Borrowings and Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

Short-term borrowings consisted of the following as of December 31:

(dollars in millions)	2023		2022
Commercial paper	$	—	$	94
Other borrowings	32		45
Total short-term borrowings	$	32	$	139

Schedule of Long-term Debt

Long-term debt, including current portion, consisted of the following as of December 31:

(dollars in millions)	2023		2022
0.000% notes due 2023 (€500 million principal value)	$	—	$	531
2.056% notes due 2025	1,300		1,300
0.37% notes due 2026 ( ¥21.5 billion principal value)	150		163
0.318% notes due 2026 (€600 million principal value)	658		638
2.293% notes due 2027	500		500
5.25% notes due 2028	750		—
2.565% notes due 2030	1,500		1,500
0.934% notes due 2031 (€500 million principal value)	548		531
3.112% notes due 2040	750		750
3.362% notes due 2050	750		750
Other (including finance leases)	4		8
Total principal long-term debt	6,910		6,671
Other (discounts and debt issuance costs)	(44)		(42)
Total long-term debt	6,866		6,629
Less: current portion	—		531
Long-term debt, net of current portion	$	6,866	$	6,098

Schedule of Debt

The Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 reflects the following:

(dollars in millions)	2023		2022		2021
Debt issuance costs amortization	$	7	$	8	$	6
Total interest expense on debt	155		140		136

The average interest expense rate on our borrowings as of December 31, 2023 and 2022 was as follows:

	December 31,
	2023		2022
Short-term commercial paper	—	%	4.7	%
Total long-term debt	2.5	%	2.0	%

Schedule of Average Interest Expense Rate

The average interest expense rate on our borrowings for 2023, 2022 and 2021 was as follows:

	2023		2022		2021
Short-term commercial paper	5.1	%	2.3	%	(0.3)	%
Total long-term debt	2.1	%	2.0	%	2.3	%

Schedule of Maturities of Long-term Debt

The schedule of principal payments required on long-term debt, excluding finance leases, for the next five years and thereafter is:

(dollars in millions)	Principal Payments
2024	$	—
2025	1,300
2026	808
2027	500
2028	750
Thereafter	3,548
Total	$	6,906