Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Foreign currency translation
Balance at beginning of year	$	(762)	$	(551)	$	(777)
Gains (losses) on foreign currency translation	(276)		(169)		179
Less: Tax provision/(benefit)	30		42		(47)
Net gains (losses) on foreign currency translation	(306)		(211)		226
Other comprehensive income (loss), net of tax	(306)		(211)		226
Balance at end of year	$	(1,068)	$	(762)	$	(551)
Derivative financial instruments
Balance at beginning of year	$	(12)	$	(44)	$	(68)
Gains (losses) deferred	421		209		(153)
Less: Tax provision/(benefit)	97		24		(33)
Net gains (losses) deferred	324		185		(120)
(Gains) losses reclassified to earnings	(384)		(166)		184
Less: Tax (provision)/benefit	(93)		(13)		40
Net (gains) losses reclassified to earnings	(291)		(153)		144
Other comprehensive income (loss), net of tax	33		32		24
Balance at end of year	$	21	$	(12)	$	(44)
Total Accumulated other comprehensive income (loss) at end of year	$	(1,047)	$	(774)	$	(595)