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Derivative Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position
The location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position as of December 31, were as follows:
(Millions of dollars) Asset (Liability) Fair Value
 Consolidated Statements of
Financial Position Location		20212020
Designated derivatives   
Interest rate contractsOther assets$38 $59 
Interest rate contractsAccrued expenses(15)(5)
Cross currency contractsOther assets142 2 
Cross currency contractsAccrued expenses(32)(148)
  $133 $(92)
Undesignated derivatives   
Foreign exchange contractsOther assets$28 $17 
Foreign exchange contractsAccrued expenses(36)(107)
Cross currency contractsOther assets— 7 
  $(8)$(83)
Schedule of effect of derivatives designated as cash flow hedging instruments on the Consolidated Statements of Profit
The effect of derivatives designated as hedging instruments on the Consolidated Statements of Profit was as follows: 
Cash Flow Hedges
(Millions of dollars)Year Ended December 31, 2021
Recognized in Earnings
 Amount of
Gains (Losses)
Recognized
in AOCI		ClassificationAmount of
Gains (Losses)
Reclassified
from AOCI		Amount of the line
items in the
Consolidated
Statements of Profit
Interest rate contracts$19 Interest expense$(28)$455 
Cross currency contracts190 Other income (expense)199 (23)
Interest expense(5)455 
 $209  $166 
 Year Ended December 31, 2020
Recognized in Earnings
 Amount of
Gains (Losses)
Recognized
in AOCI		ClassificationAmount of
Gains (Losses)
Reclassified
from AOCI		Amount of the line
items in the
Consolidated
Statements of Profit
Interest rate contracts$(23)Interest expense$(52)$591 
Cross currency contracts(130)Other income (expense)(164)(25)
Interest expense32 591 
 $(153) $(184)
 Year Ended December 31, 2019
Recognized in Earnings
 Amount of
Gains (Losses)
Recognized
in AOCI		ClassificationAmount of
Gains (Losses)
Reclassified
from AOCI		Amount of the line
items in the
Consolidated
Statements of Profit
Interest rate contracts$(70)Interest expense$(8)$787 
Cross currency contracts93 Other income (expense)37 (24)
Interest expense33 787 
$23  $62 
Schedule of effect of derivatives not designated as hedging instruments on the Consolidated Statements of Profit
The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Profit was as follows for the years ended December 31: 
(Millions of dollars)    
 Classification202120202019
Foreign exchange contractsOther income (expense)$89 $(121)$(38)
Cross currency contractsOther income (expense)— 9 1 
  $89 $(112)$(37)
Schedule of effect of net settlement provisions of the master netting agreements on our derivative balances
The effect of net settlement provisions of the master netting agreements on our derivative balances upon an event of default or a termination event as of December 31, was as follows:
(Millions of dollars)
20212020
Derivative Assets
Gross Amount of Recognized Assets$208 $85 
Gross Amounts Offset— — 
Net Amount of Assets(1)
208 85 
Gross Amounts Not Offset(67)(57)
Net Amount$141 $28 
Derivative Liabilities
Gross Amount of Recognized Liabilities$(83)$(260)
Gross Amounts Offset— — 
Net Amount of Liabilities(1)
(83)(260)
Gross Amounts Not Offset67 57 
Net Amount$(16)$(203)
(1) As presented in the Consolidated Statements of Financial Position.