Financial Instruments (Tables)

3 Months Ended

Apr. 02, 2017

Financial Instruments [Abstract]

Schedule of Long-term Debt Instruments

The components of our long-term debt are as follows:

	April 2,			December 31,
(MILLIONS OF DOLLARS)	2017			2016
1.875% 2013 senior notes due 2018	$	750		$	750
3.450% 2015 senior notes due 2020	500			500
3.250% 2013 senior notes due 2023	1,350			1,350
4.500% 2015 senior notes due 2025	750			750
4.700% 2013 senior notes due 2043	1,150			1,150
	4,500			4,500
Unamortized debt discount / debt issuance costs	(32		)	(32		)
Less current portion of long-term debt	(750		)	—
Long-term debt	$	3,718		$	4,468

Schedule of Maturities of Long-term Debt

The principal amount of long-term debt outstanding, as of April 2, 2017, matures in the following years:

									After
(MILLIONS OF DOLLARS)	2018		2019		2020		2021		2021		Total
Maturities	$	750	$	—	$	500	$	—	$	3,250	$	4,500

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The classification and fair values of derivative instruments are as follows:

		Fair Value of Derivatives
		April 2,			December 31,
(MILLIONS OF DOLLARS)	Balance Sheet Location	2017			2016
Derivatives Not Designated as Hedging Instruments
Foreign currency forward-exchange contracts	Other current assets	$	5		$	12
Foreign currency forward-exchange contracts	Other current liabilities	(15		)	(8		)
Total derivatives not designated as hedging instruments		(10		)	4
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts	Other current assets	17			17
Total derivatives designated as hedging instruments		17			17
Total derivatives		$	7		$	21

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The amounts of net gains/(losses) on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions—net, are as follows:

	Three Months Ended
	April 2,			April 3,
(MILLIONS OF DOLLARS)	2017			2016
Foreign currency forward-exchange contracts	$	(29	)	$	1

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The amounts of unrecognized net gains/(losses) on cash flow hedges for interest rate swap contracts, recorded, net of tax, in Other comprehensive income/(loss), were insignificant for both of the three months endedApril 2, 2017, and April 3, 2016. The net amount of deferred gains/losses that is expected to be reclassified fromAccumulated other comprehensive loss into earnings over the next 12 months is insignificant.