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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
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)20252024
4.500% 2015 senior notes due 2025
$— $750 
5.400% 2022 senior notes due 2025
— 600 
3.000% 2017 senior notes due 2027
750 750 
3.900% 2018 senior notes due 2028
500 500 
4.150% 2025 senior notes due 2028
850 — 
2.000% 2020 senior notes due 2030
750 750 
5.600% 2022 senior notes due 2032
750 750 
5.000% 2025 senior notes due 2035
1,000 — 
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 
7,150 6,650 
Unamortized debt discount / debt issuance costs(64)(54)
Less current portion of long-term debt— 1,350 
Cumulative fair value adjustment for interest rate swap contracts(17)(26)
Long-term debt, net of discount and issuance costs$7,069 $5,220 
Schedule of Maturities of Long-term Debt
The following table provides the principal amount of debt outstanding, as of September 30, 2025, by scheduled maturity date:
After
(MILLIONS OF DOLLARS)202520262027202820292029Total
Maturities$— $— $750 $1,350 $— $5,050 $7,150 
Schedule of Derivative Instruments
The aggregate notional amount of derivative instruments are as follows:
Notional
September 30,December 31,
(MILLIONS)20252024
Derivatives not Designated as Hedging Instruments:
     Foreign currency forward-exchange contracts $2,048 $2,070 
Derivatives Designated as Hedging Instruments:
     Foreign exchange derivative instruments (in foreign currency):
          Euro 925 800 
          Danish krone400 475 
          Swiss franc25 25 
     Forward-starting interest rate swaps $— $300 
     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
September 30,December 31,
(MILLIONS OF DOLLARS)Balance Sheet Location20252024
Derivatives Not Designated as Hedging Instruments:
   Foreign currency forward-exchange contractsOther current assets$10 $18 
   Foreign currency forward-exchange contractsOther noncurrent assets1 — 
   Foreign currency forward-exchange contracts
Other current liabilities
(6)(6)
Total derivatives not designated as hedging instruments$5 $12 
Derivatives Designated as Hedging Instruments:
   Forward-starting interest rate swap contractsOther noncurrent assets$— $26 
   Foreign exchange derivative instruments Other current assets7 55 
   Foreign exchange derivative instruments Other noncurrent assets— 4 
   Foreign exchange derivative instruments Other current liabilities(15)— 
   Foreign exchange derivative instruments Other noncurrent liabilities(52)— 
   Fixed-to-floating interest rate swap contractsOther noncurrent liabilities(17)(26)
Total derivatives designated as hedging instruments(77)59 
Total derivatives$(72)$71 
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amounts of net gains 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)2025202420252024
Foreign currency forward-exchange contracts$5 $11 $44 $12 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The amounts of unrecognized net (losses)/gains on interest rate swap contracts, recorded, net of tax, in Accumulated other comprehensive loss, are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(MILLIONS OF DOLLARS)2025202420252024
Forward-starting interest rate swap contracts$(7)$(3)$(20)$— 
Foreign exchange derivative instruments$6 $(23)$(101)$(5)
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 EndedNine Months Ended
September 30,September 30,
(MILLIONS OF DOLLARS)2025202420252024
Foreign exchange derivative instruments$6 $4 $16 $12