Accumulated other comprehensive income (loss)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss)

We present comprehensive income and its components in Statement 2. Changes in the balances for each component of AOCI were as follows:



(Millions of dollars)
	2024		2023		2022
Foreign currency translation
Beginning balance	$	(1,782)	$	(2,328)	$	(1,508)


Gains (losses) on foreign currency translation	(535)		32		(794)
Less: Tax provision /(benefit)	21		(21)		26
Net gains (losses) on foreign currency translation	(556)		53		(820)
(Gains) losses reclassified to earnings	28		493		—
Less: Tax provision /(benefit)	—		—		—
Net (gains) losses reclassified to earnings	28		493		—
Other comprehensive income (loss), net of tax	(528)		546		(820)
Ending balance	$	(2,310)	$	(1,782)	$	(2,328)

Pension and other postretirement benefits
Beginning balance	$	(49)	$	(39)	$	(62)


Current year prior service credit (cost)	—		1		33
Less: Tax provision /(benefit)	—		—		5
Net current year prior service credit (cost)	—		1		28
Amortization of prior service (credit) cost	(14)		(12)		(6)
Less: Tax provision /(benefit)	(2)		(1)		(1)
Net amortization of prior service (credit) cost	(12)		(11)		(5)
Other comprehensive income (loss), net of tax	(12)		(10)		23
Ending balance	$	(61)	$	(49)	$	(39)

Derivative financial instruments
Beginning balance	$	67	$	28	$	(3)


Gains (losses) deferred	64		48		375
Less: Tax provision /(benefit)	27		11		86
Net gains (losses) deferred	37		37		289
(Gains) losses reclassified to earnings	(207)		3		(340)
Less: Tax provision /(benefit)	(57)		1		(82)
Net (gains) losses reclassified to earnings	(150)		2		(258)
Other comprehensive income (loss), net of tax	(113)		39		31
Ending balance	$	(46)	$	67	$	28



Available-for-sale securities
Beginning balance	$	(56)	$	(118)	$	20


Gains (losses) deferred	(2)		72		(179)
Less: Tax provision /(benefit)	—		11		(37)
Net gains (losses) deferred	(2)		61		(142)
(Gains) losses reclassified to earnings	4		1		5
Less: Tax provision /(benefit)	—		—		1
Net (gains) losses reclassified to earnings	4		1		4
Other comprehensive income (loss), net of tax	2		62		(138)
Ending balance	$	(54)	$	(56)	$	(118)

Total AOCI Ending Balance at December 31,	$	(2,471)	$	(1,820)	$	(2,457)