Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The Company’s outstanding debt is as follows:

(In millions of dollars)	June 30, 2014		December 31, 2013
Short-term:
Current portion of long-term debt	$	333	$	334
Long-term:
Senior notes – 5.875% due 2033	297		297
Senior notes – 5.375% due 2014	322		323
Senior notes – 5.75% due 2015	230		230
Senior notes – 2.30% due 2017	249		249
Senior notes – 9.25% due 2019	399		399
Senior notes – 4.80% due 2021	497		497
Senior notes – 2.55% due 2018	248		248
Senior notes – 4.05% due 2023	248		247
Senior notes – 3.50% due 2024	595		—
Mortgage – 5.70% due 2035	408		413
Term Loan Facility - due 2016	50		50
Other	2		2
	3,545		2,955
Less current portion	333		334
	$	3,212	$	2,621

Gain Or Loss On The Hedged Item And Offsetting Gain Or Loss On Interest Rate Swaps

The gain or (loss) on the hedged item (fixed rate debt) and the offsetting gain or (loss) on the interest rate swaps for the year-to-date periods ended June 30, 2014 and 2013 are as follows:

	2014							2013
Income statement classification                (In millions of dollars)	Loss on Swaps			Gain on Notes		Net Income Effect		Loss on Swaps			Gain on Notes		Net Income Effect
Other Operating Expenses	$	(1	)	$	1	$	—	$	(1	)	$	1	$	—

Estimated Fair Value Of Significant Financial Instruments

The estimated fair value of the Company’s short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.

	June 30, 2014				December 31, 2013
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	333	$	333	$	334	$	334
Long-term debt	$	3,212	$	3,480	$	2,621	$	2,819