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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt
The following table summarizes the outstanding long-term debt as of December 31, 2023 and 2022:
20232022
MaturitiesAmountInterest rateAmountInterest rate
Fixed-rate 4.875% senior unsecured notes
Mar, 20241,000 4.875 1,000 4.875 
Fixed-rate 2.7% senior unsecured notes
May, 2025500 2.700 500 2.700 
Fixed-rate 5.35% senior unsecured notes
Mar, 2026500 5.350 500 5.350 
Fixed-rate 3.875% senior unsecured notes
Jun, 2026750 3.875 750 3.875 
Fixed-rate 3.15% senior unsecured notes
May, 2027500 3.150 500 3.150 
Fixed-rate 4.40% senior unsecured notes
Jun, 2027500 4.400 500 4.400 
Fixed-rate 5.55% senior unsecured notes
Dec, 2028500 5.550 500 5.550 
Fixed-rate 4.3% senior unsecured notes
Jun, 20291,000 4.300 1,000 4.300 
Fixed-rate 3.4% senior unsecured notes
May, 20301,000 3.400 1,000 3.400 
Fixed-rate 2.5% senior unsecured notes
May, 20311,000 2.500 1,000 2.500 
Fixed-rate 2.65% senior unsecured notes
Feb, 20321,000 2.650 1,000 2.650 
Fixed-rate 5% senior unsecured notes
Jan, 20331,000 5.000 1,000 5.000 
Fixed-rate 3.25% senior unsecured notes
May, 20411,000 3.250 1,000 3.250 
Fixed-rate 3.125% senior unsecured notes
Feb, 2042500 3.125 500 3.125 
Fixed-rate 3.25% senior unsecured notes
Nov, 2051500 3.250 500 3.250 
Floating-rate revolving credit facility (RCF)Aug, 2027— — — — 
Total principal11,250 11,250 
Unamortized discounts, premiums and debt
   issuance costs		(75)(85)
Total debt, including unamortized discounts,
   premiums, debt issuance costs and fair value
  adjustments		11,175 11,165 
Current portion of long-term debt(1,000)— 
Long-term debt10,175 11,165 

Range of interest ratesAverage rate of interestPrincipal amount outstanding
2023		Due in 2024Due after 2024Due after 2028Average remaining term
(in years)		Principal amount
outstanding
2022
USD notes
2.5%-
5.55%
3.8 %11,250 1,000 10,250 7,000 7.6811,250 
Revolving Credit Facility (RCF) (1)— %— %— — — — — — 
Bank borrowings— %— %— — — — — — 
11,250 1,000 10,250 7,000 7.6811,250 
(1)We do not have any borrowings under the $2,500 million RCF as of December 31, 2023.
As of December 31, 2023, the following principal amounts of long-term debt are due in the next 5 years:
20241,000 
2025500 
20261,250 
20271,000 
2028500 
Due after 5 years7,000 
11,250 

As of December 31, 2023, the book value of our outstanding long-term debt was $11,250 million, less debt issuance costs of $44 million and original issuance/debt discount of $31 million.

As of December 31, 2023, we had no aggregate principal amount of variable interest rate indebtedness under our loan agreements. The remaining tenor of unsecured debt is on average 7.7 years.

Accrued interest as of December 31, 2023 is $90 million (December 31, 2022: $99 million).

2023 Financing Activities

There were no significant financing activities during 2023.

Certain terms and Covenants of the notes

The Company is not required to make mandatory redemption payments or sinking fund payments with respect to the notes.
The indentures governing the notes contain covenants that, among other things, limit the Company’s ability and that of restricted subsidiaries to incur additional indebtedness, create liens, pay dividends, redeem capital stock or make certain other restricted payments or investments; enter into agreements that restrict dividends from restricted subsidiaries; sell assets, including capital stock of restricted subsidiaries; engage in transactions with affiliates; and effect a consolidation or merger. The Company has been in compliance with any such indentures and financing covenants.
No portion of long-term and short-term debt as of December 31, 2023 and December 31, 2022 has been secured by collateral on substantially all of the Company’s assets and of certain of its subsidiaries.
We are in compliance with all covenants under our debt agreements as of December 31, 2023.