Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Components of Debt

Debt consisted of the following:

(DOLLARS IN MILLIONS)	Effective Interest Rate		June 30, 2022		December 31, 2021
2022 Notes	0.69	%	$	300	$	300
2023 Notes(1)	3.30	%	300		300
2024 Euro Notes(1)	1.88	%	526		565
2025 Notes	1.22	%	1,000		1,001
2026 Euro Notes(1)	1.93	%	837		900
2027 Notes	1.56	%	1,217		1,218
2028 Notes(1)	4.57	%	398		397
2030 Notes	2.21	%	1,510		1,511
2040 Notes	3.04	%	774		775
2047 Notes(1)	4.44	%	495		494
2048 Notes(1)	5.12	%	787		786
2050 Notes	3.21	%	1,572		1,572
2024 Term Loan Facility	2.58	%	625		625
2026 Term Loan Facility	2.96	%	625		625
Amended Revolving Credit Facility(2)			350		—
Commercial paper(3)			792		324
Bank overdrafts and other			4		7
Total debt			12,112		11,400
Less: Short-term borrowings(4)			(1,749)		(632)
Total Long-term debt			$	10,363	$	10,768

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

(2)The interest rate on the Amended Revolving Credit Facility is, at the applicable borrower's option, a per annum rate equal to either (x) an eurocurrency rate plus an applicable margin varying from 1.000% to 1.625% or (y) a base rate plus an applicable margin varying from 0.000% to 0.625%, in each case depending on the public debt ratings for non-credit enhanced long-term senior unsecured debt issued by the Company.

(3)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.

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