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Accumulated Other Comprehensive Income/(Loss) (Tables)
 6 Months Ended
Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated other comprehensive income/(loss)
Changes in Accumulated other comprehensive income/(loss), net of tax, included in the Consolidated Statements of Changes in Shareholder's Equity, consisted of the following:
(Millions of dollars)
Foreign
currency
translation
 
Derivative
financial
instruments
 
Total
Three Months Ended June 30, 2018
 
 
 
 
 
Balance at March 31, 2018
$
(522
)
 
$
(11
)
 
$
(533
)
Other comprehensive income/(loss) before reclassifications
(254
)
 
99

 
(155
)
Amounts reclassified from accumulated other comprehensive (income)/loss
—

 
(96
)
 
(96
)
Other comprehensive income/(loss)
(254
)
 
3

 
(251
)
Balance at June 30, 2018
$
(776
)
 
$
(8
)
 
$
(784
)
 
 
 
 
 
 
Three Months Ended June 30, 2019
 
 
 
 
 
Balance at March 31, 2019
$
(778
)
 
$
(51
)
 
$
(829
)
Other comprehensive income/(loss) before reclassifications
20

 
(19
)
 
1

Amounts reclassified from accumulated other comprehensive (income)/loss
—

 
(3
)
 
(3
)
Other comprehensive income/(loss)
20

 
(22
)
 
(2
)
Balance at June 30, 2019
$
(758
)
 
$
(73
)
 
$
(831
)
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
 
 
 
Balance at December 31, 2017
$
(587
)
 
$
(5
)
 
$
(592
)
Other comprehensive income/(loss) before reclassifications
(189
)
 
73

 
(116
)
Amounts reclassified from accumulated other comprehensive (income)/loss
—

 
(76
)
 
(76
)
Other comprehensive income/(loss)
(189
)
 
(3
)
 
(192
)
Balance at June 30, 2018
$
(776
)
 
$
(8
)
 
$
(784
)
 
 
 
 
 
 
Six Months Ended June 30, 2019
 
 
 
 
 
Balance at December 31, 2018
$
(889
)
 
$
(36
)
 
$
(925
)
Other comprehensive income/(loss) before reclassifications
33

 
(22
)
 
11

Amounts reclassified from accumulated other comprehensive (income)/loss
—

 
(14
)
 
(14
)
Adjustment to adopt new accounting guidance(1)
98

 
(1
)
 
97

Other comprehensive income/(loss)
131

 
(37
)
 
94

Balance at June 30, 2019
$
(758
)
 
$
(73
)
 
$
(831
)
 
 
 
 
 
 

(1) See Note 2 regarding new accounting guidance related to reclassification of certain tax effects from accumulated other comprehensive income/(loss).
Reclassifications out of Accumulated other comprehensive income/(loss)
The effect of the reclassifications out of Accumulated other comprehensive income/(loss) on the Consolidated Statements of Profit was as follows:
(Millions of dollars)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Derivative financial instruments
Classification of
income (expense)
 
2019
 
2018
 
2019
 
2018
Cross currency contracts
Other income (expense)
 
$
(4
)
 
$
119

 
$
2

 
$
90

Cross currency contracts
Interest expense
 
7

 
5

 
14

 
8

Interest rate contracts
Interest expense
 
—

 
—

 
1

 
1

Reclassifications before tax
 
 
3

 
124

 
17

 
99

Tax (provision) benefit
 
 
—

 
(28
)
 
(3
)
 
(23
)
Total reclassifications from Accumulated other comprehensive
income/(loss)
 
$
3

 
$
96

 
$
14

 
$
76