Debt (Tables)

3 Months Ended

Mar. 31, 2025

Long-term debt was:


			March 31	December 31	March 31
in $ millions	Effective interest rate		2025	2024	2024
Long-term debt
(U.S. Dollar denominated unless otherwise noted)



3.875% Senior Notes due 2025	3.93	%	1,250	1,250	1,250
1.250% euro Senior Notes due 2026	1.25	%	812	780	810
3.400% Senior Notes due 2027	3.49	%	600	600	600
4.000% euro Senior Notes due 2027	4.13	%	541	520	540
3.950% Senior Notes due 2028	4.07	%	900	900	900
1.375% euro Senior Notes due 2028	1.42	%	650	624	648
5.200% Senior Notes due 2029	5.30	%	750	750	–
4.125% Sterling Senior Notes due 2029	4.22	%	518	501	509
5.125% Senior Notes due 2030	5.25	%	1,250	–	–
1.625% euro Senior Notes due 2030	1.72	%	812	780	810
4.000% euro Senior Notes due 2031	4.10	%	812	780	810
6.400% Senior Notes due 2033 (i)	6.43	%	213	213	213
5.400% Senior Notes due 2034	5.52	%	750	750	–
5.500% Senior Notes due 2035	5.57	%	1,250	–	–
4.250% euro Senior Notes due 2035	4.38	%	812	780	810
5.125% Senior Notes due 2045	5.25	%	500	500	500
4.400% Senior Notes due 2047	4.44	%	400	400	400
4.500% Senior Notes due 2048	4.63	%	600	600	600
5.875% Senior Notes due 2055	5.97	%	500	–	–
USD interest bearing loan due 2026	4.96	%	750	750	–
PHP interest bearing loan due 2027	5.93	%	399	379	400
AUD interest bearing loan due 2029	4.95	%	478	478	–
U.S. Dollar Commercial Paper	4.73	%	56	1,189	1,863
Euro Commercial Paper	–		–	347	929
Other			60	48	26
Unamortized discounts and debt issuance costs			(85)	(68)	(64)
Total long-term debt (ii)			15,578	13,851	12,554
Less: current portion of long-term debt (iii)			(1,365)	(2,882)	(2,874)
Long-term debt			14,213	10,969	9,680

(i) The $300 million 6.400% Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $87 million of the issued Senior Notes were acquired by the Company as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Condensed Consolidated Balance Sheets was $26 million, $27 million, and $29 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

(ii) Of the Company’s nominal fixed rate debt at March 31, 2025, December 31, 2024, and March 31, 2024, $1,375 million was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt at March 31, 2025, December 31, 2024, and March 31, 2024, $nil million, $140 million, and $nil million, respectively, was hedged to fixed rates using interest rate swaps.

(iii) Excludes borrowings from bank overdrafts of $93 million, $117 million and $118 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Schedule of Maturities of Long-Term Debt

The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to March 31, 2025 are as follows:


in $ millions	Remainder of 2025	2026	2027	2028	2029	2030 and thereafter	Total
Long-term debt maturities	1,364	1,954	1,452	1,536	1,333	7,939	15,578