Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2019
Balance at June 30, 2019	$	(758)	$	(73)	$	(831)
Other comprehensive income (loss) before reclassifications	(160)		68		(92)
Amounts reclassified from accumulated other comprehensive (income) loss	—		(73)		(73)
Other comprehensive income (loss)	(160)		(5)		(165)
Balance at September 30, 2019	$	(918)	$	(78)	$	(996)
Three Months Ended September 30, 2020
Balance at June 30, 2020	$	(957)	$	(55)	$	(1,012)
Other comprehensive income (loss) before reclassifications	145		(49)		96
Amounts reclassified from accumulated other comprehensive (income) loss	—		57		57
Other comprehensive income (loss)	145		8		153
Balance at September 30, 2020	$	(812)	$	(47)	$	(859)
Nine Months Ended September 30, 2019
Balance at December 31, 2018	$	(889)	$	(36)	$	(925)
Other comprehensive income (loss) before reclassifications	(127)		46		(81)
Amounts reclassified from accumulated other comprehensive (income) loss	—		(87)		(87)
Adjustment to adopt new accounting guidance(1)	98		(1)		97
Other comprehensive income (loss)	(29)		(42)		(71)
Balance at September 30, 2019	$	(918)	$	(78)	$	(996)
Nine Months Ended September 30, 2020
Balance at December 31, 2019	$	(777)	$	(68)	$	(845)
Other comprehensive income (loss) before reclassifications	(35)		(17)		(52)
Amounts reclassified from accumulated other comprehensive (income) loss	—		38		38
Other comprehensive income (loss)	(35)		21		(14)
Balance at September 30, 2020	$	(812)	$	(47)	$	(859)

(1) Adjustment to adopt 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 September 30,				Nine Months Ended September 30,
Derivative financial instruments	Classification of income (expense)	2020		2019		2020		2019
Cross currency contracts	Other income (expense)	$	(63)	$	89	$	(35)	$	91
Cross currency contracts	Interest expense	8		9		28		23
Interest rate contracts	Interest expense	(16)		(3)		(40)		(2)
Reclassifications before tax		(71)		95		(47)		112
Tax (provision) benefit		14		(22)		9		(25)
Total reclassifications from Accumulated other comprehensive income (loss)		$	(57)	$	73	$	(38)	$	87