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Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Changes in Accumulated other comprehensive income (loss), net of tax 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 September 30, 2019
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
 
$
(1,426
)
 
$
17

 
$
(105
)
 
$
15

 
$
(1,499
)
Other comprehensive income (loss) before reclassifications
 
(263
)
 
—

 
59

 
4

 
(200
)
Amounts reclassified from accumulated other comprehensive (income) loss
 
—

 
(8
)
 
(76
)
 
—

 
(84
)
Other comprehensive income (loss)
 
(263
)
 
(8
)
 
(17
)
 
4

 
(284
)
Balance at September 30, 2019
 
$
(1,689
)
 
$
9

 
$
(122
)
 
$
19

 
$
(1,783
)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
 
$
(1,432
)
 
$
30

 
$
(78
)
 
$
(16
)
 
$
(1,496
)
Other comprehensive income (loss) before reclassifications
 
(65
)
 
—

 
32

 
(1
)
 
(34
)
Amounts reclassified from accumulated other comprehensive (income) loss
 
—

 
(7
)
 
(31
)
 
—

 
(38
)
Other comprehensive income (loss)
 
(65
)
 
(7
)
 
1

 
(1
)
 
(72
)
Balance at September 30, 2018
 
$
(1,497
)
 
$
23

 
$
(77
)
 
$
(17
)
 
$
(1,568
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Millions of dollars)
 
Foreign currency translation
 
Pension and other postretirement benefits
 
Derivative financial instruments
 
Available-for-sale securities
 
Total
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 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 1
 
98

 
19

 
(9
)
 
—

 
108

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

 
(89
)
 
(15
)
 
(1,576
)
Other comprehensive income (loss) before reclassifications
 
(186
)
 
—

 
53

 
34

 
(99
)
Amounts reclassified from accumulated other comprehensive (income) loss
 
—

 
(22
)
 
(86
)
 
—

 
(108
)
Other comprehensive income (loss)
 
(186
)
 
(22
)
 
(33
)
 
34

 
(207
)
Balance at September 30, 2019
 
$
(1,689
)
 
$
9

 
$
(122
)
 
$
19

 
$
(1,783
)
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 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
 
(293
)
 
(2
)
 
73

 
(14
)
 
(236
)
Amounts reclassified from accumulated other comprehensive (income) loss
 
$
1

 
$
(21
)
 
$
(109
)
 
$
—

 
$
(129
)
Other comprehensive income (loss)
 
$
(292
)
 
$
(23
)
 
$
(36
)
 
$
(14
)
 
$
(365
)
Balance at September 30, 2018
 
$
(1,497
)
 
$
23

 
$
(77
)
 
$
(17
)
 
$
(1,568
)
1 See Note 2 for additional information.
 
 
 
 
 
 
 
 
 
 
 
Reclassifications out of Accumulated other comprehensive income (loss)
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 September 30
(Millions of dollars)
 
Classification of
income (expense)
 
2019

2018
 
 
 
 
 
 
 
Pension and other postretirement benefits:
 
 
 
 
 
 
Amortization of prior service credit (cost)
 
Other income (expense)
 
$
10

 
$
9

Tax (provision) benefit
 
(2
)
 
(2
)
Reclassifications net of tax
 
$
8

 
$
7

 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
Foreign exchange contracts
 
Sales of Machinery, Energy & Transportation
 
$
3

 
$
—

Foreign exchange contracts
 
Other income (expense)
 
89

 
34

Foreign exchange contracts
 
Interest expense of Financial Products
 
9

 
5

Interest rate contracts
 
Interest expense excluding Financial Products
 
(2
)
 
—

Interest rate contracts
 
Interest expense of Financial Products
 
(3
)
 
—

Reclassifications before tax
 
96

 
39

Tax (provision) benefit
 
(20
)
 
(8
)
Reclassifications net of tax
 
$
76

 
$
31

 
 
 
 
 
 
 
Total reclassifications from Accumulated other comprehensive income (loss)
 
$
84

 
$
38

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30
(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)
 
$
30

 
$
26

Tax (provision) benefit
 
(8
)
 
(5
)
Reclassifications net of tax
 
$
22

 
$
21

 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
Foreign exchange contracts
 
Sales of Machinery, Energy & Transportation
 
$
4

 
$
—

Foreign exchange contracts
 
Cost of goods sold
 
(4
)
 
—

Foreign exchange contracts
 
Other income (expense)
 
91

 
129

Foreign exchange contracts
 
Interest expense of Financial Products
 
23

 
13

Interest rate contracts
 
Interest expense excluding Financial Products
 
(3
)
 
(2
)
Interest rate contracts
 
Interest expense of Financial Products
 
(2
)
 
1

Reclassifications before tax
 
109

 
141

Tax (provision) benefit
 
(23
)
 
(32
)
Reclassifications net of tax
 
$
86

 
$
109

 
 
 
 
 
 
 
Total reclassifications from Accumulated other comprehensive income (loss)
 
$
108

 
$
129