Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

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

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)	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign currency translation
Balance at beginning of period	$	(754)	$	(670)	$	(762)	$	(551)


Gains (losses) on foreign currency translation	(217)		62		(198)		(32)
Less: Tax provision/(benefit)	31		(7)		42		18
Net gains (losses) on foreign currency translation	(248)		69		(240)		(50)



Other comprehensive income (loss), net of tax	(248)		69		(240)		(50)
Balance at end of period	$	(1,002)	$	(601)	$	(1,002)	$	(601)

Derivative financial instruments
Balance at beginning of period	$	4	$	(33)	$	(12)	$	(44)


Gains (losses) deferred	342		(37)		371		82
Less: Tax provision/(benefit)	57		(9)		63		16
Net gains (losses) deferred	285		(28)		308		66
(Gains) losses reclassified to earnings	(335)		38		(345)		(66)
Less: Tax (provision)/benefit	(57)		9		(60)		(12)
Net (gains) losses reclassified to earnings	(278)		29		(285)		(54)
Other comprehensive income (loss), net of tax	7		1		23		12
Balance at end of period	$	11	$	(32)	$	11	$	(32)

Total Accumulated other comprehensive income (loss) at end of period	$	(991)	$	(633)	$	(991)	$	(633)