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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Long-term Debt, Unclassified [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following (in millions of dollars):

	As of December 31,
	2019								2018
	Carrying Value				Fair Value (1)				Carrying Value				Fair Value (1)
4.60% senior notes due 2045	$	1,000			$	1,194			$	1,000			$	1,026
3.75% senior notes due 2046	400				416				400				357
4.20% senior notes due 2047	400				449				400				383
British pound term loan	170				170				174				174
Euro term loan	123				123				126				126
Canadian dollar revolving credit facility	46				46				44				44
Other	42				42				49				49
Subtotal	2,181				2,440				2,193				2,159
Less current maturities	(246		)		(246		)		(81		)		(81		)
Debt issuance costs and discounts, net of amortization	(21		)		(21		)		(22		)		(22		)
Long-term debt (less current maturities)	$	1,914			$	2,173			$	2,090			$	2,056

(1) The estimated fair value of the Company’s Senior Notes was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as level 2 inputs within the fair value hierarchy. The carrying value of other long-term debt approximates fair value due to their variable interest rates.

Schedule of Maturities of Long-term Debt

The scheduled aggregate principal payments related to long-term debt, excluding debt issuance costs, are due as follows (in millions of dollars):

Year		Payment Amount
2020		$	246
2021		129
2022		—
2023		—
2024		6
Thereafter		1,800
Total		$	2,181

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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