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Derivative Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position
The location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position were as follows:
(Millions of dollars)
 
 
 
 
 
 
 
 
 
 
Asset (Liability)
Fair Value
 
 
 
 
December 31,
 
 
Consolidated Statements of
Financial Position Location
 
2015
 
2014
Designated derivatives
 
 
 
 
 
 
Interest rate contracts
 
Other assets
 
$
51

 
$
79

Interest rate contracts
 
Accrued expenses
 
(4
)
 
(8
)
Cross currency contracts
 
Other assets
 
1

 
—

 
 
 
 
$
48

 
$
71

Undesignated derivatives
 
 
 
 

 
 

Foreign exchange contracts
 
Other assets
 
$
3

 
$
5

Foreign exchange contracts
 
Accrued expenses
 
(6
)
 
(15
)
Cross currency contracts
 
Other assets
 
36

 
17

 
 
 
 
$
33

 
$
7

 
 
 
 
 
 
 
Deferred gains (losses) recorded in AOCI on the Consolidated Statements of Changes in Stockholder's Equity
For the years ended December 31, 2015, 2014 and 2013, the deferred gains (losses) recorded in AOCI on the Consolidated Statements of Changes in Stockholder’s Equity associated with our cash flow interest rate contract hedges were as follows: 
(Millions of dollars)
 
Balance as of December 31, 2014, net of tax (expense)/benefit of $3
$
(5
)
Gains (losses) deferred during the year, net of tax (expense)/benefit of $(1)
2

(Gains) losses reclassified to earnings, net of tax expense/(benefit) of $(2)
3

Balance as of December 31, 2015, net of tax (expense)/benefit of $0
$
—

 
 

(Millions of dollars)
 
Balance as of December 31, 2013, net of tax (expense)/benefit of $3
$
(5
)
Gains (losses) deferred during the year, net of tax (expense)/benefit of $2
(4
)
(Gains) losses reclassified to earnings, net of tax expense/(benefit) of $(2)
4

Balance as of December 31, 2014, net of tax (expense)/benefit of $3
$
(5
)
 
 

(Millions of dollars)
 
Balance as of December 31, 2012, net of tax (expense)/benefit of $4
$
(8
)
Gains (losses) deferred during the year, net of tax (expense)/benefit of $1
(1
)
(Gains) losses reclassified to earnings, net of tax expense/(benefit) of $(2)
4

Balance as of December 31, 2013, net of tax (expense)/benefit of $3
$
(5
)
 
 
Schedule of effect of derivatives designated as fair value hedging instruments on the Consolidated Statements of Profit
The effect of derivatives designated as hedging instruments on the Consolidated Statements of Profit was as follows: 
Fair Value Hedges
(Millions of dollars)
 
 
 
 
Year Ended December 31, 2015
 
 
Classification
 
Gains (Losses)
on Derivatives
 
Gains (Losses)
on Borrowings
Interest rate contracts
 
Other income (expense)
 
$
(27
)
 
$
26

 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
 
 
Classification
 
Gains (Losses)
on Derivatives
 
Gains (Losses)
on Borrowings
Interest rate contracts
 
Other income (expense)
 
$
(41
)
 
$
40

 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
 
 
Classification
 
Gains (Losses)
on Derivatives
 
Gains (Losses)
on Borrowings
Interest rate contracts
 
Other income (expense)
 
$
(107
)
 
$
109

 
 
 
 
 
 
 
Schedule of effect of derivatives designated as cash flow hedging instruments on the Consolidated Statements of Profit
Cash Flow Hedges
(Millions of dollars)
 
 
 
 
Year Ended December 31, 2015
 
 
Classification
 
Reclassified from AOCI
to Earnings
(Effective Portion)
 
Recognized in Earnings
(Ineffective Portion)
Interest rate contracts
 
Interest expense
 
$
(6
)
 
$
—

Interest rate contracts
 
Other income (expense)
 
—

 
—

Cross currency contracts
 
Other income (expense)
 
1

 
—

 
 
 
 
$
(5
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
 
 
Classification
 
Reclassified from AOCI
to Earnings
(Effective Portion)
 
Recognized in Earnings
(Ineffective Portion)
Interest rate contracts
 
Interest expense
 
$
(6
)
 
$
—

Interest rate contracts
 
Other income (expense)
 
—

 
—

 
 
 
 
$
(6
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
 
 
Classification
 
Reclassified from AOCI
to Earnings
(Effective Portion)
 
Recognized in Earnings
(Ineffective Portion)
Interest rate contracts
 
Interest expense
 
$
(6
)
 
$
—

Interest rate contracts
 
Other income (expense)
 
—

 
1

 
 
 
 
$
(6
)
 
$
1

 
 
 
 
 
 
 
Schedule of effect of derivatives not designated as hedging instruments on the Consolidated Statements of Profit
The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Profit was as follows for the years ended December 31: 
Undesignated Derivatives
 
 
 
 
 
 
(Millions of dollars)
 
 
 
 
 
 
 
 
 
 
Classification
 
2015
 
2014
 
2013
Foreign exchange contracts
 
Other income (expense)
 
$
(50
)
 
$
(49
)
 
$
3

Cross currency contracts
 
Other income (expense)
 
16

 
2

 
5

Interest rate contracts
 
Other income (expense)
 
—

 
—

 
(3
)
 
 
 
 
$
(34
)
 
$
(47
)
 
$
5

 
 
 
 
 
 
 
 
 
Schedule of offsetting of derivative assets and liabilities
The effect of net settlement provisions of the master netting agreements on our derivative balances upon an event of default or a termination event as of December 31, was as follows:
Offsetting of Derivative Assets and Liabilities
 
 
 
 
(Millions of dollars)
 
 
 
 
 
 
2015
 
2014
Derivative Assets
 
 
 
 
Gross Amount of Recognized Assets
 
$
91

 
$
101

Gross Amounts Offset
 
—

 
—

Net Amount of Assets(1)
 
91

 
101

Gross Amounts Not Offset
 
(5
)
 
(8
)
Net Amount
 
$
86

 
$
93

 
 
 
 
 
Derivative Liabilities
 
 
 
 
Gross Amount of Recognized Liabilities
 
$
(10
)
 
$
(23
)
Gross Amounts Offset
 
—

 
—

Net Amount of Liabilities(1)
 
(10
)
 
(23
)
Gross Amounts Not Offset
 
5

 
8

Net Amount
 
$
(5
)
 
$
(15
)
 
 
 
 
 
(1) As presented in the Consolidated Statements of Financial Position.