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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