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Debt | 6 Months Ended
--- | ---
Jun. 30, 2022
Debt Disclosure [Abstract] |
Debt | 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 |
_______________________ (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. Commercial Paper In 2022, the Company had gross issuances of $3.646 billion and repayments of $3.178 billion under the Commercial Paper Program. The commercial paper issued had original maturities of less than 124 days. There were no commercial paper issuances or repayments during the 2021 period. The Commercial Paper Program is backed by the borrowing capacity available under the Revolving Credit Facility. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense. Amended Revolving Credit Facility In 2022, the Company had borrowings of $350 million, classified as short-term borrowings on the Consolidated Balance Sheets, under the $2.000 billion Amended Revolving Credit Facility. There were no borrowings under the Amended Revolving Credit Facility in the 2021 period. The amount that we are able to draw down under the Amended Revolving Credit Facility is limited by financial covenants. Refer to Note 9 in the 2021 Form 10-K for additional information. As of June 30, 2022, the Company was in compliance with all covenants under the Amended Revolving Credit Facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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