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Long-Term Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following:
March 31,
2024		December 31,
2023
0.875% senior notes due 2024
$300 $300 
3.60% senior notes due 2026
750 750 
Loan related to tax-exempt waste disposal revenue bonds due 202711 11 
1.625% €700 million senior notes due 2029
756 773 
3.375% senior notes due 2030
300 300 
3.50% senior notes due 2032
250 250 
2.875% senior notes due 2041
350 350 
5.00% senior notes due 2046
700 700 
4.375% senior notes due 2047
500 500 
3.125% senior notes due 2051
600 600 
3.375% senior notes due 2061
450 450 
Term loans due 202612 13 
Total long-term debt, principal amount4,979 4,997 
Less:
Unamortized discount and debt issuance costs
89 91 
Long-term debt, carrying value4,890 4,906 
Less current portion:
0.875% senior notes due 2024
300 299 
Long-term debt, carrying value, net of current portion$4,590 $4,607 
Unamortized debt issuance costs on long-term debt were $35 and $36 at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the Company was in compliance with all of its long-term debt covenants.
Credit Agreement
On June 9, 2022, the Company entered into a new $1,500 revolving credit facility that is scheduled to mature on June 9, 2027 (the "Credit Agreement") and, in connection therewith, terminated the Company's then existing revolving credit agreement. The Credit Agreement bears interest at either (a) Adjusted Term Secured Overnight Financing Rate (as defined in the Credit Agreement) plus a margin ranging from 1.00% to 1.625% per annum or (b) Alternate Base Rate (as defined in the Credit Agreement) plus a margin ranging from 0.00% to 0.625% per annum, in each case depending on the credit rating of the Company. The Credit Agreement contains certain affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant. As of March 31, 2024, the Company was in compliance with the total leverage ratio financial maintenance covenant. The Credit Agreement also contains certain events of default and, if and for so long as certain events of default have occurred and are continuing, any overdue amounts outstanding under the Credit Agreement will accrue interest at an increased rate, the lenders can terminate their commitments to lend thereunder and payments of any outstanding amounts thereunder could be accelerated by the lenders. None of the Company's subsidiaries are required to guarantee the obligations of the Company under the Credit Agreement.
The Credit Agreement includes a $150 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility. The Credit Agreement also provides for a discretionary $50 commitment for swingline loans to be provided on a same-day basis. The Company may also increase the size of the facility, in increments of at least $25, up to a maximum of $500, subject to certain conditions and if certain lenders agree to commit to such an increase.
As of March 31, 2024, the Company had no borrowings and no letters of credit outstanding, and had borrowing availability of $1,500, under the Credit Agreement.