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Accumulated Other Comprehensive Income/(Loss) (Tables)
 12 Months Ended
Dec. 31, 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
Balance at December 31, 2016
$
(994
)
 
$
(1
)
 
$
(995
)
Other comprehensive income/(loss) before reclassifications
407

 
(49
)
 
358

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

 
45

 
45

Other comprehensive income/(loss)
407

 
(4
)
 
403

Balance at December 31, 2017
$
(587
)
 
$
(5
)
 
$
(592
)
Other comprehensive income/(loss) before reclassifications
(302
)
 
98

 
(204
)
Amounts reclassified from accumulated other comprehensive (income)/loss
—

 
(129
)
 
(129
)
Other comprehensive income/(loss)
(302
)
 
(31
)
 
(333
)
Balance at December 31, 2018
$
(889
)
 
$
(36
)
 
$
(925
)
Other comprehensive income/(loss) before reclassifications
14

 
17

 
31

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

 
(48
)
 
(48
)
Adjustment to adopt new accounting guidance(1)
98

 
(1
)
 
97

Other comprehensive income/(loss)
112

 
(32
)
 
80

Balance at December 31, 2019
$
(777
)
 
$
(68
)
 
$
(845
)
 
 
 
 
 
 

(1) See Note 1 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 during the years ended December 31, 2019, 2018 and 2017 was as follows:
(Millions of dollars)
 
 
 
 
 
 
 
Derivative financial instruments
Classification of
income (expense)
 
2019
 
2018
 
2017
Cross currency contracts
Other income (expense)
 
$
37

 
$
148

 
$
(81
)
Cross currency contracts
Interest expense
 
33

 
19

 
6

Interest rate contracts
Interest expense
 
(8
)
 
—

 
3

Reclassifications before tax
 
 
62

 
167

 
(72
)
Tax (provision) benefit
 
 
(14
)
 
(38
)
 
27

Total reclassifications from Accumulated other comprehensive income/(loss)
 
$
48

 
$
129

 
$
(45
)