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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
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)20202019
3.450% 2015 senior notes due 2020$— $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 
2.000% 2020 senior notes due 2030750 — 
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 
3.000% 2020 senior notes due 2050500 — 
7,250 6,500 
Unamortized debt discount / debt issuance costs(66)(51)
Less current portion of long-term debt600 500 
Cumulative fair value adjustment for interest rate swap contracts11 (2)
Long-term debt, net of discount and issuance costs$6,595 $5,947 
Schedule of Maturities of Long-term Debt
The principal amount of debt outstanding as of December 31, 2020, matures in the following years:
After
(MILLIONS OF DOLLARS)202120222023202420252025Total
Maturities$600 $— $1,350 $— $750 $4,550 $7,250 
Schedule of Derivative Instruments
The aggregate notional amount of derivative instruments are as follows:
Notional
As of December 31,
(MILLIONS)20202019
Foreign currency forward-exchange contracts$1,633 $1,364 
Cross-currency interest rate swap contracts (in foreign currency):
   euro650 650 
   Danish krone600 600 
   Swiss franc25 25 
Forward-starting interest rate swaps $550 $250 
Fixed-to-floating interest rate swap contracts$150 $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 Location20202019
Derivatives Not Designated as Hedging Instruments:
   Foreign currency forward-exchange contractsOther current assets$10 $7 
   Foreign currency forward-exchange contractsOther current liabilities (16)(5)
Total derivatives not designated as hedging instruments(6)2 
Derivatives Designated as Hedging Instruments:
   Forward starting interest rate swap contractsOther non-current assets$6 $5 
   Forward starting interest rate swap contractsOther non-current liabilities(17)(1)
   Cross-currency interest rate swap contracts Other current assets2 4 
   Cross-currency interest rate swap contractsOther non-current assets5 20 
   Cross-currency interest rate swap contractsOther current liabilities(21)(3)
   Fixed to floating interest rate swap contractsOther non-current assets/(liabilities)11 (2)
Total derivatives designated as hedging instruments(14)23 
Total derivatives$(20)$25 
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amounts of net losses on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions - net, are as follows:
Year Ended December 31,
(MILLIONS OF DOLLARS)20202019
Foreign currency forward-exchange contracts$(2)$— 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The amounts of unrecognized net (losses)/gains on interest rate swap contracts, recorded, net of tax, in Accumulated other comprehensive income/(loss), are as follows:
Year Ended December 31,
(MILLIONS OF DOLLARS)20202019
Forward starting interest rate swap contracts$(11)$3 
Cross-currency interest rate swap contracts$(58)$12 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
Gains on interest rate swap contracts, recognized within Interest expense, net of capitalized interest, are as follows:
Year Ended December 31,
(MILLIONS OF DOLLARS)20202019
Cross-currency interest rate swap contracts$18 $19