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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2019
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, 2019
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
 
$
(1,601
)
 
$
12

 
$
(80
)
 
$
(15
)
 
$
(1,684
)
Adjustment to adopt new accounting guidance related to reclassification of certain tax effects from accumulated other comprehensive income
 
98

 
19

 
(9
)
 
—

 
108

Balance at January 1, 2019
 
(1,503
)
 
31

 
(89
)
 
(15
)
 
(1,576
)
Other comprehensive income (loss) before reclassifications
 
(22
)
 
—

 
10

 
15

 
3

Amounts reclassified from accumulated other comprehensive (income) loss
 
—

 
(7
)
 
(9
)
 
1

 
(15
)
Other comprehensive income (loss)
 
(22
)
 
(7
)
 
1

 
16

 
(12
)
Balance at March 31, 2019
 
$
(1,525
)
 
$
24

 
$
(88
)
 
$
1

 
$
(1,588
)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
 
$
(1,205
)
 
$
46

 
$
(41
)
 
$
8

 
$
(1,192
)
Adjustment to adopt recognition and measurement of financial assets and liabilities guidance
 
—

 
—

 
—

 
(11
)
 
(11
)
Balance at January 1, 2018
 
(1,205
)
 
46

 
(41
)
 
(3
)
 
(1,203
)
Other comprehensive income (loss) before reclassifications
 
183

 
(2
)
 
5

 
(11
)
 
175

Amounts reclassified from accumulated other comprehensive (income) loss
 
1

 
(7
)
 
18

 
—

 
12

Other comprehensive income (loss)
 
184

 
(9
)
 
23

 
(11
)
 
187

Balance at March 31, 2018
 
$
(1,021
)
 
$
37

 
$
(18
)
 
$
(14
)
 
$
(1,016
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 

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)
 
2019

2018
 
 
 
 
 
 
 
Foreign currency translation
 
 
 
 
 
 
Gain (loss) on foreign currency translation
 
Other income (expense)
 
$
—

 
$
(1
)
Reclassifications net of tax
 
$
—

 
$
(1
)
 
 
 
 
 
 
 
Pension and other postretirement benefits:
 
 
 
 
 
 
Amortization of prior service credit (cost)
 
Other income (expense)
 
$
10

 
$
9

Tax (provision) benefit
 
(3
)
 
(2
)
Reclassifications net of tax
 
$
7

 
$
7

 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
Foreign exchange contracts
 
Sales of Machinery, Energy & Transportation
 
$
1

 
$
—

Foreign exchange contracts
 
Cost of goods sold
 
(3
)
 
—

Foreign exchange contracts
 
Interest expense of Financial Products
 
7

 
3

Foreign exchange contracts
 
Other income (expense)
 
6

 
(28
)
Interest rate contracts
 
Interest expense excluding Financial Products
 
(1
)
 
—

Interest rate contracts
 
Interest expense of Financial Products
 
1

 
1

Reclassifications before tax
 
11

 
(24
)
Tax (provision) benefit
 
(2
)
 
6

Reclassifications net of tax
 
$
9

 
$
(18
)
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
Realized gain (loss)
 
Other income (expense)
 
$
(1
)
 
$
—

Reclassifications net of tax
 
$
(1
)
 
$
—

 
 
 
 
 
 
 
Total reclassifications from Accumulated other comprehensive income (loss)
 
$
15

 
$
(12
)