Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

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)	Three Months Ended March 31,
	2023		2022
Foreign currency translation
Balance at beginning of period	$	(1,068)	$	(762)
Gains (losses) on foreign currency translation	33		19
Less: Tax provision/(benefit)	(9)		11
Net gains (losses) on foreign currency translation	42		8
Other comprehensive income (loss), net of tax	42		8
Balance at end of period	$	(1,026)	$	(754)
Derivative financial instruments
Balance at beginning of period	$	21	$	(12)
Gains (losses) deferred	(35)		29
Less: Tax provision/(benefit)	(9)		6
Net gains (losses) deferred	(26)		23
(Gains) losses reclassified to earnings	36		(10)
Less: Tax (provision)/benefit	9		(3)
Net (gains) losses reclassified to earnings	27		(7)
Other comprehensive income (loss), net of tax	1		16
Balance at end of period	$	22	$	4
Total Accumulated other comprehensive income (loss) at end of period	$	(1,004)	$	(750)