Accumulated other comprehensive income (loss) (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

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)