Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss)

Comprehensive income and its components are presented in the Consolidated Statement of Comprehensive Income. Changes in Accumulated other comprehensive income (loss), net of tax, included in the Consolidated Statement of Changes in Shareholders’ Equity, consisted of the following:

(Millions of dollars)	Foreign currency translation			Pension and other postretirement benefits			Derivative financial instruments			Available-for-sale securities		Total
Three Months Ended March 31, 2017
Balance at December 31, 2016	$	(1,970	)	$	14		$	(115	)	$	32	$	(2,039	)
Other comprehensive income (loss) before reclassifications	145			8			10			8		171
Amounts reclassified from accumulated other comprehensive (income) loss	2			(4		)	40			3		41
Other comprehensive income (loss)	147			4			50			11		212
Balance at March 31, 2017	$	(1,823	)	$	18		$	(65	)	$	43	$	(1,827	)
Three Months Ended March 31, 2016
Balance at December 31, 2015	$	(1,953	)	$	(69	)	$	(50	)	$	37	$	(2,035	)
Other comprehensive income (loss) before reclassifications	408			118			9			6		541
Amounts reclassified from accumulated other comprehensive (income) loss	—			(10		)	9			2		1
Other comprehensive income (loss)	408			108			18			8		542
Balance at March 31, 2016	$	(1,545	)	$	39		$	(32	)	$	45	$	(1,493	)

The effect of the reclassifications out of Accumulated other comprehensive income (loss) on the Consolidated Statement of Results of Operations is as follows:

		Three Months Ended March 31
(Millions of dollars)	Classification of income (expense)	2017			2016
Foreign currency translation
Gain (loss) on foreign currency translation	Other income (expense)	$	(2	)	$	—
Tax (provision) benefit		—			—
Reclassifications net of tax		$	(2	)	$	—
Pension and other postretirement benefits:
Amortization of prior service credit (cost)	Note 9 1	$	5		$	15
Tax (provision) benefit		(1		)	(5		)
Reclassifications net of tax		$	4		$	10
Derivative financial instruments:
Foreign exchange contracts	Other income (expense)	$	(61	)	$	(10	)
Interest rate contracts	Interest expense excluding Financial Products	(2		)	(2		)
Interest rate contracts	Interest expense of Financial Products	1			(2		)
Reclassifications before tax		(62		)	(14		)
Tax (provision) benefit		22			5
Reclassifications net of tax		$	(40	)	$	(9	)
Available-for-sale securities:
Realized gain (loss)	Other income (expense)	$	(4	)	$	(3	)
Tax (provision) benefit		1			1
Reclassifications net of tax		$	(3	)	$	(2	)
Total reclassifications from Accumulated other comprehensive income (loss)		$	(41	)	$	(1	)

¹    Amounts are included in the calculation of net periodic benefit cost. See Note 9 for additional information.