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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Financial Instruments [Abstract]  
Schedule of Long-term Debt Instruments The components of our long-term debt are as follows:
September 30,December 31,
(MILLIONS OF DOLLARS)20222021
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 
6,650 6,650 
Unamortized debt discount / debt issuance costs(56)(60)
Less current portion of long-term debt1,350 — 
Cumulative fair value adjustment for interest rate swap contracts(34)2 
Long-term debt, net of discount and issuance costs$5,210 $6,592 
Schedule of Maturities of Long-term Debt The principal amount of long-term debt outstanding, as of September 30, 2022, matures in the following years:
After
(MILLIONS OF DOLLARS)202220232024202520262026Total
Maturities$— $1,350 $— $750 $— $4,550 $6,650 
Schedule of Derivative Instruments The aggregate notional amount of derivative instruments are as follows:
Notional
September 30,December 31,
(MILLIONS)20222021
Derivatives not Designated as Hedging Instruments
     Foreign currency forward-exchange contracts $1,989 $1,749 
Derivatives Designated as Hedging Instruments
     Foreign exchange derivative instruments (in foreign currency):
          Euro 650 650 
          Danish krone600 600 
          Swiss franc25 25 
     Forward-starting interest rate swaps $700 $550 
     Fixed-to-floating interest rate swap contracts$250 $200 
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
September 30,December 31,
(MILLIONS OF DOLLARS)Balance Sheet Location20222021
Derivatives Not Designated as Hedging Instruments
   Foreign currency forward-exchange contractsOther current assets$14 $16 
   Foreign currency forward-exchange contracts
Other current liabilities
(17)(15)
Total derivatives not designated as hedging instruments$(3)$1 
Derivatives Designated as Hedging Instruments:
   Forward-starting interest rate swap contractsOther current assets$102 $— 
   Forward-starting interest rate swap contractsOther noncurrent assets10 17 
   Forward-starting interest rate swap contractsOther noncurrent liabilities— (5)
   Foreign exchange derivative instruments Other current assets53 12 
   Foreign exchange derivative instruments Other noncurrent assets40 14 
   Foreign exchange derivative instruments Other current liabilities— (3)
   Fixed-to-floating interest rate swap contractsOther noncurrent assets— 2 
   Fixed-to-floating interest rate swap contractsOther noncurrent liabilities(34)— 
Total derivatives designated as hedging instruments171 37 
Total derivatives$168 $38 
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location The amounts of net losses on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions—net, are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(MILLIONS OF DOLLARS)2022202120222021
Foreign currency forward-exchange contracts$(23)$(2)$(49)$(13)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) The amounts of unrecognized net gains/(losses) on derivative instruments designated as hedging instruments, recorded, net of tax, in Accumulated other comprehensive loss, are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(MILLIONS OF DOLLARS)2022202120222021
Forward-starting interest rate swap contracts$30 $1 $77 $20 
Foreign exchange derivative instruments$39 $16 $84 $33 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location Gains on derivative instruments designated as hedging instruments, recognized within Interest expense, net of capitalized interest, are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(MILLIONS OF DOLLARS)2022202120222021
Foreign exchange derivative instruments$4 $3 $11 $9