Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

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)	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)