Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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

	As of December 31,
(MILLIONS OF DOLLARS)	2019			2018
3.450% 2015 senior notes due 2020	$	500		$	500
2018 floating rate (three-month USD LIBOR plus 0.44%) senior notes due 2021	300			300
3.250% 2018 senior notes due 2021	300			300
3.250% 2013 senior notes due 2023	1,350			1,350
4.500% 2015 senior notes due 2025	750			750
3.000% 2017 senior notes due 2027	750			750
3.900% 2018 senior notes due 2028	500			500
4.700% 2013 senior notes due 2043	1,150			1,150
3.950% 2017 senior notes due 2047	500			500
4.450% 2018 senior notes due 2048	400			400
	6,500			6,500
Unamortized debt discount / debt issuance costs	(51		)	(57		)
Less current portion of long-term debt	500			—
Cumulative fair value adjustment for interest rate swap contracts	(2		)	—
Long-term debt, net of discount and issuance costs	$	5,947		$	6,443

Schedule of Maturities of Long-term Debt

The principal amount of debt outstanding as of December 31, 2019, matures in the following years:

											After
(MILLIONS OF DOLLARS)	2020		2021		2022		2023		2024		2024		Total
Maturities	$	500	$	600	$	—	$	1,350	$	—	$	4,050	$	6,500

Schedule of Derivative Instruments

The aggregate notional amount of derivative instruments are as follows:

	Notional
	As of December 31,
(MILLIONS)	2019		2018
Foreign currency forward-exchange contracts	$	1,364	$	1,330
Cross-currency interest rate swap contracts (in foreign currency):
Euro	650		400
Danish krone	600		—
Swiss franc	25		—
Forward-starting interest rate swaps	$	250	$	—
Fixed-to-floating interest rate swap contracts	$	150	$	—

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
		As of December 31,
(MILLIONS OF DOLLARS)	Balance Sheet Location	2019			2018
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward-exchange contracts	Other current assets	$	7		$	6
Foreign currency forward-exchange contracts	Other current liabilities	(5		)	(7		)
Total derivatives not designated as hedging instruments		2			(1		)
Derivatives Designated as Hedging Instruments:
Forward starting interest rate swap contracts	Other non-current assets	$	5		$	—
Forward starting interest rate swap contracts	Other non-current liabilities	(1		)	—
Cross-currency interest rate swap contracts	Other current assets	4			3
Cross-currency interest rate swap contracts	Other non-current assets	20			8
Cross-currency interest rate swap contracts	Other current liabilities	(3		)	—
Fixed to floating interest rate swap contracts	Other non-current liabilities	(2		)	—
Total derivatives designated as hedging instruments		23			11
Total derivatives		$	25		$	10

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:

	Year Ended December 31,
(MILLIONS OF DOLLARS)	2019		2018
Foreign currency forward-exchange contracts	$	—	$	6

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

The amounts of unrecognized net gains/(losses) on interest rate swap contracts, recorded, net of tax, in Accumulated other comprehensive income/(loss), are as follows:

	Year Ended December 31,
(MILLIONS OF DOLLARS)	2019		2018
Forward starting interest rate swap contracts	$	3	$	—
Cross-currency interest rate swap contracts	$	12	$	9

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location

Gains/(losses) on interest rate swap contracts, recognized within Interest expense, net of capitalized interest, are as follows:

	Year Ended December 31,
(MILLIONS OF DOLLARS)	2019		2018
Cross-currency interest rate swap contracts	$	19	$	6

Debt Securities, Available-for-sale

Information on investments in the debt securities at December 31, 2018, including the contractual maturities, or as necessary, the estimated maturities, of the available-for-sale securities is as follows:

	Gross Unrealized								Maturities by Period(a)
(MILLIONS OF DOLLARS)	Amortized Cost		Gains		Losses		Fair Value		Within 1 year		Over 1 to 5 years		Over 5 years		Total
Available-for-sale debt securities
Municipal Bonds	$	1	$	—	$	—	$	1	$	1	$	—	$	—	$	1
Corporate Bonds	100		—		—		100		98		2		—		100
Total debt securities	$	101	$	—	$	—	$	101	$	99	$	2	$	—	$	101

^(a) Long term investments are included in Other noncurrent assets.