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Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Components of Debt | 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 |
_______________________ (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.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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