Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our long-term debt at December 31, 2020 and 2019:

Millions of dollars	2020		2019
Senior Note - 0.63%, maturing 2020	$	—	$	561
Senior Note - 4.85%, maturing 2021	300		300
Senior Note - 4.70%, maturing 2022	300		300
Senior Note - 3.70%, maturing 2023	250		250
Senior Note - 4.00%, maturing 2024	300		300
Senior Note - 3.70%, maturing 2025	350		350
Senior Note - 1.25%, maturing 2026(1)	606		556
Senior Note - 1.10%, maturing 2027(1)	727		667
Senior Note - 0.50%, maturing 2028(1)	607		—
Senior Note - 4.75%, maturing 2029	693		692
Senior Note - 5.15%, maturing 2043	249		249
Senior Note - 4.50%, maturing 2046	497		496
Senior Note - 4.60%, maturing 2050	493		—
Other, net	(15)		(22)
	$	5,357	$	4,699
Less current maturities	298		559
Total long-term debt	$	5,059	$	4,140

(1)Euro denominated debt reflects impact of currency

Schedule of Maturities of Long-term Debt

The following table summarizes the contractual maturities of our long-term debt, including current maturities, at December 31, 2020:

Millions of dollars
2021	$	298
2022	297
2023	247
2024	297
2025	347
Thereafter	3,871
Long-term debt, including current maturities	$	5,357

Schedule of Notes Payable

The following table summarizes the carrying value of notes payable at December 31, 2020 and 2019, respectively.

Millions of dollars	2020		2019
Commercial paper	$	—	$	274
Short-term borrowings to banks	12		20
Total notes payable	$	12	$	294