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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024 and December 31, 2023 for consolidated subsidiaries:
   Fair Value
 Notional AmountsAssets (a)Liabilities (a)
(Millions of dollars)June 30,
2024		December 31,
2023		June 30,
2024		December 31,
2023		June 30,
2024		December 31,
2023
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items$7,556 $4,567 $39 $46 $42 $26 
Forecasted transactions 206 335 2 11 3 6 
Total $7,762 $4,902 $41 $57 $45 $32 
Derivatives Designated as Hedging Instruments:
Currency contracts:
       Forecasted transactions$562 $749 $5 $20 $1 $4 
Commodity contracts N/AN/A10 3 20 7 
Interest rate swaps— 1,214 — 1 — 4 
Total Hedges$562 $1,963 $15 $24 $21 $15 
Total Derivatives$8,324 $6,865 $56 $81 $66 $47 

(a)Amounts as of June 30, 2024 and December 31, 2023 included current assets of $53 million and $73 million which are recorded in prepaid and other current assets; long-term assets of $3 million and $8 million which are recorded in other long-term assets; current liabilities of $61 million and $41 million which are recorded in other current liabilities; and long-term liabilities of $5 million and $6 million which are recorded in other long-term liabilities.
Schedule of Derivative Instruments Not Designated as Hedging Instruments
The following table summarizes the impact of the company’s derivatives on the consolidated statements of income:
 Amount of Pre-Tax Gain (Loss)
Recognized in Earnings *
 Quarter Ended June 30,Six Months Ended June 30,
(Millions of dollars)2024202320242023
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items
Debt-related$(2)$(44)$(17)$(83)
Other balance sheet items2 (1)(5)(2)
Total$— $(45)$(22)$(85)

* 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.