Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Company’s outstanding debt

The Company’s outstanding debt is as follows:

December 31,
(In millions of dollars)	2015		2014 *
Short-term:
Current portion of long-term debt	$	12	$	11
Long-term:
Senior notes – 2.30% due 2017	249		249
Senior notes – 2.55% due 2018	249		249
Senior notes – 2.35% due 2019	298		298
Senior notes – 2.35% due 2020	496		—
Senior notes – 4.80% due 2021	497		497
Senior notes – 4.05% due 2023	248		247
Senior notes – 3.50% due 2024	595		594
Senior notes – 3.50% due 2025	495		494
Senior notes – 3.75% due 2026	595		—
Senior notes – 5.875% due 2033	297		297
Mortgage – 5.70% due 2035	393		403
Term Loan Facility	—		50
Other	2		1
	4,414		3,379
Less current portion	12		11
	$	4,402	$	3,368

* Amended to reflect the adoption in 2015 of new Financial Accounting Standards Board guidance related to the presentation of debt issuance costs.

Estimated fair value of short-term and long-term debt

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.

	December 31, 2015				December 31, 2014
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	12	$	12	$	11	$	11
Long-term debt	$	4,402	$	4,513	$	3,376	$	3,493