Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Components of Debt

Debt consisted of the following:

(DOLLARS IN MILLIONS)	Effective Interest Rate		September 30, 2021		December 31, 2020
2021 Euro Notes(1)	0.82	%	$	—	$	368
2022 Notes(3)	0.69	%	300		—
2023 Notes(1)	3.30	%	300		299
2024 Euro Notes(1)	1.88	%	584		614
2025 Notes(3)	1.22	%	1,001		—
2026 Euro Notes(1)	1.93	%	930		978
2027 Notes(3)	1.56	%	1,219		—
2028 Notes(1)	4.57	%	397		397
2030 Notes(3)	2.21	%	1,511		—
2040 Notes(3)	3.04	%	775		—
2047 Notes(1)	4.44	%	494		494
2048 Notes(1)	5.12	%	786		786
2050 Notes(3)	3.21	%	1,573		—
2018 Term Loan Facility(1)	3.65	%	—		240
2022 Term Loan Facility (1)	1.73	%	200		199
2024 Term Loan Facility(3)	1.41	%	625		—
2026 Term Loan Facility(3)	1.78	%	625		—
Amortizing Notes(1)	6.09	%	—		36
Commercial paper(4)	—	%	200		—
Bank overdrafts and other			6		2
Total debt			11,526		4,413
Less: Short-term borrowings(2)			(708)		(634)
Total Long-term debt			$	10,818	$	3,779

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(1)Amount is net of unamortized discount and debt issuance costs.

(2)Includes bank borrowings, commercial paper, overdrafts and current portion of long-term debt.

(3)Assumed by the Company as part of the N&B Merger.

(4)The effective interest rate of commercial paper issuances fluctuate as short-term interest rates and demand fluctuate, and deferred debt issuance costs are immaterial. Additionally, the effective interest rate of commercial paper is not meaningful as issuances do not materially differ from short term interest rates.