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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
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)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(54)(60)
Less current portion of long-term debt1,350 — 
Cumulative fair value adjustment for interest rate swap contracts(26)(26)
Long-term debt, net of discount and issuance costs$5,220 $6,564 
Schedule of Maturities of Long-term Debt
The following table provides the principal amount of debt outstanding as of December 31, 2024 by scheduled maturity date. The table also provides the expected interest payments on these borrowings as of December 31, 2024.
After
(MILLIONS OF DOLLARS)202520262027202820292029Total
Maturities$1,350 $— $750 $500 $— $4,050 $6,650 
Interest payments $272 $206 $206 $183 $164 $1,863 $2,894 
Schedule of Derivative Instruments
The aggregate notional amount of derivative instruments are as follows:
Notional
As of December 31,
(MILLIONS)20242023
Derivatives not Designated as Hedging Instruments
     Foreign currency forward-exchange contracts$2,070 $1,948 
Derivatives Designated as Hedging Instruments
     Foreign exchange derivative instruments (in foreign currency):
         Euro800 650 
         Danish krone475 600 
         Swiss franc25 25 
     Forward-starting interest rate swaps $300 $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
As of December 31,
(MILLIONS OF DOLLARS)Balance Sheet Location20242023
Derivatives Not Designated as Hedging Instruments:
   Foreign currency forward-exchange contractsOther current assets$18 $11 
   Foreign currency forward-exchange contractsOther current liabilities (6)(11)
Total derivatives not designated as hedging instruments12 — 
Derivatives Designated as Hedging Instruments:
   Forward-starting interest rate swap contractsOther non-current assets$26 $12 
   Foreign exchange derivative instrumentsOther current assets55 5 
   Foreign exchange derivative instrumentsOther non-current assets4 11 
   Foreign exchange derivative instrumentsOther current liabilities— (20)
   Foreign exchange derivative instrumentsOther non-current liabilities— (1)
   Fixed-to-floating interest rate swap contractsOther non-current liabilities(26)(26)
Total derivatives designated as hedging instruments59 (19)
Total derivatives$71 $(19)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amounts of net losses on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions - net, are as follows:
Year Ended December 31,
(MILLIONS OF DOLLARS)20242023
Foreign currency forward-exchange contracts$(11)$(25)
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)20242023
Forward starting interest rate swap contracts$11 $2 
Foreign exchange derivative instruments$44 $(23)
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)20242023
Foreign exchange derivative instruments$17 $19