Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 for consolidated subsidiaries: 

					Fair Value
(Millions of dollars)	Notional Amounts				Assets (a)				Liabilities (a)
December 31,	2023		2022		2023		2022		2023		2022
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items	$	4,567	$	3,056	$	46	$	13	$	26	$	7
Forecasted transactions	335		449		11		9		6		9
Cross-currency swaps	—		42		—		—		—		1
Commodity contracts	N/A		N/A		—		—		—		—
Total	$	4,902	$	3,547	$	57	$	22	$	32	$	17
Derivatives Designated as Hedging Instruments:
Currency contracts:
Forecasted transactions	$	749	$	323	$	20	$	6	$	4	$	5
Commodity contracts	N/A		N/A		3		—		7		4
Interest rate swaps	1,214		856		1		—		4		70
Total Hedges	$	1,963	$	1,179	$	24	$	6	$	15	$	79
Total Derivatives	$	6,865	$	4,726	$	81	$	28	$	47	$	96

 (a) Amounts at December 31, 2023 and 2022 included current assets of $73 million and $24 million, which are recorded in prepaid and other current assets; long-term assets of $8 million and $4 million, which are recorded in other long-term assets; current liabilities of $41 million and $23 million, which are recorded in other current liabilities; and long-term liabilities of $6 million and $73 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,	2023		2022		2021
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items:
Debt-related	$	91	$	12	$	42
Other balance sheet items	(1)		8		(5)
Total	$	90	$	20	$	38

* 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.