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v3.26.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | DEBT Debt consisted of the following:
(DOLLARS IN MILLIONS) | Effective Interest Rate |  | March 31, 2026 |  | December 31, 2025
2026 Euro Notes(1) | 1.93 | % |  | $ | 925 |  |  | $ | 940 |
2027 Notes(1) | 1.56 | % |  | 803 |  |  | 804 |
2028 Notes(1) | 4.57 | % |  | 399 |  |  | 399 |
2030 Notes(1) | 2.21 | % |  | 1,238 |  |  | 1,238 |
2040 Notes(1) | 3.04 | % |  | 341 |  |  | 341 |
2047 Notes(1) | 4.44 | % |  | 392 |  |  | 392 |
2048 Notes(1) | 5.12 | % |  | 674 |  |  | 674 |
2050 Notes(1) | 3.21 | % |  | 888 |  |  | 888 |
Revolving Credit Facility(2) |  |  | — |  |  | — |
Commercial paper(3) |  |  | 154 |  |  | 314 |
Bank overdrafts and other |  |  | 3 |  |  | 4 |
Total debt |  |  | 5,817 |  |  | 5,994 |
Less: Short-term borrowings |  |  | (1,078) |  |  | (1,254) |
Total Long-term debt |  |  | $ | 4,739 |  |  | $ | 4,740 |
_______________________ (1)Amount is net of unamortized discount and debt issuance costs. (2)Borrowings under the Revolving Credit Facility are subject to interest at varying spreads above quoted market rates and a commitment fee is paid on the total unused borrowings. (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. Refer to “Commercial Paper” below. Commercial Paper As of March 31, 2026, the amount of commercial paper outstanding was $154 million with a weighted average interest rate of 4.33% and a weighted average maturity of 24 days. As of December 31, 2025, the amount of commercial paper outstanding was $314 million with a weighted average interest rate of 4.21% and a weighted average maturity of 35 days. For the three months ended March 31, 2026, the Company had gross issuances of $1.348 billion and repayments of $1.508 billion under the commercial paper program. 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. The commercial paper issued during each of the three months ended March 31, 2026 and 2025 had original maturities of less than three months. 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 the Company’s interest expense. Revolving Credit Facility For the three months ended March 31, 2026 and 2025, the Company had no drawdowns or repayments 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, 2026, the Company had a total capacity of approximately $1.702 billion of lines of credit with various financial institutions, of which $1.700 billion is available as of March 31, 2026. Repayments of Long-term Debt During the three months ended March 31, 2025, the Company made a quarterly debt repayment of $16 million related to the 2026 Term Loan Facility.

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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 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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