v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
(DOLLARS IN MILLIONS)Effective Interest RateSeptember 30, 2026December 31, 2025
2026 Euro Notes(1)
1.93 %— 940 
2027 Notes(1)
1.56 %802 804 
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 
Delayed Draw Term Loan Facility(1)
5.52 %999 — 
Revolving Credit Facility(2)
— — 
Commercial paper(3)
539 314 
Bank overdrafts and other1 2 
Total debt6,273 5,992 
Less: Short-term borrowings(1,538)(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. On September 24, 2026, the Company drew the full $1.0 billion available under the facility. The loan matures on December 31, 2027, and amounts repaid may not be re-borrowed. Proceeds, together with cash on hand, were used to (i) pay the Company’s €800 million aggregate principal amount of 1.800% Senior Notes which were due on September 25, 2026, (ii) to pay related fees and expenses incurred in connection with the loan, and (iii) to fund 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 of 100% with the net cash proceeds from the sale of the Company’s Food Ingredients business. Given that the sale is expected to close within the next twelve months, the loan is classified as short-term debt in the Company's Consolidated Balance Sheets. 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
2026 Euro Notes
On September 25, 2026, the Company repaid the €800 million ($912 million) 2026 Euro Notes, which was primarily funded by the Delayed Draw Term Loan Facility as described above.
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 September 30, 2025. The tender offers were primarily funded through the proceeds received from the divestiture of the Pharma Solutions disposal group.
Other
For the nine months ended September 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 September 30, 2026, the amount of commercial paper outstanding was $539 million with a weighted average interest rate of 4.26% and a weighted average maturity of 44 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 nine months ended September 30, 2026, the Company had gross issuances of $4.333 billion and repayments of $4.109 billion under the commercial paper program. For the nine months ended September 30, 2025, the Company had gross issuances of $3.820 billion and repayments of $3.450 billion under the commercial paper program. The commercial paper issued during each of the nine months ended September 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 nine months ended September 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 September 30, 2026, the Company has a total capacity of approximately $1.762 billion of lines of credit with various financial institutions, of which $1.760 billion is available as of September 30, 2026.