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Accumulated Other Comprehensive Income/(Loss)
 3 Months Ended
Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income/(Loss)
Accumulated Other Comprehensive Income/(Loss)
 
Comprehensive income/(loss) and its components are presented in the Consolidated Statements of Comprehensive Income. 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 March 31, 2019
 
 
 
 
 
Balance at December 31, 2018
$
(889
)
 
$
(36
)
 
$
(925
)
Other comprehensive income/(loss) before reclassifications
13

 
(3
)
 
10

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

 
(11
)
 
(11
)
Adjustment to adopt new accounting guidance(1)
98

 
(1
)
 
97

Other comprehensive income/(loss)
111

 
(15
)
 
96

Balance at March 31, 2019
$
(778
)
 
$
(51
)
 
$
(829
)
 
 
 
 
 
 
Three Months Ended March 31, 2020
 
 
 
 
 
Balance at December 31, 2019
$
(777
)
 
$
(68
)
 
$
(845
)
Other comprehensive income/(loss) before reclassifications
(306
)
 
67

 
(239
)
Amounts reclassified from accumulated other comprehensive (income)/loss
—

 
(61
)
 
(61
)
Other comprehensive income/(loss)
(306
)
 
6

 
(300
)
Balance at March 31, 2020
$
(1,083
)
 
$
(62
)
 
$
(1,145
)
 
 
 
 
 
 

(1) Adjustment to adopt new accounting guidance related to reclassification of certain tax effects from 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
March 31,
Derivative financial instruments
Classification of
income (expense)
 
2020
 
2019
Cross currency contracts
Other income (expense)
 
$
71

 
$
6

Cross currency contracts
Interest expense
 
11

 
7

Interest rate contracts
Interest expense
 
(5
)
 
1

Reclassifications before tax
 
 
77

 
14

Tax (provision) benefit
 
 
(16
)
 
(3
)
Total reclassifications from Accumulated other comprehensive income/(loss)
 
$
61

 
$
11