Annual report pursuant to Section 13 and 15(d)

DEBT AND BORROWING ARRANGEMENTS (Tables)

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DEBT AND BORROWING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Components of long-term debt
The Company’s long-term debt consisted of the following (in millions except average rate data):
December 31, 2021 December 31, 2020
Amount
Average Rate1
Amount
Average Rate1
Fixed interest rate long-term debt:
U.S. dollar notes due 2023-2093 $ 21,953  2.2  % $ 22,550  2.0  %
U.S. dollar debentures due 2022-2098 1,316  5.2  1,342  5.1 
Australian dollar notes due 2024 398  2.5  400  2.5 
Euro notes due 2023-2041 13,249  0.4  13,369  0.3 
Swiss franc notes due 2022-2028 1,234  2.3  1,236  2.7 
Variable interest rate long-term debt:
Euro notes due 2021 —  —  452  0.0 
Other, due through 20982
821  6.0  615  5.2 
Fair value adjustments3
483               N/A 646                N/A
Total4,5
39,454  1.7  % 40,610  1.6  %
Less: Current portion 1,338    485   
Long-term debt $ 38,116    $ 40,125   
1Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross-currency swap agreements and fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management.
2As of December 31, 2021, the amount shown includes $690 million of debt instruments and finance leases that are due through 2046.
3Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy.
4As of December 31, 2021 and 2020, the fair value of our long-term debt, including the current portion, was $40,311 million and $43,218 million, respectively.
5The above notes and debentures include various restrictions, none of which is presently significant to our Company.
Schedule of Maturities of Long-term Debt
The following table summarizes the maturities of long-term debt for the five years succeeding December 31, 2021 (in millions):
Maturities of
Long-Term Debt
2022 $ 1,338 
2023 177 
2024 2,023 
2025 18 
2026 1,733