Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

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)	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)