v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Financial Instruments [Abstract]  
Schedule of Long-term Debt Instruments
The components of our long-term debt are as follows:
June 30,December 31,
(MILLIONS OF DOLLARS)20262025
3.000% 2017 senior notes due 2027
$750 $750 
3.900% 2018 senior notes due 2028
500 500 
4.150% 2025 senior notes due 2028
850 850 
0.250% 2025 convertible senior notes due 2029
2,000 2,000 
2.000% 2020 senior notes due 2030
750 750 
5.600% 2022 senior notes due 2032
750 750 
5.000% 2025 senior notes due 2035
1,000 1,000 
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
500 500 
9,150 9,150 
Unamortized debt discount / debt issuance costs(85)(93)
Cumulative fair value adjustment for interest rate swap contracts(17)(15)
Long-term debt, net of discount and issuance costs$9,048 $9,042 
Schedule of Maturities of Long-term Debt
The following table provides the principal amount of debt outstanding, as of June 30, 2026, by scheduled maturity date:
After
(MILLIONS OF DOLLARS)202620272028202920302030Total
Maturities$— $750 $1,350 $2,000 $750 $4,300 $9,150 
Schedule of Derivative Instruments
The aggregate notional amount of derivative instruments are as follows:
Notional
June 30,December 31,
(MILLIONS)20262025
Derivatives not Designated as Hedging Instruments:
     Foreign currency forward-exchange contracts $2,231 $2,198 
Derivatives Designated as Hedging Instruments:
     Foreign exchange derivative instruments (in foreign currency):
          Euro 1,025 925 
          Danish krone400 400 
          Swiss franc35 — 
     Fixed-to-floating interest rate swap contracts$250 $250 
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
June 30,December 31,
(MILLIONS OF DOLLARS)Balance Sheet Location20262025
Derivatives Not Designated as Hedging Instruments:
   Foreign currency forward-exchange contractsOther current assets$9 $8 
   Foreign currency forward-exchange contracts
Other current liabilities
(25)(9)
   Foreign currency forward-exchange contractsOther noncurrent liabilities(1)— 
Total derivatives not designated as hedging instruments$(17)$(1)
Derivatives Designated as Hedging Instruments:
   Foreign exchange derivative instruments Other current assets$10 $6 
   Foreign exchange derivative instruments Other noncurrent assets3 — 
   Foreign exchange derivative instruments Other current liabilities(21)(25)
   Foreign exchange derivative instruments Other noncurrent liabilities(16)(39)
   Fixed-to-floating interest rate swap contractsOther noncurrent liabilities(17)(16)
Total derivatives designated as hedging instruments(41)(74)
Total derivatives$(58)$(75)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amounts of net (losses)/gains on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions—net, are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(MILLIONS OF DOLLARS)2026202520262025
Foreign currency forward-exchange contracts$(22)$28 $(13)$58 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The amounts of unrecognized net gains/(losses) on interest rate swap contracts, recorded, net of tax, in Accumulated other comprehensive loss, are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(MILLIONS OF DOLLARS)2026202520262025
Forward-starting interest rate swap contracts$— $(2)$— $(13)
Foreign exchange derivative instruments$6 $(74)$20 $(107)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
Gains on interest rate swap contracts, recognized within Interest expense, net of capitalized interest, are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(MILLIONS OF DOLLARS)2026202520262025
Foreign exchange derivative instruments$6 $5 $11 $10