LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Debt, Unclassified [Abstract]

Schedule of Long-term Debt Instruments

Total debt, including long-term, current maturities and debt issuance costs and discounts – net, consisted of the following (in millions of dollars):

	As of December 31,
	2023				2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
4.60% senior notes due 2045	$	1,000	$	967	$	1,000	$	916
1.85% senior notes due 2025	500		483		500		470
4.20% senior notes due 2047	400		361		400		338
3.75% senior notes due 2046	400		336		400		317
Japanese yen term loan	32		32		69		69
Other	(13)		(13)		(29)		(29)
Subtotal	2,319		2,166		2,340		2,081
Less current maturities	(34)		(34)		(35)		(35)
Debt issuance costs – net of amortization	(19)		(19)		(21)		(21)
Long-term debt	$	2,266	$	2,113	$	2,284	$	2,025

Schedule of Maturities of Long-term Debt

The scheduled aggregate principal payments required on the Company's indebtedness, based on the maturity dates defined within the debt arrangements, for the succeeding five years, excluding debt issuance costs and the impact of derivatives, are due as follows (in millions of dollars):

Year	Payment Amount
2024	$	34
2025	503
2026	—
2027	—
2028	—
Thereafter	1,800
Total	$	2,337