Landauer's Principle that the loss of information from a computation corresponds to an increase in entropy can be expressed as a rigorous theorem of mathematical physics. However, carefully examining its detailed formulation reveals that the traditional definition identifying logically reversible computational operations with bijective transformations of the full digital state space is actually not the most general characterization, at the logical level, of the complete set of classical computational operations that can be carried out physically with asymptotically zero energy dissipation. To derive the correct set of necessary logical conditions for physical reversibility, we must take into account the effect of initial-state probabilities when applying the detailed form of the Principle. The minimal logical-level requirement for the physical reversibility of deterministic computational operations turns out to be that only the subset of initial states that are assigned nonzero probability in a given statistical operating context must be transformed one-to-one into final states. Consequently, any computational operation can be seen as conditionally reversible, relative to any sufficiently-restrictive precondition on its initial state, and the minimum average dissipation required for any deterministic operation by Landauer's Principle asymptotically approaches zero in contexts where the probability of meeting any preselected one of its suitable preconditions approaches unity. The concept of conditional reversibility facilitates much simpler designs for asymptotically thermodynamically reversible computational devices and circuits, compared to designs that are restricted to using only fully-bijective operations such as Fredkin/Toffoli type operations. Thus, this more general framework for reversible computing provides a more effective theoretical foundation to use for the design of practical reversible computing hardware than does the more restrictive traditional model of reversible logic. In this paper, we formally develop the theoretical foundations of the generalized model, and briefly survey some of its applications.