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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table is a summary of the notional amount and fair value of derivatives outstanding at June 30, 2020 and December 31, 2019 for consolidated subsidiaries:
   Fair Value
 Notional AmountsAssets (a)Liabilities (a)
(Millions of dollars)June 30,
2020		December 31,
2019		June 30,
2020		December 31,
2019		June 30,
2020		December 31,
2019
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items$6,866  $7,936  $41  $62  $87  $37  
Forecasted transactions 494  748  10  14  15  15  
Cross-currency swaps981  1,029  44  35  38  40  
Commodity contracts N/AN/A1  —  —  —  
Total $8,341  $9,713  $96  $111  $140  $92  
Derivatives Designated as Hedging Instruments:
Currency contracts:
Balance sheet items$—  $27  $—  $2  $—  $3  
       Forecasted transactions283  464  3  9  12  3  
Commodity contracts N/AN/A—  6  4  1  
Interest rate swaps1,892  1,908  52  39  —  —  
Total Hedges$2,175  $2,399  $55  $56  $16  $7  
Total Derivatives$10,516  $12,112  $151  $167  $156  $99  
 
(a)Current assets of $53 million are recorded in prepaid and other current assets; long-term assets of $98 million are recorded in other long-term assets; current liabilities of $112 million are recorded in other current liabilities; and long-term liabilities of $44 million are recorded in other long-term liabilities.
Schedule of Derivative Instruments Not Designated as Hedging Instruments Table
The following table summarizes the impact of the company’s derivatives on the consolidated statements of income:
 Amount of Pre-Tax Gain (Loss)
Recognized in Earnings *
 Quarter Ended June 30,Six Months Ended June 30,
(Millions of dollars)2020201920202019
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items
Debt-related$37  $(125) $32  $69  
Other balance sheet items(29) 4  (70) 2  
Total$8  $(121) $(38) $71  

* The gains (losses) on balance sheet items are offset by gains (losses) recorded on the underlying hedged assets and liabilities. Accordingly, the gains (losses) for the derivatives and the underlying hedged assets and liabilities related to debt items are recorded in the consolidated statements of income as interest expense-net. Other balance sheet items and anticipated net income gains (losses) are generally recorded in the consolidated statements of income as other income (expenses)-net.