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 RateMarch 31, 2026December 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 other3 4 
Total debt5,817 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.