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Contractual Obligations and Commitments (Tables)
 12 Months Ended
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 DateMaturity DateAs of December 31,
Coupon Rate(1)
(in millions, except interest rates)20232022
March 2024 NotesFebruary 2019March 2024— 504 3.450%
March 2025 Senior Notes(3)
March 2022March 20251,105 1,067 0.750%
June 2025 Senior NotesMay 2020June 2025500 500 1.900%
March 2026 Senior NotesFebruary 2019March 2026255 255 3.750%
December 2027 Senior Notes(3)
November 2019December 2027995 960 0.625%
March 2028 Senior Notes(3)
March 2022March 2028829 800 1.375%
March 2028 Senior NotesFebruary 2018March 2028344 344 4.000%
March 2029 Senior NotesFebruary 2019March 2029272 272 4.000%
June 2030 Senior NotesMay 2020June 20301,200 1,200 2.650%
March 2031 Senior Notes(3)
March 2022March 2031829 800 1.625%
March 2034 Senior Notes(3)
March 2022March 2034553 534 1.875%
November 2035 Senior Notes(2)
November 2005November 2035350 350 6.500%
March 2039 Senior NotesFebruary 2019March 2039450 450 4.550%
January 2040 Senior NotesDecember 2009January 2040300 300 7.375%
March 2049 Senior NotesFebruary 2019March 2049650 650 4.700%
Unamortized Debt Issuance Discount and Deferred Financing Costs2024 - 2049(65)(76)
Finance Lease ObligationVarious5 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
20251,605 
2026255 
2027995 
20281,173 
Thereafter4,604 
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, 2023As of December 31, 2022
Factoring ArrangementsAmount
De-recognized		Weighted Average Interest RateAmount
De-recognized		Weighted Average Interest Rate
Euro denominated$206 5.1 %$161 2.4 %
Yen denominated214 0.6 %194 0.6 %
Renminbi denominated14 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 YearUnrecorded Purchase Obligations
2024$951 
2025283 
2026155 
202745 
202831 
Thereafter150 
 $1,615