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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023 for consolidated subsidiaries: 
   Fair Value
(Millions of dollars)Notional AmountsAssets (a)Liabilities (a)
December 31,202420232024202320242023
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items $9,935 $4,567 $256 $46 $64 $26 
       Forecasted transactions
168 335 2 11 6 6 
Total$10,103 $4,902 $258 $57 $70 $32 
Derivatives Designated as Hedging Instruments:
Currency contracts:
Forecasted transactions$780 $749 $7 $20 $11 $4 
Forward exchange contracts1,059 — 30 — — — 
Commodity contractsN/AN/A11 3 20 7 
Interest rate swaps — 1,214 — 1 — 4 
Total Hedges$1,839 $1,963 $48 $24 $31 $15 
Total Derivatives$11,942 $6,865 $306 $81 $101 $47 
 (a) Amounts at December 31, 2024 and 2023, respectively, included current assets of $302 million and $73 million, which are recorded in prepaid and other current assets; long-term assets of $4 million and $8 million, which are recorded in other long-term assets; current liabilities of $92 million and $41 million, which are recorded in other current liabilities; and long-term liabilities of $9 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:
(Millions of dollars)    Amount of Pre-Tax Gain (Loss)    
Recognized in Earnings *
Year Ended December 31,202420232022
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items:
Debt-related$88 $91 $12 
Other balance sheet items— (1)8 
Total$88 $90 $20 
* 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.