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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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)20212020
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 
2.000% 2020 senior notes due 2030
750 750 
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 
3.000% 2020 senior notes due 2050
500 500 
7,250 7,250 
Unamortized debt discount / debt issuance costs(65)(66)
Less current portion of long-term debt600 600 
Cumulative fair value adjustment for interest rate swap contracts2 11 
Long-term debt, net of discount and issuance costs$6,587 $6,595 
Schedule of Maturities of Long-term Debt
The principal amount of long-term debt outstanding, as of March 31, 2021, 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 amounts of derivative instruments are as follows:
Notional
March 31,December 31,
(MILLIONS)20212020
Foreign currency forward-exchange contracts$1,527 $1,633 
Cross-currency interest rate swap contracts (in foreign currency):
   Euro650 650 
   Danish krone600 600 
   Swiss franc 25 25 
Forward-starting interest rate swaps $550 $550 
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
March 31,December 31,
(MILLIONS OF DOLLARS)Balance Sheet Location20212020
Derivatives Not Designated as Hedging Instruments
   Foreign currency forward-exchange contractsOther current assets$7 $10 
   Foreign currency forward-exchange contracts
Other current liabilities
(11)(16)
Total derivatives not designated as hedging instruments$(4)$(6)
Derivatives Designated as Hedging Instruments:
   Forward-starting interest rate swap contractsOther noncurrent assets$39 $6 
   Forward-starting interest rate swap contractsOther noncurrent liabilities— (17)
   Cross-currency interest rate swap contracts Other current assets20 2 
   Cross-currency interest rate swap contractsOther noncurrent assets10 5 
   Cross-currency interest rate swap contractsOther current liabilities(3)(21)
   Fixed-to-floating interest rate swap contractsOther noncurrent assets2 11 
Total derivatives designated as hedging instruments68 (14)
Total derivatives$64 $(20)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amounts of net (losses)/gains on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions—net, are as follows:
Three Months Ended
March 31,
(MILLIONS OF DOLLARS)20212020
Foreign currency forward-exchange contracts$(5)$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:
Three Months Ended
March 31,
(MILLIONS OF DOLLARS)20212020
Forward-starting interest rate swap contracts$39 $(27)
Cross-currency interest rate swap contracts$25 $17 
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)20212020
Cross-currency interest rate swap contracts$3 $6