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Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt
| June 30, 2024 |  | December 31, 2023
5.125% Notes, due 2024(1) | $ | 205 |  |  | $ | 205 |
6.875% Notes, due 2025(2) | 577 |  |  | 600 |
USD Term Loan Facility, due 2026 | 200 |  |  | 200 |
JPY Term Loan Facility, due 2026 | 185 |  |  | 211 |
5.900% Notes, due 2027 | 625 |  |  | 625 |
6.750% Bonds, due 2028 | 300 |  |  | 300 |
3.000% Notes, due 2029 | 700 |  |  | 700 |
5.950% Notes, due 2037 | 625 |  |  | 625 |
4.750% Iowa Finance Authority Loan, due 2042 | 250 |  |  | 250 |
Other, net(3) | (8) |  |  | (10) |
| 3,659 |  |  | 3,706 |
Less: amount due within one year | 782 |  |  | 206 |
Total long-term debt | $ | 2,877 |  |  | $ | 3,500 |
(1)On July 1, 2024, the Company completed the early redemption of all the remaining outstanding principal amount of $205 of its 5.125% Notes, due in October 2024 (the “5.125% Notes”). (2)The 6.875% Notes, due 2025 (the “6.875% Notes”) are due in May 2025. (3)Includes unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above and various financing arrangements related to subsidiaries. Public Debt In January 2023, the Company repurchased approximately $26 aggregate principal amount of the 5.125% Notes through an open market repurchase (“OMR”). The OMR was settled at slightly less than par value. In March 2023, the Company completed the early partial redemption of an additional $150 aggregate principal amount of the 5.125% Notes in accordance with the terms of the notes, and paid an aggregate of $155, including accrued interest and an early termination premium of approximately $4 and $1, respectively, which were recorded in Interest expense, net, and Loss on debt redemption, respectively, in the Statement of Consolidated Operations. In the second quarter of 2024, the Company repurchased approximately $23 aggregate principal amount of the 6.875% Notes through an OMR. The OMR was settled at slightly more than par value. On July 1, 2024, the Company completed the early redemption of all of the remaining outstanding principal amount of $205 of the 5.125% Notes. The Company redeemed the 5.125% Notes at par value plus accrued interest. The 5.125% Notes were redeemed with cash on hand at an aggregate redemption price of approximately $208, including accrued interest of approximately $3. Term Loan Facilities The Company maintains (i) a U.S. dollar-denominated, senior unsecured term loan facility (the “USD Term Loan Facility”) and (ii) a Japanese yen-denominated, senior unsecured term loan facility (the “JPY Term Loan Facility”), each of which matures on November 22, 2026 unless earlier terminated in accordance with the provisions of the applicable term loan agreement. The term loan agreements relating to these facilities contain respective covenants, including, among others, a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the agreements) as of the end of each fiscal quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 1.00. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the USD Term Loan Facility and JPY Term Loan Facility. The amounts outstanding under the USD Term Loan Facility were $200 as of June 30, 2024 and December 31, 2023. The amounts outstanding under the JPY Term Loan Facility were ¥29,702 million ($185) and ¥29,702 million ($211) as of June 30, 2024 and December 31, 2023, respectively. The Company has entered into interest rate swaps to exchange the floating interest rates of the USD Term Loan Facility and JPY Term Loan Facility to fixed interest rates of 5.795% and 2.044%, respectively. Credit Facility The Company has entered into a Five-Year Revolving Credit Agreement (the “Credit Agreement”) that provides a $1,000 senior unsecured revolving credit facility that matures on July 27, 2028. The Credit Agreement contains covenants, including, among others, a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Credit Agreement) as of the end of each fiscal quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 1.00. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the Credit Agreement. There were no amounts outstanding under the Credit Agreement as of June 30, 2024 or December 31, 2023, and no amounts were borrowed during 2024 or 2023 under the Credit Agreement. Commercial Pape r On April 4, 2024, the Company established a commercial paper program under which the Company may issue unsecured commercial paper notes (“commercial paper”) from time to time up to a maximum aggregate face amount of $1,000 outstanding at any time. The maturities of the commercial paper may vary but will not exceed 397 days from the date of issue and will rank equal in right of payment with all other unsecured senior indebtedness of the Company. The proceeds of the commercial paper will be used for general corporate purposes. There were no amounts outstanding under the commercial paper program as of June 30, 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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