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Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | DEBT Debt consisted of the following:
(DOLLARS IN MILLIONS) | Effective Interest Rate |  | June 30, 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 | % |  | 855 |  |  | 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 | % |  | 1,568 |  |  | 1,569 |
2024 Term Loan Facility(1) | 3.75 | % |  | — |  |  | 270 |
2026 Term Loan Facility(1) | 5.82 | % |  | 594 |  |  | 625 |
Revolving Credit Facility(2) |  |  | — |  |  | — |
Commercial paper(3) |  |  | 189 |  |  | — |
Bank overdrafts and other |  |  | 2 |  |  | 3 |
Total debt |  |  | 9,379 |  |  | 10,071 |
Less: Short-term borrowings(4) |  |  | (783) |  |  | (885) |
Total Long-term debt |  |  | $ | 8,596 |  |  | $ | 9,186 |
_______________________ (1)Amount is net of unamortized discount and debt issuance costs. (2)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. (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 portion of long-term debt. Commercial Paper For the six months ended June 30, 2024, the Company had gross issuances of $3.298 billion and repayments of $3.109 billion under the commercial paper program. The commercial paper issued had original maturities of less than 42 days. For the six months ended June 30, 2023, the Company had gross issuances of $3.535 billion and repayments of $3.563 billion under the commercial paper program. The commercial paper issued had original maturities of less than 86 days. 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. Revolving Credit Facility For the six months ended June 30, 2024, the Company had drawdowns of $250 million under the Revolving Credit Facility and repayments of $250 million under the Revolving Credit Facility. For the six months ended June 30, 2023, the Company had drawdowns of $800 million and repayments of $900 million under the Revolving Credit Facility. Term Loan Facility Pursuant to the terms agreed under the 2026 Term Loan Facility, a portion of the net cash proceeds received from the sale of the Pharma Solutions disposal group, when and if completed, must be used to repay our borrowings under the 2026 Term Loan Facility. Therefore, the Company reclassified the 2026 Term Loan Facility balance from "Long-term debt" to "Short-term debt and current portion of long-term debt" (see Note 3). Repayments of Debt On February 1, 2024 and March 14, 2024, the Company made a $270 million and €500 million debt repayment at maturity related to the 2024 Term Loan Facility and 2024 Euro Notes, respectively, which were primarily funded from commercial paper issuances, which were subsequently repaid using proceeds received from the divestiture of the Cosmetic Ingredients business. For the six months ended June 30, 2024, the Company made quarterly debt repayments totaling approximately $31 million related to the 2026 Term Loan Facility in accordance with the terms of the debt agreement. For the six months ended June 30, 2023, the Company made a $300 million debt repayment related to the 2023 Notes at maturity, which was funded from the issuance of $400 million under the Revolving Credit Facility. The issuance under the Revolving Credit Facility was repaid in June 2023.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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