Accumulated other comprehensive income (loss) (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Changes in Accumulated other comprehensive income (loss), net of tax

We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:

	Three Months Ended March 31
(Millions of dollars)	2023		2022
Foreign currency translation:
Beginning balance	$	(2,328)	$	(1,508)
Gains (losses) on foreign currency translation	103		(104)
Less: Tax provision /(benefit)	(10)		11
Net gains (losses) on foreign currency translation	113		(115)
(Gains) losses reclassified to earnings	494		—
Less: Tax provision /(benefit)	—		—
Net (gains) losses reclassified to earnings	494		—
Other comprehensive income (loss), net of tax	607		(115)
Ending balance	$	(1,721)	$	(1,623)
Pension and other postretirement benefits
Beginning balance	$	(39)	$	(62)
Current year prior service credit (cost)	—		—
Less: Tax provision /(benefit)	—		—
Net current year prior service credit (cost)	—		—
Amortization of prior service (credit) cost	(3)		(1)
Less: Tax provision /(benefit)	(1)		—
Net amortization of prior service (credit) cost	(2)		(1)
Other comprehensive income (loss), net of tax	(2)		(1)
Ending balance	$	(41)	$	(63)
Derivative financial instruments
Beginning balance	$	28	$	(3)
Gains (losses) deferred	56		47
Less: Tax provision /(benefit)	12		10
Net gains (losses) deferred	44		37
(Gains) losses reclassified to earnings	52		(19)
Less: Tax provision /(benefit)	12		(5)
Net (gains) losses reclassified to earnings	40		(14)
Other comprehensive income (loss), net of tax	84		23
Ending balance	$	112	$	20
Available-for-sale securities
Beginning balance	$	(118)	$	20
Gains (losses) deferred	26		(79)
Less: Tax provision /(benefit)	4		(15)
Net gains (losses) deferred	22		(64)
(Gains) losses reclassified to earnings	—		—
Less: Tax provision /(benefit)	—		—
Net (gains) losses reclassified to earnings	—		—
Other comprehensive income (loss), net of tax	22		(64)
Ending balance	$	(96)	$	(44)
Total AOCI Ending Balance at March 31	$	(1,746)	$	(1,710)