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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Financial Instruments [Abstract]  
Schedule of Long-term Debt Instruments
The components of our long-term debt are as follows:
March 31,December 31,
(MILLIONS OF DOLLARS)20202019
3.450% 2015 senior notes due 2020$500  $500  
2018 floating rate (three-month USD LIBOR plus 0.44%) senior notes due 2021300  300  
3.250% 2018 senior notes due 2021300  300  
3.250% 2013 senior notes due 20231,350  1,350  
4.500% 2015 senior notes due 2025750  750  
3.000% 2017 senior notes due 2027750  750  
3.900% 2018 senior notes due 2028500  500  
4.700% 2013 senior notes due 20431,150  1,150  
3.950% 2017 senior notes due 2047500  500  
4.450% 2018 senior notes due 2048400  400  
6,500  6,500  
Unamortized debt discount / debt issuance costs(49) (51) 
Less current portion of long-term debt500  500  
Cumulative fair value adjustment for interest rate swap contracts12  (2) 
Long-term debt, net of discount and issuance costs$5,963  $5,947  
Schedule of Maturities of Long-term Debt
The principal amount of long-term debt outstanding, as of March 31, 2020, matures in the following years:
After
(MILLIONS OF DOLLARS)202020212022202320242024Total
Maturities$500  $600  $—  $1,350  $—  $4,050  $6,500  
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
March 31,December 31,
(MILLIONS OF DOLLARS)Balance Sheet Location20202019
Derivatives Not Designated as Hedging Instruments
   Foreign currency forward-exchange contractsOther current assets$19  $7  
   Foreign currency forward-exchange contracts
Other current liabilities
(5) (5) 
Total derivatives not designated as hedging instruments$14  $2  
Derivatives Designated as Hedging Instruments:
   Forward-starting interest rate swap contractsOther noncurrent assets$—  $5  
   Forward-starting interest rate swap contractsOther noncurrent liabilities(32) (1) 
   Cross-currency interest rate swap contracts Other current assets7  4  
   Cross-currency interest rate swap contractsOther noncurrent assets36  20  
   Cross-currency interest rate swap contractsOther current liabilities(3) (3) 
   Fixed-to-floating interest rate swap contractsOther noncurrent assets12  (2) 
Total derivatives designated as hedging instruments20  23  
Total derivatives$34  $25  
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amounts of net gains on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions—net, are as follows:
Three Months Ended
March 31,
(MILLIONS OF DOLLARS)20202019
Foreign currency forward-exchange contracts$6  $(4) 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The amounts of unrecognized net gains/(losses) on interest rate swap contracts, recorded, net of tax, in Accumulated other comprehensive income/(loss), are as follows:
Three Months Ended
March 31,
(MILLIONS OF DOLLARS)20202019
Forward-starting interest rate swap contracts$(27) $—  
Cross-currency interest rate swap contracts$17  $18  
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
Gains on cross-currency interest rate swap contracts, recognized within Interest expense, net of capitalized interest, are as follows:
Three Months Ended
March 31,
(MILLIONS OF DOLLARS)20202019
Cross-currency interest rate swap contracts$6  $4  
Schedule of Derivative Instruments
The aggregate notional amounts of derivative instruments are as follows:
Notional
March 31,December 31,
(MILLIONS)20202019
Foreign currency forward-exchange contracts$1,272  $1,364  
Cross-currency interest rate swap contracts (in foreign currency):
   Euro650  650  
   Swiss franc 25  25  
   Danish krone600  600  
Forward-starting interest rate swaps $450  $250  
Fixed-to-floating interest rate swap contracts$150  $150