Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt consisted of the following:


(DOLLARS IN MILLIONS)	Effective Interest Rate		March 31, 2024		December 31, 2023




2024 Euro Notes(1)	1.88	%	$	—	$	552
2025 Notes(1)	1.22	%	1,000		1,000
2026 Euro Notes(1)	1.93	%	861		879
2027 Notes(1)	1.56	%	1,211		1,212
2028 Notes(1)	4.57	%	398		398
2030 Notes(1)	2.21	%	1,508		1,508
2040 Notes(1)	3.04	%	772		773
2047 Notes(1)	4.44	%	495		495
2048 Notes(1)	5.12	%	787		787
2050 Notes(1)	3.21	%	1,569		1,569


2024 Term Loan Facility(2)	3.75	%	—		270
2026 Term Loan Facility(2)	5.82	%	609		625

Revolving Credit Facility(3)			250		—
Commercial paper(4)			836		—
Bank overdrafts and other			2		3

Total debt			10,298		10,071
Less: Short-term borrowings(5)			(1,148)		(885)
Total Long-term debt			$	9,150	$	9,186

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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 1.125% 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.

(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 portion of long-term debt.