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Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | DEBT Debt consisted of the following:
(DOLLARS IN MILLIONS) | Effective Interest Rate |  | March 31, 2025 |  | December 31, 2024
2025 Notes(1) | 1.22 | % |  | $ | 1,000 |  |  | $ | 1,000 |
2026 Euro Notes(1) | 1.93 | % |  | 864 |  |  | 827 |
2027 Notes(1) | 1.56 | % |  | 1,208 |  |  | 1,209 |
2028 Notes(1) | 4.57 | % |  | 399 |  |  | 398 |
2030 Notes(1) | 2.21 | % |  | 1,507 |  |  | 1,507 |
2040 Notes(1) | 3.04 | % |  | 771 |  |  | 771 |
2047 Notes(1) | 4.44 | % |  | 495 |  |  | 495 |
2048 Notes(1) | 5.12 | % |  | 787 |  |  | 787 |
2050 Notes(1) | 3.21 | % |  | 1,567 |  |  | 1,568 |
2026 Term Loan Facility(1) | 4.98 | % |  | 397 |  |  | 413 |
Revolving Credit Facility(2) |  |  | — |  |  | — |
Commercial paper(3) |  |  | 292 |  |  | — |
Bank overdrafts and other |  |  | 3 |  |  | 2 |
Total debt |  |  | 9,290 |  |  | 8,977 |
Less: Short-term borrowings |  |  | (1,689) |  |  | (1,413) |
Total Long-term debt |  |  | $ | 7,601 |  |  | $ | 7,564 |
_______________________ (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. Commercial Paper For the three months ended March 31, 2025, the Company had gross issuances of $2.125 billion and repayments of $1.833 billion under the commercial paper program. For the three months ended March 31, 2024, the Company had gross issuances of $2.099 billion and repayments of $1.263 billion under the commercial paper program. The commercial paper issued during both the three months ended March 31, 2025 and 2024 had original maturities of less than 90 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 three months ended March 31, 2025, the Company had no drawdowns or repayments under the Revolving Credit Facility. For the three months ended March 31, 2024, the Company had drawdowns of $250 million under the Revolving Credit Facility. As of March 31, 2025, the available capacity was reduced by approximately $292 million related to issuances of commercial paper. As of March 31, 2025, the Company had $711 million of available capacity under the Revolving Credit Facility. Lines of Credit The Company has various lines of credit which are available to support its ongoing business operations. As of March 31, 2025, the Company had a total capacity of approximately $1.8 billion of lines of credit with various financial institutions. Repayments of Debt For the three months ended March 31, 2025, the Company made a quarterly debt repayment totaling $16 million related to the 2026 Term Loan Facility. During the three months ended March 31, 2024, the Company made a $270 million and €500 million (approximately $547 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. The Company also made a quarterly debt repayment of approximately $16 million related to the 2026 Term Loan Facility in accordance with the terms of the debt agreement. Subsequent Events On May 1, 2025, the Company received gross cash proceeds from the sale of the Pharma Solutions disposal group of $2.6 billion, which were partially used to repay the remaining borrowings of $397 million under the 2026 Term Loan Facility. On May 2, 2025, the Company announced the commencement of tender offers to purchase for cash certain of its outstanding series of Senior Notes for an aggregate purchase price, excluding accrued and unpaid interest, of up to $1.8 billion.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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