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