Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated other comprehensive income (loss)

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).