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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
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 December 31, 2021 and 2020 for consolidated subsidiaries: 
   Fair Value
(Millions of dollars)Notional AmountsAssets (a)Liabilities (a)
December 31,202120202021202020212020
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items $4,427 $6,470 $22 $72 $17 $48 
       Forecasted transactions
537 823 6 16 11 12 
       Cross-currency swaps
148 260 21 24 4 7 
Commodity contracts N/AN/A— 1 — — 
Total$5,112 $7,553 $49 $113 $32 $67 
Derivatives Designated as Hedging Instruments:
Currency contracts:
Balance sheet items $— $— $— $— $— $— 
Forecasted transactions758 355 14 20 3 14 
Commodity contractsN/AN/A49 3 — — 
Interest rate swaps 1,251 1,923 24 64 — — 
Total Hedges$2,009 $2,278 $87 $87 $3 $14 
Total Derivatives$7,121 $9,831 $136 $200 $35 $81 
 
(a) December 31, 2021 and 2020 included current assets of $101 million and $110 million, which are recorded in prepaid and other current assets; long-term assets of $35 million and $90 million, which are recorded in other long-term assets; current liabilities of $27 million and $70 million, which are recorded in other current liabilities; and long-term liabilities of $8 million and $11 million, which are recorded in other long-term liabilities.
Schedule of Derivative Instruments Not Designated as Hedging Instruments
The following table summarizes the impact of the company's derivatives on the consolidated statements of income:
(Millions of dollars)    Amount of Pre-Tax Gain (Loss)    
Recognized in Earnings *
December 31,202120202019
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items:
Debt-related$42 $(125)$253 
Other balance sheet items(5)(40)65 
Total$38 $(165)$318 
* 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 recorded in the consolidated statements of income as other income (expenses)-net.