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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
(DOLLARS IN MILLIONS)Effective Interest RateSeptember 30, 2022December 31, 2021
2022 Notes0.69 %$— $300 
2023 Notes(1)
3.30 %300 300 
2024 Euro Notes(1)
1.88 %487 565 
2025 Notes1.22 %1,000 1,001 
2026 Euro Notes(1)
1.93 %775 900 
2027 Notes1.56 %1,216 1,218 
2028 Notes(1)
4.57 %398 397 
2030 Notes2.21 %1,510 1,511 
2040 Notes3.04 %774 775 
2047 Notes(1)
4.44 %495 494 
2048 Notes(1)
5.12 %787 786 
2050 Notes3.21 %1,571 1,572 
2024 Term Loan Facility4.06 %625 625 
2026 Term Loan Facility4.43 %625 625 
Commercial paper(2)
204 324 
Bank overdrafts and other5 7 
Total debt10,772 11,400 
Less: Short-term borrowings(3)
(512)(632)
Total Long-term debt$10,260 $10,768 
_______________________ 
(1)Amount is net of unamortized discount and debt issuance costs.
(2)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.
(3)Includes bank borrowings, commercial paper, overdrafts and current portions of long-term debt.
Commercial Paper
For the nine months ended September 30, 2022, the Company had gross issuances of $4.725 billion and repayments of $4.845 billion under the Commercial Paper Program. The commercial paper issued had original maturities of less than 125 days. For the nine months ended September 30, 2021, the Company had gross issuances of $200 million and no repayments.
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.
Debt Repayments
2022 Notes
On September 15, 2022, the Company repaid the full $300 million outstanding of its 2022 Notes at maturity.
Amended Revolving Credit Facility
On July 6, 2022, the Company made a $350 million debt repayment related to the Amended Revolving Credit Facility. As of September 30, 2022, the Company had no outstanding borrowings under its $2.000 billion Amended Revolving Credit Facility. There were also no borrowings under the Amended Revolving Credit Facility in 2021.
Amendment to Existing Debt Agreements
On August 4, 2022, IFF amended its existing Term Loan Credit Agreement and Amended Revolving Credit Facility, and the amendment delays certain step downs from the maximum permitted leverage ratio of 4.50 to 1.0, stepping down to 3.50 to 1.0 over time, with the first step-down now occurring at the end of the second quarter of 2023 and the final step-down occurring at the end of the third quarter of 2024.