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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt
The following table summarizes the outstanding long-term debt as of December 31, 2022 and 2021:
20222021
MaturitiesAmountInterest rateAmountInterest rate
Fixed-rate 4.625% senior unsecured notes
Jun, 2023— 4.625 900 4.625 
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 — — 
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 — — 
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 10,650 
Unamortized discounts, premiums and debt
   issuance costs		(85)(78)
Total debt, including unamortized discounts,
   premiums, debt issuance costs and fair value
  adjustments		11,165 10,572 
Current portion of long-term debt— — 
Long-term debt11,165 10,572 

Range of interest ratesAverage rate of interestPrincipal amount outstanding
2022		Due in 2023Due after 2023Due after 2027Average remaining term
(in years)		Principal amount
outstanding
2021
USD notes
2.5%-
5.55%
3.8 %11,250 — 11,250 7,500 8.6810,650 
Revolving Credit Facility (RCF) (1)— %— %— — — — — — 
Bank borrowings— %— %— — — — — — 
11,250 — 11,250 7,500 8.6810,650 
(1)We do not have any borrowings under the $2,500 million RCF as of December 31, 2022, nor under the $1,500 million RCF of 2021.
As of December 31, 2022, the following principal amounts of long-term debt are due in the next 5 years:
2023— 
20241,000 
2025500 
20261,250 
20271,000 
Due after 5 years7,500 
11,250 

As of December 31, 2022, the book value of our outstanding long-term debt was $11,250 million, less debt issuance costs of $52 million and original issuance/debt discount of $33 million.

As of December 31, 2022, we had no aggregate principal amount of variable interest rate indebtedness under our loan agreements. The remaining tenor of unsecured debt is on average 8.7 years.

Accrued interest as of December 31, 2022 is $99 million (December 31, 2021: $57 million).

2022 Financing Activities

Revolving Credit Facility
On August 26, 2022, NXP B.V., together with NXP Funding LLC, amended and restated its revolving credit agreement entered into on June 11, 2019. The amended and restated revolving credit agreement provides for $2.5 billion of senior unsecured revolving credit commitments and is scheduled to mature on August 26, 2027.

Exchange Offers
On April 14, 2022, we initiated a registered exchange offering of our outstanding Senior Unsecured Notes for new issues of substantially identical registered debt securities (the “Exchange Offers”). The Exchange Offers expired on May 16, 2022, at which time substantially all of the Notes were exchanged for registered senior unsecured notes.

Debt Issuance and redemption
On May 16, 2022, NXP B.V., together with NXP Funding LLC and NXP USA, Inc., issued $500 million of 4.4% senior unsecured notes due June 1, 2027 and $1 billion of 5.0% senior unsecured notes due January 15, 2033. On May 27, 2022 we redeemed the $900 million aggregate principal amount of outstanding dollar-denominated 4.625% Senior Unsecured Notes due 2023 in accordance with the terms of the indenture.

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, 2022 and December 31, 2021 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, 2022.