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Contractual Obligations and Commitments (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The debt maturity schedule for our long-term debt obligations is presented below:
|  | Issuance Date |  | Maturity Date |  | As of December 31, |  | Coupon Rate(1)
(in millions, except interest rates) |  |  |  | 2023 |  | 2022 |
March 2024 Notes |  | February 2019 |  | March 2024 |  | — |  |  | 504 |  |  | 3.450%
March 2025 Senior Notes(3) |  | March 2022 |  | March 2025 |  | 1,105 |  |  | 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 |  | 995 |  |  | 960 |  |  | 0.625%
March 2028 Senior Notes(3) |  | March 2022 |  | March 2028 |  | 829 |  |  | 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 |  | 829 |  |  | 800 |  |  | 1.625%
March 2034 Senior Notes(3) |  | March 2022 |  | March 2034 |  | 553 |  |  | 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 |  |  |  | 2024 - 2049 |  | (65) |  |  | (76) |  |  |
Finance Lease Obligation |  |  |  | Various |  | 5 |  |  | 5 |  |  |
Long-term debt |  |  |  |  |  | $ | 8,571 |  |  | $ | 8,915 |  |  |
(1) Coupon rates are semi-annual, except for the euro-denominated 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 of 6.25% if the lowest credit ratings assigned to these senior notes is either A- or A3 or higher. (3) These notes are euro-denominated and presented in U.S. dollars based on the exchange rate in effect as of December 31, 2023 and 2022, respectively.
Contractual Obligation, Fiscal Year Maturity | Contractual maturities of our long-term debt outstanding as of December 31, 2023 are as follows (in millions):
Fiscal Year |
2025 | 1,605 |
2026 | 255 |
2027 | 995 |
2028 | 1,173 |
Thereafter | 4,604 |
Summary Of Term Loan And Revolving Credit Facility Agreement Compliance With Debt Covenants | As of December 31, 2023, we were in compliance with the financial covenant required by the 2021 Revolving Credit Facility.
| Covenant Requirement as of December 31, 2023 |  | Actual as of December 31, 2023
Maximum permitted leverage ratio(1) | 3.75 times |  | 2.33 times
(1) Ratio of total debt to deemed consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), as defined by the 2021 Revolving Credit Facility credit agreement, as amended.
Transfer of Financial Assets Accounted for as Sales | Amounts de-recognized for accounts and notes receivable, which are excluded from Trade accounts receivable, net in our accompanying consolidated balance sheets, are aggregated by contract denominated currency below (in millions):
| As of December 31, 2023 |  | As of December 31, 2022
Factoring Arrangements | Amount De-recognized |  | Weighted Average Interest Rate |  | Amount De-recognized |  | Weighted Average Interest Rate
Euro denominated | $ | 206 |  |  | 5.1 | % |  | $ | 161 |  |  | 2.4 | %
Yen denominated | 214 |  |  | 0.6 | % |  | 194 |  |  | 0.6 | %
Renminbi denominated | 14 |  |  | 2.9 | % |  | 13 |  |  | 3.1 | %
Long-term Purchase Commitment | As of December 31, 2023, future minimum purchase obligations, relating primarily to non-cancellable inventory commitments and capital expenditures entered in the normal course of business, were (in millions):
Fiscal Year | Unrecorded Purchase Obligations
2024 | $ | 951 |
2025 | 283 |
2026 | 155 |
2027 | 45 |
2028 | 31 |
Thereafter | 150 |
| $ | 1,615 |

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