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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
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,
| 2023 |  | 2022
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
4.60% senior notes due 2045 | $ | 1,000 |  |  | $ | 967 |  |  | $ | 1,000 |  |  | $ | 916 |
1.85% senior notes due 2025 | 500 |  |  | 483 |  |  | 500 |  |  | 470 |
4.20% senior notes due 2047 | 400 |  |  | 361 |  |  | 400 |  |  | 338 |
3.75% senior notes due 2046 | 400 |  |  | 336 |  |  | 400 |  |  | 317 |
Japanese yen term loan | 32 |  |  | 32 |  |  | 69 |  |  | 69 |
Other | (13) |  |  | (13) |  |  | (29) |  |  | (29) |
Subtotal | 2,319 |  |  | 2,166 |  |  | 2,340 |  |  | 2,081 |
Less current maturities | (34) |  |  | (34) |  |  | (35) |  |  | (35) |
Debt issuance costs – net of amortization | (19) |  |  | (19) |  |  | (21) |  |  | (21) |
Long-term debt | $ | 2,266 |  |  | $ | 2,113 |  |  | $ | 2,284 |  |  | $ | 2,025 |
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):
Year |  | Payment Amount
2024 |  | $ | 34 |
2025 |  | 503 |
2026 |  | — |
2027 |  | — |
2028 |  | — |
Thereafter |  | 1,800 |
Total |  | $ | 2,337 |

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