v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
(DOLLARS IN MILLIONS)Effective Interest RateJune 30, 2026December 31, 2025
2026 Euro Notes(1)
1.93 %914 940 
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)
50 314 
Bank overdrafts and other— 2 
Total debt5,699 5,992 
Less: Short-term borrowings(964)(1,254)
Total Long-term debt$4,735 $4,738 
_______________________ 
(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.
Delayed Draw Term Loan Facility
On June 23, 2026, the Company entered into a Term Loan Credit Agreement providing for a $1.0 billion senior unsecured delayed draw term loan facility. The facility permits a single borrowing in U.S. dollars through September 25, 2026, and matures on December 31, 2027, with no ability to re-borrow amounts repaid. Proceeds, together with cash on hand, are intended to refinance the Company’s €800 million aggregate principal amount of 1.800% Senior Notes due September 25, 2026, to pay related fees and expenses incurred in connection with the loan, and for general corporate purposes. Borrowings will bear interest at Term SOFR plus an applicable margin ranging from 0.875% to 1.500% per annum, or, at the Company’s option, a base rate plus an applicable margin ranging from 0.000% to 0.500% per annum, in each case based on the Company’s public debt ratings. The agreement also requires mandatory prepayment with 100% of the net cash proceeds from the sale of the Company’s Food Ingredients business. The agreement contains customary representations and warranties, affirmative and negative covenants, including a maximum net debt to consolidated EBITDA ratio of 3.75 to 1.00, and events of default that are substantially consistent with those contained in the Company’s Revolving Credit Facility.
Repayments of Debt
Tender Offers
On May 20, 2025, the Company commenced 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 $2.0 billion. The carrying value of this series of Senior Notes purchased as a result of these tender offers was $2.5 billion. The Company also incurred approximately $6 million of banking and legal costs. In connection with the completion of these tender offers, the Company recognized a gain on debt extinguishment of $488 million within the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the period ended June 30, 2025. The tender offers were primarily funded through the proceeds received from the divestiture of the Pharma Solutions disposal group.
Other
For the six months ended June 30, 2025, the Company made debt repayments totaling approximately $413 million on the remaining balance of the 2026 Term Loan Facility. This was done using a portion of the cash proceeds from the divestiture of the Pharma Solutions disposal group in accordance with the terms of the Term Loan Facility agreement.
Commercial Paper
As of June 30, 2026, the amount of commercial paper outstanding was $50 million with a weighted average interest rate of 4.15% and a weighted average maturity of 14 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 six months ended June 30, 2026, the Company had gross issuances of $2.731 billion and repayments of $2.995 billion under the commercial paper program. For the six months ended June 30, 2025, the Company had gross issuances of $3.284 billion and repayments of $3.284 billion under the commercial paper program. The commercial paper issued during each of the six months ended June 30, 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 six months ended June 30, 2026 and 2025, the Company had no drawdowns or repayments under the $2 billion Revolving Credit Facility.
Lines of Credit
The Company has various lines of credit which are available to support its ongoing business operations. As of June 30, 2026, the Company has a total capacity of approximately $1.738 billion of lines of credit with various financial institutions, of which $1.736 billion is available as of June 30, 2026.