Financial Instruments (Tables)

6 Months Ended

Jul. 02, 2017

Financial Instruments [Abstract]

Schedule of Long-term Debt Instruments

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

	July 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	(31		)	(32		)
Less current portion of long-term debt	(750		)	—
Long-term debt, net of discount and issuance costs	$	3,719		$	4,468

Schedule of Maturities of Long-term Debt

The principal amount of long-term debt outstanding, as of July 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
		July 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	$	6		$	12
Foreign currency forward-exchange contracts	Other current liabilities	(8		)	(8		)
Total derivatives not designated as hedging instruments		(2		)	4
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts	Other current assets	14			17
Total derivatives designated as hedging instruments		14			17
Total derivatives		$	12		$	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					Six Months Ended
	July 2,		July 3,			July 2,			July 3,
(MILLIONS OF DOLLARS)	2017		2016			2017			2016
Foreign currency forward-exchange contracts	$	7	$	(13	)	$	(22	)	$	(12	)

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

The amounts of unrecognized net losses on derivative instruments designated as cash flow hedges, recorded, net of tax, in Other comprehensive income/(loss), are as follows:

	Three Months Ended						Six Months Ended
	July 2,			July 3,			July 2,			July 3,
(MILLIONS OF DOLLARS)	2017			2016			2017			2016
Interest rate swaps	$	(1	)	$	(3	)	$	(1	)	$	(3	)