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Contractual Obligations and Commitments (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  |  |  | 2024 |  | 2023 |
March 2025 Senior Notes(3) |  | March 2022 |  | March 2025 |  | — |  |  | 1,105 |  |  | 0.750%
June 2025 Senior Notes |  | May 2020 |  | June 2025 |  | — |  |  | 500 |  |  | 1.900%
March 2026 Senior Notes |  | February 2019 |  | March 2026 |  | 255 |  |  | 255 |  |  | 3.750%
December 2027 Senior Notes(3) |  | November 2019 |  | December 2027 |  | 935 |  |  | 995 |  |  | 0.625%
March 2028 Senior Notes(3) |  | March 2022 |  | March 2028 |  | 779 |  |  | 829 |  |  | 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%
March 2029 Senior Notes(3) |  | February 2024 |  | March 2029 |  | 779 |  |  | — |  |  | 3.375%
June 2030 Senior Notes |  | May 2020 |  | June 2030 |  | 1,200 |  |  | 1,200 |  |  | 2.650%
March 2031 Senior Notes(3) |  | March 2022 |  | March 2031 |  | 779 |  |  | 829 |  |  | 1.625%
March 2032 Senior Notes(3) |  | February 2024 |  | March 2032 |  | 1,299 |  |  | — |  |  | 3.500%
March 2034 Senior Notes(3) |  | March 2022 |  | March 2034 |  | 519 |  |  | 553 |  |  | 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 |  |  |  | 2025 - 2049 |  | (70) |  |  | (65) |  |  |
Finance Lease Obligation |  |  |  | Various |  | 126 |  |  | 5 |  |  |
Long-term debt |  |  |  |  |  | $ | 8,968 |  |  | $ | 8,571 |  |  |
(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, 2024 and 2023, respectively.
Contractual Obligation, Fiscal Year Maturity | Contractual maturities of our Senior Notes classified as long-term debt as of December 31, 2024 are as follows (in millions):
Fiscal Year |
2026 | 255 |
2027 | 935 |
2028 | 1,123 |
2029 | 1,051 |
Thereafter | 5,547 |
Summary Of Term Loan And Revolving Credit Facility Agreement Compliance With Debt Covenants | As of December 31, 2024, we were in compliance with the financial covenant required by the 2021 Revolving Credit Facility.
| Covenant Requirement as of December 31, 2024 |  | Actual as of December 31, 2024
Maximum permitted leverage ratio(1) | 4.75 times |  | 2.26 times
(1) Ratio of total debt to deemed consolidated EBITDA, as defined by the 2021 Revolving Credit Facility credit agreement.
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, 2024 |  | As of December 31, 2023
Factoring Arrangements | Amount De-recognized |  | Weighted Average Interest Rate |  | Amount De-recognized |  | Weighted Average Interest Rate
Euro denominated | $ | 176 |  |  | 5.3 | % |  | $ | 206 |  |  | 5.1 | %
Yen denominated | 193 |  |  | 0.9 | % |  | 214 |  |  | 0.6 | %
Renminbi denominated | 26 |  |  | 2.0 | % |  | 14 |  |  | 2.9 | %
Long-term Purchase Commitment | As of December 31, 2024, 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
2025 | $ | 881 |
2026 | 220 |
2027 | 125 |
2028 | 108 |
2029 | 21 |
Thereafter | 159 |
| $ | 1,514 |
Supplier Finance Program | The following is a roll forward of outstanding payables related to our supplier finance program:
(in millions) |
Balance as of December 31, 2023 | $ | 152 |
Additions | 664 |
Settlements | (677) |
Balance as of December 31, 2024 | $ | 140 |
Schedule of Short-term Debt [Table Text Block] |
| As of December 31,
(in millions, except maturity and yield) | 2024 |  | 2023
Commercial paper outstanding (at par) | $ | 191 |  |  | $ | — |
Maximum borrowing capacity | 2,750 |  |  | 2,750 |
Borrowing capacity available | 2,559 |  |  | 2,750 |
Weighted average maturity | 20 days |  | 0 days
Weighted average yield | 4.71 | % |  | — | %

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