XML 50 R30.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Contractual Obligations and Commitments (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments The debt maturity schedule for our long-term debt obligations is presented below:
(in millions, except interest rates)Issuance DateMaturity DateAs of
Coupon Rate(1)
March 31,
2024		December 31,
2023
March 2025 Senior Notes(3)
March 2022March 2025— 1,105 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 2027972 995 0.625%
March 2028 Senior Notes(3)
March 2022March 2028810 829 1.375%
March 2028 Senior NotesFebruary 2018March 2028344 344 4.000%
March 2029 Senior NotesFebruary 2019March 2029272 272 4.000%
March 2029 Senior Notes(3)
February 2024March 2029810 — 3.375%
June 2030 Senior NotesMay 2020June 20301,200 1,200 2.650%
March 2031 Senior Notes(3)
March 2022March 2031810 829 1.625%
March 2032 Senior Notes(3)
February 2024March 20321,349 — 3.500%
March 2034 Senior Notes(3)
March 2022March 2034540 553 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(81)(65)
Finance Lease ObligationVarious4 5 
Long-term debt$9,534 $8,571 
(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 March 31, 2024 and December 31, 2023, respectively.
Summary Of Term Loan And Revolving Credit Facility Agreement Compliance With Debt Covenants
As of March 31, 2024, we were in compliance with the financial covenant required by the 2021 Revolving Credit Facility.
Covenant RequirementActual
 as of March 31, 2024as of March 31, 2024
Maximum permitted leverage ratio(1)
3.75 times2.08 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 within our accompanying unaudited consolidated balance sheets, are aggregated by contract denominated currency below (in millions):
Factoring ArrangementsAs of March 31, 2024As of December 31, 2023
Amount
De-recognized		Weighted Average
Interest Rate		Amount
De-recognized		Weighted Average
Interest Rate
Euro denominated$175 5.5 %$206 5.1 %
Yen denominated191 0.6 %214 0.6 %
Renminbi denominated
21 1.8 %14 2.9 %