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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
(DOLLARS IN MILLIONS)Effective Interest RateMarch 31, 2022December 31, 2021
2022 Notes(3)
0.69 %$300 $300 
2023 Notes(1)
3.30 %300 300 
2024 Euro Notes(1)
1.88 %554 565 
2025 Notes(3)
1.22 %1,000 1,001 
2026 Euro Notes(1)
1.93 %882 900 
2027 Notes(3)
1.56 %1,217 1,218 
2028 Notes(1)
4.57 %397 397 
2030 Notes(3)
2.21 %1,510 1,511 
2040 Notes(3)
3.04 %774 775 
2047 Notes(1)
4.44 %495 494 
2048 Notes(1)
5.12 %787 786 
2050 Notes(3)
3.21 %1,572 1,572 
2024 Term Loan Facility(3)
1.56 %625 625 
2026 Term Loan Facility(3)
1.94 %625 625 
Commercial paper(4)
— %631 324 
Bank overdrafts and other8 7 
Total debt11,677 11,400 
Less: Short-term borrowings(2)
(939)(632)
Total Long-term debt$10,738 $10,768 
_______________________ 
(1)Amount is net of unamortized discount and debt issuance costs.
(2)Includes bank borrowings, commercial paper, overdrafts and current portion of long-term debt.
(3)Assumed by the Company as part of the N&B Merger.
(4)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
During the three months ended March 31, 2022, the Company had gross issuances of $873 million and repayments of $566 million under the Commercial Paper Program. The commercial paper issued had original maturities of less than 125 days. There were no commercial paper issuances or repayments during the three months ended March 31, 2021.
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.