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Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 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 June 30, 2017
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2017
 
$
(1,823
)
 
$
18

 
$
(65
)
 
$
43

 
$
(1,827
)
Other comprehensive income (loss) before reclassifications
 
324

 
—

 
—

 
10

 
334

Amounts reclassified from accumulated other comprehensive (income) loss
 
—

 
(4
)
 
26

 
—

 
22

Other comprehensive income (loss)
 
324

 
(4
)
 
26

 
10

 
356

Balance at June 30, 2017
 
$
(1,499
)
 
$
14

 
$
(39
)
 
$
53

 
$
(1,471
)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2016
 
$
(1,545
)
 
$
39

 
$
(32
)
 
$
45

 
$
(1,493
)
Other comprehensive income (loss) before reclassifications
 
(103
)
 
(1
)
 
(18
)
 
10

 
(112
)
Amounts reclassified from accumulated other comprehensive (income) loss
 
—

 
(9
)
 
1

 
(20
)
 
(28
)
Other comprehensive income (loss)
 
(103
)
 
(10
)
 
(17
)
 
(10
)
 
(140
)
Balance at June 30, 2016
 
$
(1,648
)
 
$
29

 
$
(49
)
 
$
35

 
$
(1,633
)
 
 
 
 
 
 
 
 
 
 
 

(Millions of dollars)
 
Foreign currency translation
 
Pension and other postretirement benefits
 
Derivative financial instruments
 
Available-for-sale securities
 
Total
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2016
 
$
(1,970
)
 
$
14

 
$
(115
)
 
$
32

 
$
(2,039
)
Other comprehensive income (loss) before reclassifications
 
469

 
8

 
10

 
18

 
505

Amounts reclassified from accumulated other comprehensive (income) loss
 
2

 
(8
)
 
66

 
3

 
63

Other comprehensive income (loss)
 
471

 
—

 
76

 
21

 
568

Balance at June 30, 2017
 
$
(1,499
)
 
$
14

 
$
(39
)
 
$
53

 
$
(1,471
)
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2015
 
$
(1,953
)
 
$
(69
)
 
$
(50
)
 
$
37

 
$
(2,035
)
Other comprehensive income (loss) before reclassifications
 
305

 
117

 
(9
)
 
16

 
429

Amounts reclassified from accumulated other comprehensive (income) loss
 
—

 
(19
)
 
10

 
(18
)
 
(27
)
Other comprehensive income (loss)
 
305

 
98

 
1

 
(2
)
 
402

Balance at June 30, 2016
 
$
(1,648
)
 
$
29

 
$
(49
)
 
$
35

 
$
(1,633
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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 June 30
(Millions of dollars)
 
Classification of
income (expense)
 
2017

2016
 
 
 
 
 
 
 
Pension and other postretirement benefits:
 
 
 
 
 
 
Amortization of prior service credit (cost)
 
Note 9 1
 
$
7

 
$
15

Tax (provision) benefit
 
(3
)
 
(6
)
Reclassifications net of tax
 
$
4

 
$
9

 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
Foreign exchange contracts
 
Other income (expense)
 
$
(41
)
 
$
—

Interest rate contracts
 
Interest expense excluding Financial Products
 
(1
)
 
(1
)
Interest rate contracts
 
Interest expense of Financial Products
 
2

 
(1
)
Reclassifications before tax
 
(40
)
 
(2
)
Tax (provision) benefit
 
14

 
1

Reclassifications net of tax
 
$
(26
)
 
$
(1
)
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
Realized gain (loss)
 
Other income (expense)
 
$
—

 
$
30

Tax (provision) benefit
 
—

 
(10
)
Reclassifications net of tax
 
$
—

 
$
20

 
 
 
 
 
 
 
Total reclassifications from Accumulated other comprehensive income (loss)
 
$
(22
)
 
$
28

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

 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30
(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
 
$
12

 
$
30

Tax (provision) benefit
 
(4
)
 
(11
)
Reclassifications net of tax
 
$
8

 
$
19

 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
Foreign exchange contracts
 
Other income (expense)
 
$
(102
)
 
$
(10
)
Interest rate contracts
 
Interest expense excluding Financial Products
 
(3
)
 
(3
)
Interest rate contracts
 
Interest expense of Financial Products
 
3

 
(3
)
Reclassifications before tax
 
(102
)
 
(16
)
Tax (provision) benefit
 
36

 
6

Reclassifications net of tax
 
$
(66
)
 
$
(10
)
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
Realized gain (loss)
 
Other income (expense)
 
$
(4
)
 
$
27

Tax (provision) benefit
 
1

 
(9
)
Reclassifications net of tax
 
$
(3
)
 
$
18

 
 
 
 
 
 
 
Total reclassifications from Accumulated other comprehensive income (loss)
 
$
(63
)
 
$
27

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