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Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Components of Debt
Debt consisted of the following at December 31:
(DOLLARS IN MILLIONS)Effective Interest Rate20232022
2023 Notes(1)
3.30 %$— $300 
2024 Euro Notes(1)
1.88 %552 532 
2025 Notes(1)
1.22 %1,000 1,000 
2026 Euro Notes(1)
1.93 %879 845 
2027 Notes(1)
1.56 %1,212 1,215 
2028 Notes(1)
4.57 %398 398 
2030 Notes(1)
2.21 %1,508 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 %1,569 1,571 
2024 Term Loan Facility(2)
3.75 %270 625 
2026 Term Loan Facility(2)
5.83 %625 625 
Commercial Paper(3)
— 187 
Revolving Credit Facility(4)
— 100 
Bank overdrafts and other3 6 
Total debt$10,071 $10,970 
Less: Short term borrowings(5)
(885)(597)
Total Long-term debt$9,186 $10,373 
_______________________
(1)Amount is net of unamortized discount and debt issuance costs.
(2)Amount is recorded at fair value.
(3)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.
(4)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 1.125% to 1.750% or (y) a base rate plus an applicable margin varying from 0.125% to 0.750%, in each case depending on the public debt ratings for non-credit enhanced long-term senior unsecured debt issued by the Company.
(5)Includes bank borrowings, overdrafts, current portion of long-term debt and commercial paper.
Debt Instrument Redemption The redemption dates of each of the Notes are provided in the below table:
NoteRedemption Date
2024 Euro NotesDecember 14, 2023
2026 Euro NotesJune 25, 2026
2028 NotesJune 26, 2028
2047 NotesDecember 1, 2046
2048 NotesMarch 26, 2048
Schedule of Maturities of Long-term Debt
The following table shows the contractual maturities of the Company’s long-term debt as of December 31, 2023.
Payments Due by Period
(DOLLARS IN MILLIONS)TotalLess than 1 Year1-3 Years3-5 YearsMore than
5 Years
Total Outstanding Borrowings$9,980 $885 $2,445 $1,600 $5,050 
Nutrition & Biosciences, Inc  
Debt Instrument [Line Items]  
Debt Instrument Redemption The redemption dates of each of the N&B Senior Notes are provided in the table below:
NoteRedemption Date
2025 NotesSeptember 1, 2025
2027 NotesAugust 15, 2027
2030 NotesAugust 1, 2030
2040 NotesMay 15, 2040
2050 NotesJune 1, 2050