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Derivative Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Location and fair value of derivative instruments reported in the Consolidated Financial Position
The location and fair value of derivative instruments reported in Statement 3 were as follows: 

(Millions of dollars)Fair Value
December 31, 2024December 31, 2023
Assets 1
Liabilities 2
Assets 1
Liabilities 2
Designated derivatives
Foreign exchange contracts$357 $(275)$389 $(155)
Interest rate contracts10 (201)58 (209)
Total$367 $(476)$447 $(364)
Undesignated derivatives
Foreign exchange contracts$91 $(56)$55 $(82)
Commodity contracts4 (6)18 (9)
Total return swap contracts— (33)— — 
Total$95 $(95)$73 $(91)
1 Assets are classified as Receivables - trade and other or Long-term receivables - trade and other.
2 Liabilities are classified as Accrued expenses or Other liabilities.
Effect of derivatives designated as hedging instruments on Consolidated Results of Operations
Gains (losses) on derivative instruments are categorized as follows:

(Millions of dollars)Years ended December 31,
Fair Value / Undesignated HedgesCash Flow Hedges
Gains (Losses) Recognized in Statement 11
Gains (Losses) Recognized in AOCI
Gains (Losses) Reclassified from AOCI2
202420232022202420232022202420232022
Foreign exchange contracts$162 $12 $(57)$53 $39 $264 $168 $(58)$329 
Interest rate contracts(139)(135)(6)11 9 111 39 55 11 
Commodity contracts(10)10 51 — — — — — — 
Total return swap contracts40 — — — — — — — — 
Total$53 $(113)$(12)$64 $48 $375 $207 $(3)$340 
1 Foreign exchange contract, Commodity contract and Total return swap contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products.
2 Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products.
Cumulative basis adjustments for fair value hedges
The following amounts were recorded in Statement 3 related to cumulative basis adjustments for fair value hedges:

(Millions of dollars)Years ended December 31,
Carrying Value of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
2024202320242023
Long-term debt due within one year$483 $982 $(16)$(23)
Long-term debt due after one year5,327 4,245 (170)(156)
Total$5,810 $5,227 $(186)$(179)
Offsetting Assets and Liabilities
The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows:

(Millions of dollars)December 31, 2024December 31, 2023
AssetsLiabilitiesAssetsLiabilities
Gross Amounts Recognized$462 $(571)$520 $(455)
Financial Instruments Not Offset(186)186 (202)202 
Net Amount$276 $(385)$318 $(253)