XML 55 R38.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following is a summary of outstanding debt at December 31, (in millions):
| 2023 |  | 2022
4.000% senior notes due 2024 | $ | 198 |  |  | $ | 196 |
4.875% senior notes due 2025 | 498 |  |  | 496 |
3.900% senior notes due 2025 | 47 |  |  | 47 |
4.200% senior notes due 2026 | 1,980 |  |  | 1,978 |
6.375% senior notes due 2027 | 488 |  |  | 483 |
6.625% senior notes due 2029 | 486 |  |  | 481 |
5.375% senior notes due 2036 | 417 |  |  | 417 |
5.500% senior notes due 2046 | 658 |  |  | 658 |
Revolving credit facility | 131 |  |  | 225 |
Commercial paper | — |  |  | 359 |
Receivables facility | — |  |  | 35 |
Other debt | 1 |  |  | 2 |
Total debt | 4,904 |  |  | 5,377 |
Short-term debt and current portion of long-term debt | (329) |  |  | (621) |
Long-term debt | $ | 4,575 |  |  | $ | 4,756 |
Weighted average interest rates for the years ended December 31, are as follows:
|  | 2023 |  | 2022 |  | 2021
Total debt | 5.2% |  | 4.3% |  | 4.7%
Short-term debt | 6.9% |  | 4.0% |  | 0.9%
Schedule of Maturities of Long-term Debt | The Company’s debt maturities for the five years following December 31, 2023 and thereafter are as follows (in millions):
2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
$332 |  | $547 |  | $1,985 |  | $500 |  | $2 |  | $1,586 |  | $4,952
Schedule of Fair Value of Senior Notes | The fair values of the Company’s senior notes are based on quoted market prices and are as follows at December 31, (in millions):
| 2023 |  | 2022
| Fair Value |  | Book Value |  | Fair Value |  | Book Value
Senior notes | $ | 4,633 |  |  | $ | 4,772 |  |  | $ | 4,511 |  |  | $ | 4,756 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration