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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 RateMarch 31, 2025December 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 other3 2 
Total debt9,290 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.