Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Components of Debt

Debt consisted of the following:

(DOLLARS IN MILLIONS)	Effective Interest Rate		March 31, 2022		December 31, 2021
2022 Notes(3)	0.69	%	$	300	$	300
2023 Notes(1)	3.30	%	300		300
2024 Euro Notes(1)	1.88	%	554		565
2025 Notes(3)	1.22	%	1,000		1,001
2026 Euro Notes(1)	1.93	%	882		900
2027 Notes(3)	1.56	%	1,217		1,218
2028 Notes(1)	4.57	%	397		397
2030 Notes(3)	2.21	%	1,510		1,511
2040 Notes(3)	3.04	%	774		775
2047 Notes(1)	4.44	%	495		494
2048 Notes(1)	5.12	%	787		786
2050 Notes(3)	3.21	%	1,572		1,572
2024 Term Loan Facility(3)	1.56	%	625		625
2026 Term Loan Facility(3)	1.94	%	625		625
Commercial paper(4)	—	%	631		324
Bank overdrafts and other			8		7
Total debt			11,677		11,400
Less: Short-term borrowings(2)			(939)		(632)
Total Long-term debt			$	10,738	$	10,768

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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 fluctuates 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.