Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

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) included in the Consolidated Statements of Changes in Shareholder’s Equity consisted of the following:

(Millions of dollars)	2021		2020		2019
Foreign currency translation
Balance at beginning of year	$	(551)	$	(777)	$	(889)
Adjustment to adopt new accounting guidance(1)	—		—		98
Balance at January 1	(551)		(777)		(791)
Gains (losses) on foreign currency translation	(169)		179		18
Less: Tax provision/(benefit)	42		(47)		4
Net gains (losses) on foreign currency translation	(211)		226		14
Other comprehensive income (loss), net of tax	(211)		226		14
Balance at end of year	$	(762)	$	(551)	$	(777)
Derivative financial instruments
Balance at beginning of year	$	(44)	$	(68)	$	(36)
Adjustment to adopt new accounting guidance(1)	—		—		(1)
Balance at January 1	(44)		(68)		(37)
Gains (losses) deferred	209		(153)		23
Less: Tax provision/(benefit)	24		(33)		6
Net gains (losses) deferred	185		(120)		17
(Gains) losses reclassified to earnings	(166)		184		(62)
Less: Tax (provision)/benefit	(13)		40		(14)
Net (gains) losses reclassified to earnings	(153)		144		(48)
Other comprehensive income (loss), net of tax	32		24		(31)
Balance at end of year	$	(12)	$	(44)	$	(68)
Total Accumulated other comprehensive income (loss) at end of year	$	(774)	$	(595)	$	(845)

(1) Adjustment to adopt new accounting guidance related to reclassification of certain tax effects from Accumulated other comprehensive income (loss).