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LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Long-Term Debt, Unclassified [Abstract]  
Schedule of Long-term Debt Instruments
Total debt, including long-term, current maturities and debt issuance costs and discounts – net, consisted of the following (in millions of dollars):
As of December 31,
 20222021
Carrying ValueFair Value Carrying ValueFair Value
4.60% senior notes due 2045
$1,000 $916 $1,000 $1,284 
1.85% senior notes due 2025
500 470 500 509 
4.20% senior notes due 2047
400 338 400 492 
3.75% senior notes due 2046
400 317 400 459 
Japanese yen term loan 69 69 78 78 
Other(29)(29)7 7 
Subtotal2,340 2,081 2,385 2,829 
Less current maturities(35)(35)— — 
Debt issuance costs and discounts – net of amortization(21)(21)(23)(23)
Long-term debt$2,284 $2,025 $2,362 $2,806 
Schedule of Maturities of Long-term Debt
The scheduled aggregate principal payments required on the Company's indebtedness, based on the maturity dates defined within the debt arrangements, for the succeeding five years, excluding debt issuance costs and the impact of derivatives, are due as follows (in millions of dollars):
YearPayment Amount
2023$35 
202434 
2025500 
20265 
2027— 
Thereafter1,800 
Total$2,374