XML 44 R33.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Financial Instruments [Abstract]  
Schedule of Long-term Debt Instruments
The components of our long-term debt are as follows:
June 30,December 31,
(MILLIONS OF DOLLARS)20242023
4.500% 2015 senior notes due 2025
$750 $750 
5.400% 2022 senior notes due 2025
600 600 
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 
5.600% 2022 senior notes due 2032
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(57)(60)
Cumulative fair value adjustment for interest rate swap contracts(30)(26)
Long-term debt, net of discount and issuance costs$6,563 $6,564 
Schedule of Maturities of Long-term Debt
The following table provides the principal amount of debt outstanding, as of June 30, 2024, by scheduled maturity date:
After
(MILLIONS OF DOLLARS)202420252026202720282028Total
Maturities$— $1,350 $— $750 $500 $4,050 $6,650 
Schedule of Derivative Instruments
The aggregate notional amount of derivative instruments are as follows:
Notional
June 30,December 31,
(MILLIONS)20242023
Derivatives not Designated as Hedging Instruments:
     Foreign currency forward-exchange contracts $2,237 $1,948 
Derivatives Designated as Hedging Instruments:
     Foreign exchange derivative instruments (in foreign currency):
          Euro 650 650 
          Danish krone575 600 
          Swiss franc25 25 
     Forward-starting interest rate swaps $100 $100 
     Fixed-to-floating interest rate swap contracts$250 $250 
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
June 30,December 31,
(MILLIONS OF DOLLARS)Balance Sheet Location20242023
Derivatives Not Designated as Hedging Instruments:
   Foreign currency forward-exchange contractsOther current assets$17 $11 
   Foreign currency forward-exchange contracts
Other current liabilities
(5)(11)
Total derivatives not designated as hedging instruments$12 $— 
Derivatives Designated as Hedging Instruments:
   Forward-starting interest rate swap contractsOther noncurrent assets$15 $12 
   Foreign exchange derivative instruments Other current assets28 5 
   Foreign exchange derivative instruments Other noncurrent assets— 11 
   Foreign exchange derivative instruments Other current liabilities(1)(20)
   Foreign exchange derivative instruments Other noncurrent liabilities— (1)
   Fixed-to-floating interest rate swap contractsOther noncurrent liabilities(30)(26)
Total derivatives designated as hedging instruments12 (19)
Total derivatives$24 $(19)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amounts of net gains/(losses) on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions—net, are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(MILLIONS OF DOLLARS)2024202320242023
Foreign currency forward-exchange contracts$2 $(20)$1 $(36)
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:
Three Months EndedSix Months Ended
June 30,June 30,
(MILLIONS OF DOLLARS)2024202320242023
Forward-starting interest rate swap contracts$1 $1 $3 $— 
Foreign exchange derivative instruments$2 $(7)$18 $(13)
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:
Three Months EndedSix Months Ended
June 30,June 30,
(MILLIONS OF DOLLARS)2024202320242023
Foreign exchange derivative instruments$4 $5 $8 $10