Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of accumulated other comprehensive income (loss)

Changes in the balances for each component of AOCI were as follows:



(Millions of dollars)
	2023		2022		2021
Foreign currency translation
Beginning balance	$	(2,328)	$	(1,508)	$	(910)


Gains (losses) on foreign currency translation	32		(794)		(559)
Less: Tax provision /(benefit)	(21)		26		41
Net gains (losses) on foreign currency translation	53		(820)		(600)
(Gains) losses reclassified to earnings	493		—		2
Less: Tax provision /(benefit)	—		—		—
Net (gains) losses reclassified to earnings	493		—		2
Other comprehensive income (loss), net of tax	546		(820)		(598)
Ending balance	$	(1,782)	$	(2,328)	$	(1,508)

Pension and other postretirement benefits
Beginning balance	$	(39)	$	(62)	$	(32)


Current year prior service credit (cost)	1		33		—
Less: Tax provision /(benefit)	—		5		—
Net current year prior service credit (cost)	1		28		—
Amortization of prior service (credit) cost	(12)		(6)		(40)
Less: Tax provision /(benefit)	(1)		(1)		(10)
Net amortization of prior service (credit) cost	(11)		(5)		(30)
Other comprehensive income (loss), net of tax	(10)		23		(30)
Ending balance	$	(49)	$	(39)	$	(62)

Derivative financial instruments
Beginning balance	$	28	$	(3)	$	—


Gains (losses) deferred	48		375		195
Less: Tax provision /(benefit)	11		86		21
Net gains (losses) deferred	37		289		174
(Gains) losses reclassified to earnings	3		(340)		(196)
Less: Tax provision /(benefit)	1		(82)		(19)
Net (gains) losses reclassified to earnings	2		(258)		(177)
Other comprehensive income (loss), net of tax	39		31		(3)
Ending balance	$	67	$	28	$	(3)



Available-for-sale securities
Beginning balance	$	(118)	$	20	$	54


Gains (losses) deferred	72		(179)		(39)
Less: Tax provision /(benefit)	11		(37)		(8)
Net gains (losses) deferred	61		(142)		(31)
(Gains) losses reclassified to earnings	1		5		(4)
Less: Tax provision /(benefit)	—		1		(1)
Net (gains) losses reclassified to earnings	1		4		(3)
Other comprehensive income (loss), net of tax	62		(138)		(34)
Ending balance	$	(56)	$	(118)	$	20

Total AOCI Ending Balance at December 31,	$	(1,820)	$	(2,457)	$	(1,553)