Changes in Accumulated Other Comprehensive Losses (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the three months ended March 31, 2023 and 2022 are reflected in the table below.

Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)

(Millions of dollars)

	Currency Translation Adjustment		Unrealized Holding Gains (Losses) on Securities		Derivatives		Defined Benefit Plans		Total
Balance at December 31, 2021	$	(162)	$	(11)	$	—	$	(3,716)	$	(3,889)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(11)		—		2		117		108
Reclassifications(2) (3)	—		—		—		129		129
Net Other Comprehensive Income (Loss)	(11)		—		2		246		237
Balance at March 31, 2022	$	(173)	$	(11)	$	2	$	(3,470)	$	(3,652)
Balance at December 31, 2022	$	(203)	$	(12)	$	(12)	$	(2,571)	$	(2,798)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	7		(4)		(2)		6		7
Reclassifications(2) (3)	—		—		15		35		50
Net Other Comprehensive Income (Loss)	7		(4)		13		41		57
Balance at March 31, 2023	$	(196)	$	(16)	$	1	$	(2,530)	$	(2,741)

(1)All amounts are net of tax.

(2)Refer to Note 13 Financial and Derivative Instruments for reclassified components of cash flow hedging.

(3)Refer to Note 7 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $45 that are included in employee benefit costs for the three months ended March 31, 2023. Related income taxes for the same period, totaling $10, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.