Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025 for consolidated subsidiaries:

					Fair Value
	Notional Amounts				Assets (a)				Liabilities (a)
(Millions of dollars)	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items	$	9,690	$	9,509	$	57	$	79	$	123	$	34
Forecasted transactions	137		164		1		3		1		1
Total	$	9,827	$	9,673	$	58	$	82	$	124	$	35
Derivatives Designated as Hedging Instruments:
Currency contracts:
Forecasted transactions	$	345	$	560	$	13	$	24	$	1	$	1
Forward exchange transactions	3,367		3,420		46		6		1		28
Commodity contracts	N/A		N/A		27		5		13		10
Total Hedges	$	3,712	$	3,980	$	86	$	35	$	15	$	39
Total Derivatives	$	13,539	$	13,653	$	144	$	117	$	139	$	74

(a)Amounts as of March 31, 2026 and December 31, 2025, respectively, included current assets of $133 million and $107 million which are recorded in prepaid and other current assets; long-term assets of $11 million and $10 million which are recorded in other long-term assets; current liabilities of $135 million and $72 million which are recorded in other current liabilities; and long-term liabilities of $4 million and $2 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 statement of income:

	Amount of Pre-Tax Gain (Loss) Recognized in Earnings *
	Quarter Ended March 31,
(Millions of dollars)	2026		2025
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items
Debt-related	$	(40)	$	(89)
Other balance sheet items	(7)		1
Total	$	(47)	$	(88)

* 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-related items are recorded in the consolidated statement of income as interest expense-net. Other balance sheet items gains (losses) are recorded in the consolidated statement of income as other income (expenses)-net.