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FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our long-term debt at December 31, 2023 and 2022:

Millions of dollars			2023			2022
Senior Note - 3.70%, maturing 2023			$	—		$	250
Senior Note - 4.00%, maturing 2024			300			300
Term Loan - SOFR + 85bps, maturing 2024			500			1,000
Term Loan - SOFR +110bps, maturing 2025			1,500			1,500
Senior Note - 3.70%, maturing 2025			350			350
Senior Note - 1.25%, maturing 2026(1)			549			532
Senior Note - 1.10%, maturing 2027(1)			659			638
Senior Note - 0.50%, maturing 2028(1)			550			533
Senior Note - 4.75%, maturing 2029			695			695
Senior Note - 2.40%, maturing 2031			300			300
Senior Note - 4.70%, maturing 2032			298			297
Senior Note - 5.50%, maturing 2033			300			—
Senior Note - 5.15%, maturing 2043			249			249
Senior Note - 4.50%, maturing 2046			497			497
Senior Note - 4.60%, maturing 2050			493			493
Other, net			(26)			(23)
			$	7,214		$	7,611
Less current maturities			800			248
Total long-term debt			$	6,414		$	7,363

(1)Euro denominated debt reflects impact of currency

Schedule of Maturities of Long-term Debt

The following table summarizes the contractual maturities of our long-term debt, including current maturities, at December 31, 2023:

Millions of dollars
2024			800
2025			1,850
2026			549
2027			659
2028			550
Thereafter			2,806
Long-term debt, including current maturities			$	7,214

Schedule of Notes Payable

The following table summarizes the carrying value of notes payable at December 31, 2023 and 2022:

Millions of dollars						2023						2022
Short-term borrowings due to banks						$	17					$	4
Total notes payable						$	17					$	4

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
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-Name Accounting Standards Codification
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