Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt [Table Text Block]

Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following:

Millions of dollars	September 30, 2020		December 31, 2019
Senior Notes due 2021, $1,000 million, 6.0% ($2 million of debt issuance cost)	$	1,010	$	998
Senior Notes due 2024, $1,000 million, 5.75% ($4 million of debt issuance cost)	996		995
Senior Notes due 2055, $1,000 million, 4.625% ($16 million of discount; $11 million of debt issuance cost)	973		973
Term Loan due 2022, $4,000 million ($1 million of debt issuance costs)	1,949		1,950
Guaranteed Notes due 2022, €750 million, 1.875% ($1 million of discount; $1 million of debt issuance cost)	877		841
Guaranteed Notes due 2023, $750 million, 4.0% ($3 million of discount; $2 million of debt issuance cost)	745		744
Guaranteed Notes due 2025, $500 million, 2.875% ($4 million of debt issuance cost)	496		—
Guaranteed Notes due 2026, €500 million, 0.875% ($2 million of discount; $3 million of debt issuance cost)	582		555
Guaranteed Notes due 2027, $1,000 million, 3.5% ($7 million of discount; $6 million of debt issuance cost)	1,093		1,023
Guaranteed Notes due 2027, $300 million, 8.1%	300		300
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of discount; $4 million of debt issuance cost)	495		—
Guaranteed Notes due 2031, €500 million, 1.625% ($5 million of discount; $4 million of debt issuance cost)	576		552
Guaranteed Notes due 2043, $750 million, 5.25% ($20 million of discount; $7 million of debt issuance cost)	723		723
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $9 million of debt issuance cost)	981		980
Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost)	975		975
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost)	984		—
Other	6		8
Total	13,761		11,617
Less current maturities	(2)		(3)
Long-term debt	$	13,759	$	11,614

Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: 

		Gains (Losses)								Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt
	Inception Year	Three Months Ended September 30,				Nine Months Ended September 30,				September 30,		December 31,
Millions of dollars		2020		2019		2020		2019		2020		2019
Senior Notes due 2019, 5.0%	2014	$	—	$	—	$	—	$	(11)	$	—	$	—
Senior Notes due 2021, 6.0%	2016	3		(3)		(11)		(23)		(12)		(1)
Guaranteed Notes due 2027, 3.5%	2017	4		(21)		(69)		(78)		(106)		(37)
Guaranteed Notes due 2022, 1.875%	2018	—		—		1		(1)		(1)		(2)
Guaranteed Notes due 2026, 0.875%	2020	(1)		—		(2)		—		(2)		—
Total		$	6	$	(24)	$	(81)	$	(113)	$	(121)	$	(40)

Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income.

Schedule of short-term debt [Table Text Block]

Short-term loans, notes and other debt consisted of the following:

Millions of dollars	September 30, 2020		December 31, 2019
U.S. Receivables Facility	$	—	$	—
Commercial paper	455		262
Precious metal financings	138		181
Other	23		2
Total Short-term debt	$	616	$	445