Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(Millions of dollars)	2023		2022		2023		2022
Foreign currency translation:
Beginning balance	$	(1,863)	$	(2,282)	$	(2,328)	$	(1,508)
Gains (losses) on foreign currency translation	(194)		(592)		(235)		(1,328)
Less: Tax provision /(benefit)	10		26		(2)		64
Net gains (losses) on foreign currency translation	(204)		(618)		(233)		(1,392)
(Gains) losses reclassified to earnings	(1)		—		493		—
Less: Tax provision /(benefit)	—		—		—		—
Net (gains) losses reclassified to earnings	(1)		—		493		—
Other comprehensive income (loss), net of tax	(205)		(618)		260		(1,392)
Ending balance	$	(2,068)	$	(2,900)	$	(2,068)	$	(2,900)
Pension and other postretirement benefits
Beginning balance	$	(44)	$	(64)	$	(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)		(9)		(4)
Less: Tax provision /(benefit)	—		—		(1)		(1)
Net amortization of prior service (credit) cost	(3)		(1)		(8)		(3)
Other comprehensive income (loss), net of tax	(3)		(1)		(8)		(3)
Ending balance	$	(47)	$	(65)	$	(47)	$	(65)
Derivative financial instruments
Beginning balance	$	71	$	(66)	$	28	$	(3)
Gains (losses) deferred	13		44		57		298
Less: Tax provision /(benefit)	5		35		14		71
Net gains (losses) deferred	8		9		43		227
(Gains) losses reclassified to earnings	(94)		(296)		(84)		(636)
Less: Tax provision /(benefit)	(24)		(96)		(22)		(155)
Net (gains) losses reclassified to earnings	(70)		(200)		(62)		(481)
Other comprehensive income (loss), net of tax	(62)		(191)		(19)		(254)
Ending balance	$	9	$	(257)	$	9	$	(257)
Available-for-sale securities
Beginning balance	$	(110)	$	(87)	$	(118)	$	20
Gains (losses) deferred	(22)		(55)		(12)		(188)
Less: Tax provision /(benefit)	(5)		(11)		(3)		(37)
Net gains (losses) deferred	(17)		(44)		(9)		(151)
(Gains) losses reclassified to earnings	1		—		1		—
Less: Tax provision /(benefit)	—		—		—		—
Net (gains) losses reclassified to earnings	1		—		1		—
Other comprehensive income (loss), net of tax	(16)		(44)		(8)		(151)
Ending balance	$	(126)	$	(131)	$	(126)	$	(131)
Total AOCI Ending Balance at September 30	$	(2,232)	$	(3,353)	$	(2,232)	$	(3,353)