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SHORT-TERM AND LONG-TERM DEBT (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Long-term debt, including current maturities and debt issuance costs and discounts, net, consisted of the following (in millions of dollars):
As of September 30, 2020As of December 31, 2019
Carrying ValueFair Value (3)Carrying ValueFair Value (3)
4.60% senior notes due 2045$1,000 $1,287 $1,000 $1,194 
3.75% senior notes due 2046400 456 400 416 
4.20% senior notes due 2047400 489 400 449 
1.85% senior notes due 2025 (1)500 524 — — 
British pound term loan— — 170 170 
Euro term loan— — 123 123 
Japanese Yen term loan (2)85 85 — — 
Canadian dollar revolving credit facility— — 46 46 
Other40 40 42 42 
Subtotal (4)2,425 2,881 2,181 2,440 
Less: Current maturities(12)(12)(246)(246)
Debt issuance costs and discounts, net of amortization(25)(25)(21)(21)
Long-term debt (less current maturities)$2,388 $2,844 $1,914 $2,173 

(1) The 1.85% Notes mature in February 2025 and they require no principal payments until the maturity date and interest is payable semi-annually on February 15 and August 15, beginning in August 2020. Prior to January 2025, the Company may redeem the 1.85% Notes in whole at any time or in part from time to time at a “make-whole” redemption price. This redemption price is calculated by reference to the then-current yield on a U.S. treasury security with a maturity comparable to the remaining term of the 1.85% Notes plus 10 basis points, together with accrued and unpaid interest, if any, at the redemption date. Additionally, if the Company experiences specific kinds of changes in control, it will be required to make an offer to purchase the 1.85% Notes at 101% of their principal amount plus accrued and unpaid interest, if any, at the date of purchase. On or after January 15, 2025, the Company may redeem the 1.85% Notes in whole at any time or in part from time to
time at 100% of their principal amount, together with accrued and unpaid interest, if any, to the redemption date. Costs and discounts of approximately $5 million associated with the issuance of the 1.85% Notes, representing underwriting fees and other expenses, have been recorded as a contra-liability within Long-term debt and are being amortized to interest expense, net over the term of the 1.85% Notes.

(2) The Japanese Yen term loan matures in 2024, payable over four equal semi-annual principal installments in 2023 and 2024, and bears average interest at 0.05%.

(3) 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.
(4) The Company's long-term debt instruments include affirmative and negative covenants that are usual and customary for companies with similar credit ratings and do not contain any financial performance covenants. The Company was in compliance with all debt covenants as of September 30, 2020.