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Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
 
We present Comprehensive income (loss) and its components 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 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
)
 
 
 
 
 
 
Three Months Ended June 30, 2020
 
 
 
 
 
Balance at March 31, 2020
$
(1,083
)
 
$
(62
)
 
$
(1,145
)
Other comprehensive income (loss) before reclassifications
126

 
(35
)
 
91

Amounts reclassified from accumulated other comprehensive (income) loss
—

 
42

 
42

Other comprehensive income (loss)
126

 
7

 
133

Balance at June 30, 2020
$
(957
)
 
$
(55
)
 
$
(1,012
)
 
 
 
 
 
 
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
)
 
 
 
 
 
 
Six Months Ended June 30, 2020
 
 
 
 
 
Balance at December 31, 2019
$
(777
)
 
$
(68
)
 
$
(845
)
Other comprehensive income (loss) before reclassifications
(180
)
 
32

 
(148
)
Amounts reclassified from accumulated other comprehensive (income) loss
—

 
(19
)
 
(19
)
Other comprehensive income (loss)
(180
)
 
13

 
(167
)
Balance at June 30, 2020
$
(957
)
 
$
(55
)
 
$
(1,012
)
 
 
 
 
 
 

(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
June 30,
 
Six Months Ended
June 30,
Derivative financial instruments
Classification of
income (expense)
 
2020
 
2019
 
2020
 
2019
Cross currency contracts
Other income (expense)
 
$
(43
)
 
$
(4
)
 
$
28

 
$
2

Cross currency contracts
Interest expense
 
9

 
7

 
20

 
14

Interest rate contracts
Interest expense
 
(19
)
 
—

 
(24
)
 
1

Reclassifications before tax
 
 
(53
)
 
3

 
24

 
17

Tax (provision) benefit
 
 
11

 
—

 
(5
)
 
(3
)
Total reclassifications from Accumulated other comprehensive
income (loss)
 
$
(42
)
 
$
3

 
$
19

 
$
14