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| After 2026 |
13,598 |
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|
7167 |
|
69 |
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| Total |
$ |
21,677 |
|
|
$ |
10,346 |
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$ |
5,373 |
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(1) Debt interest and purchase commitments include estimates of future amounts yet to be recognized in our financial statements.
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