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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
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)20212020
2018 floating rate (three-month USD LIBOR plus 0.44%) senior notes due 2021$— $300 
3.250% 2018 senior notes due 2021— 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 750 
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 500 
6,650 7,250 
Unamortized debt discount / debt issuance costs(60)(66)
Less current portion of long-term debt— 600 
Cumulative fair value adjustment for interest rate swap contracts2 11 
Long-term debt, net of discount and issuance costs$6,592 $6,595 
Schedule of Maturities of Long-term Debt The following table provides the principal amount of debt outstanding as of December 31, 2021 by scheduled maturity date. The table also provides the expected interest payments on these borrowings as of December 31, 2021.
After
(MILLIONS OF DOLLARS)202220232024202520262026Total
Maturities$— $1,350 $— $750 $— $4,550 $6,650 
Interest payments $241 $219 $197 $197 $164 $2,165 $3,183 
Schedule of Derivative Instruments The aggregate notional amount of derivative instruments are as follows:
Notional
As of December 31,
(MILLIONS)20212020
Foreign currency forward-exchange contracts$1,749 $1,633 
Cross-currency interest rate swap contracts (in foreign currency):
   Euro650 650 
   Danish krone600 600 
   Swiss franc25 25 
Forward-starting interest rate swaps $550 $550 
Fixed-to-floating interest rate swap contracts$200 $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 Location20212020
Derivatives Not Designated as Hedging Instruments:
   Foreign currency forward-exchange contractsOther current assets$16 $10 
   Foreign currency forward-exchange contractsOther current liabilities (15)(16)
Total derivatives not designated as hedging instruments1 (6)
Derivatives Designated as Hedging Instruments:
   Forward starting interest rate swap contractsOther non-current assets$17 $6 
   Forward starting interest rate swap contractsOther non-current liabilities(5)(17)
   Cross-currency interest rate swap contracts Other current assets12 2 
   Cross-currency interest rate swap contractsOther non-current assets14 5 
   Cross-currency interest rate swap contractsOther current liabilities(3)(21)
   Fixed to floating interest rate swap contractsOther non-current assets2 11 
Total derivatives designated as hedging instruments37 (14)
Total derivatives$38 $(20)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location The amounts of net losses on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions - net, are as follows:
Year Ended December 31,
(MILLIONS OF DOLLARS)20212020
Foreign currency forward-exchange contracts$(20)$(2)
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 loss, are as follows:
Year Ended December 31,
(MILLIONS OF DOLLARS)20212020
Forward starting interest rate swap contracts$18 $(11)
Cross-currency interest rate swap contracts$42 $(58)
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)20212020
Cross-currency interest rate swap contracts$12 $18