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v3.23.2

Contractual Obligations and Commitments (Tables) | 6 Months Ended
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Jun. 30, 2023
Short-term Debt [Line Items] |
Schedule of Long-term Debt Instruments [Table Text Block] | The debt maturity schedule for our long-term debt obligations is presented below:
(in millions, except interest rates) |  | Issuance Date |  | Maturity Date |  | As of |  | Coupon Rate(1)
| June 30, 2023 |  | December 31, 2022 |
March 2024 Senior Notes |  | February 2019 |  | March 2024 |  | — |  |  | 504 |  |  | 3.450%
March 2025 Senior Notes(3) |  | March 2022 |  | March 2025 |  | 1,087 |  |  | 1,067 |  |  | 0.750%
June 2025 Senior Notes |  | May 2020 |  | June 2025 |  | 500 |  |  | 500 |  |  | 1.900%
March 2026 Senior Notes |  | February 2019 |  | March 2026 |  | 255 |  |  | 255 |  |  | 3.750%
December 2027 Senior Notes(3) |  | November 2019 |  | December 2027 |  | 978 |  |  | 960 |  |  | 0.625%
March 2028 Senior Notes(3) |  | March 2022 |  | March 2028 |  | 815 |  |  | 800 |  |  | 1.375%
March 2028 Senior Notes |  | February 2018 |  | March 2028 |  | 344 |  |  | 344 |  |  | 4.000%
March 2029 Senior Notes |  | February 2019 |  | March 2029 |  | 272 |  |  | 272 |  |  | 4.000%
June 2030 Senior Notes |  | May 2020 |  | June 2030 |  | 1,200 |  |  | 1,200 |  |  | 2.650%
March 2031 Senior Notes(3) |  | March 2022 |  | March 2031 |  | 815 |  |  | 800 |  |  | 1.625%
March 2034 Senior Notes(3) |  | March 2022 |  | March 2034 |  | 543 |  |  | 534 |  |  | 1.875%
November 2035 Senior Notes(2) |  | November 2005 |  | November 2035 |  | 350 |  |  | 350 |  |  | 6.500%
March 2039 Senior Notes |  | February 2019 |  | March 2039 |  | 450 |  |  | 450 |  |  | 4.550%
January 2040 Senior Notes |  | December 2009 |  | January 2040 |  | 300 |  |  | 300 |  |  | 7.375%
March 2049 Senior Notes |  | February 2019 |  | March 2049 |  | 650 |  |  | 650 |  |  | 4.700%
Unamortized Debt Issuance Discount and Deferred Financing Costs |  |  |  | 2023 - 2049 |  | (70) |  |  | (76) |  |  |
Finance Lease Obligation |  |  |  | Various |  | 5 |  |  | 5 |  |  |
Long-term debt |  |  |  |  |  | $ | 8,494 |  |  | $ | 8,915 |  |  |
Note: The table above does not include unamortized amounts related to interest rate contracts designated as cash flow hedges. (1) Coupon rates are semi-annual, except for the euro-denominated senior notes, which bear an annual coupon. (2) Corporate credit rating improvements may result in a decrease in the adjusted interest rate on our November 2035 Notes to the extent that our lowest credit rating is above BBB- or Baa3. The interest rates on our November 2035 Notes will be permanently reinstated to the issuance rate if the lowest credit ratings assigned to these senior notes is either A- or A3 or higher. Effective May 2023, the interest rate payable decreased by 0.25 percent and began accruing at a rate of 6.50 percent following recent upgrades to our credit ratings. (3) These notes are euro-denominated and presented in U.S. dollars based on the exchange rate in effect as of June 30, 2023 and December 31, 2022, respectively.
Summary Of Term Loan And Revolving Credit Facility Agreement Compliance With Debt Covenants [Table Text Block] | As of June 30, 2023, we were in compliance with the financial covenant required by the 2021 Revolving Credit Facility, as amended.
|  | Covenant Requirement |  | Actual
|  | as of June 30, 2023 |  | as of June 30, 2023
Maximum permitted leverage ratio(1) |  | 3.75 times |  | 2.48 times
(1)Ratio of total debt to consolidated EBITDA, as defined by the credit agreements, as amended.
Transfer of Financial Assets Accounted for as Sales [Table Text Block] |
Factoring Arrangements | As of June 30, 2023 |  | As of December 31, 2022
Amount De-recognized |  | Weighted Average Interest Rate |  | Amount De-recognized |  | Weighted Average Interest Rate
Euro denominated | $ | 217 |  |  | 5.4 | % |  | $ | 161 |  |  | 2.4 | %
Yen denominated | 179 |  |  | 0.7 | % |  | 194 |  |  | 0.6 | %
Renminbi denominated | 17 |  |  | 2.9 | % |  | 13 |  |  | 3.1 | %
Commercial Paper [Member] |
Short-term Debt [Line Items] |
Schedule of Short-term Debt [Table Text Block] | We had $41 million of commercial paper outstanding as of June 30, 2023 and none as of December 31, 2022.
| As of
(in millions, except maturity and yield) | June 30, 2023 |  | December 31, 2022
Commercial paper outstanding (at par) | $ | 41 |  |  | $ | — |
Maximum borrowing capacity | 2,750 |  |  | 2,750 |
Borrowing capacity available | 2,709 |  |  | 2,750 |
Weighted average maturity | 5 days |  | 0 days
Weighted average yield | 5.30 | % |  | — | %

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