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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
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)20202019
3.450% 2015 senior notes due 2020
$500 $500 
2018 floating rate (three-month USD LIBOR plus 0.44%) senior notes due 2021
300 300 
3.250% 2018 senior notes due 2021
300 300 
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 — 
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 — 
7,750 6,500 
Unamortized debt discount / debt issuance costs(68)(51)
Less current portion of long-term debt1,100 500 
Cumulative fair value adjustment for interest rate swap contracts13 (2)
Long-term debt, net of discount and issuance costs$6,595 $5,947 
Schedule of Maturities of Long-term Debt
The principal amount of long-term debt outstanding, as of September 30, 2020, matures in the following years:
After
(MILLIONS OF DOLLARS)202020212022202320242024Total
Maturities$500 $600 $— $1,350 $— $5,300 $7,750 
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 Location20202019
Derivatives Not Designated as Hedging Instruments
   Foreign currency forward-exchange contractsOther current assets$8 $7 
   Foreign currency forward-exchange contracts
Other current liabilities
(14)(5)
Total derivatives not designated as hedging instruments$(6)$2 
Derivatives Designated as Hedging Instruments:
   Forward-starting interest rate swap contractsOther noncurrent assets$2 $5 
   Forward-starting interest rate swap contractsOther noncurrent liabilities(28)(1)
   Cross-currency interest rate swap contracts Other current assets8 4 
   Cross-currency interest rate swap contractsOther noncurrent assets15 20 
   Cross-currency interest rate swap contractsOther current liabilities(11)(3)
   Fixed-to-floating interest rate swap contractsOther noncurrent assets13 — 
   Fixed-to-floating interest rate swap contractsOther noncurrent liabilities— (2)
Total derivatives designated as hedging instruments(1)23 
Total derivatives$(7)$25 
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amounts of net gains on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions—net, are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(MILLIONS OF DOLLARS)2020201920202019
Foreign currency forward-exchange contracts$— $1 $10 $5 
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 income/(loss), are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(MILLIONS OF DOLLARS)2020201920202019
Forward-starting interest rate swap contracts$5 $(4)$(22)$(4)
Cross-currency interest rate swap contracts$(30)$23 $(27)$28 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
Gains on cross-currency 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)2020201920202019
Cross-currency interest rate swap contracts$4 $5 $14 $13 
Schedule of Derivative Instruments
The aggregate notional amounts of derivative instruments are as follows:
Notional
September 30,December 31,
(MILLIONS)20202019
Foreign currency forward-exchange contracts$1,706 $1,364 
Cross-currency interest rate swap contracts (in foreign currency):
   euro650 650 
   Swiss franc 25 25 
   Danish krone600 600 
Forward-starting interest rate swaps $550 $250 
Fixed-to-floating interest rate swap contracts$150 $150