Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Components of Debt

Debt consisted of the following:

(DOLLARS IN MILLIONS)	Effective Interest Rate		June 30, 2023		December 31, 2022
2023 Notes(1)	3.30	%	$	—	$	300
2024 Euro Notes(1)	1.88	%	546		532
2025 Notes(1)	1.22	%	1,000		1,000
2026 Euro Notes(1)	1.93	%	870		845
2027 Notes(1)	1.56	%	1,213		1,215
2028 Notes(1)	4.57	%	398		398
2030 Notes(1)	2.21	%	1,509		1,510
2040 Notes(1)	3.04	%	773		774
2047 Notes(1)	4.44	%	495		495
2048 Notes(1)	5.12	%	787		787
2050 Notes(1)	3.21	%	1,570		1,571
2024 Term Loan Facility(2)	3.81	%	625		625
2026 Term Loan Facility(2)	5.22	%	625		625
Revolving Credit Facility(3)			—		100
Commercial paper(4)			159		187
Bank overdrafts and other			—		6
Total debt			10,570		10,970
Less: Short-term borrowings(5)			(1,362)		(597)
Total Long-term debt			$	9,208	$	10,373

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

(2)Amount is recorded at fair value.

(3)The interest rate on the 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.

(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.

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