Accumulated other comprehensive income (loss)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss)We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:

	Three Months Ended June 30				Six Months Ended June 30
(Millions of dollars)	2021		2020		2021		2020
Foreign currency translation:
Beginning balance	(1,257)		(1,847)		(910)		(1,487)
Gains (losses) on foreign currency translation	92		168		(231)		(206)
Less: Tax provision /(benefit)	(7)		(9)		17		1
Net gains (losses) on foreign currency translation	99		177		(248)		(207)
(Gains) losses reclassified to earnings	—		(2)		—		22
Less: Tax provision /(benefit)	—		—		—		—
Net (gains) losses reclassified to earnings	—		(2)		—		22
Other comprehensive income (loss), net of tax	99		175		(248)		(185)
Ending balance	$	(1,158)	$	(1,672)	$	(1,158)	$	(1,672)
Pension and other postretirement benefits
Beginning balance	(40)		(10)		(32)		(3)
Current year prior service credit (cost)	—		2		—		2
Less: Tax provision /(benefit)	—		—		—		—
Net current year prior service credit (cost)	—		2		—		2
Amortization of prior service (credit) cost	(10)		(10)		(20)		(19)
Less: Tax provision /(benefit)	(3)		(3)		(5)		(5)
Net amortization of prior service (credit) cost	(7)		(7)		(15)		(14)
Other comprehensive income (loss), net of tax	(7)		(5)		(15)		(12)
Ending balance	$	(47)	$	(15)	$	(47)	$	(15)
Derivative financial instruments
Beginning balance	(31)		(157)		—		(97)
Gains (losses) deferred	17		(90)		96		(98)
Less: Tax provision /(benefit)	3		(20)		19		(23)
Net gains (losses) deferred	14		(70)		77		(75)
(Gains) losses reclassified to earnings	39		75		(79)		5
Less: Tax provision /(benefit)	10		17		(14)		2
Net (gains) losses reclassified to earnings	29		58		(65)		3
Other comprehensive income (loss), net of tax	43		(12)		12		(72)
Ending balance	$	12	$	(169)	$	12	$	(169)
Available-for-sale securities
Beginning balance	38		2		54		20
Gains (losses) deferred	3		52		(18)		30
Less: Tax provision /(benefit)	1		13		(4)		9
Net gains (losses) deferred	2		39		(14)		21
(Gains) losses reclassified to earnings	(2)		—		(2)		—
Less: Tax provision /(benefit)	(1)		—		(1)		—
Net (gains) losses reclassified to earnings	(1)		—		(1)		—
Other comprehensive income (loss), net of tax	1		39		(15)		21
Ending balance	$	39	$	41	$	39	$	41
Total AOCI Ending Balance at June 30	$	(1,154)	$	(1,815)	$	(1,154)	$	(1,815)