Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 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)	2023		2022		2021
Foreign currency translation
Balance at beginning of year	$	(1,068)	$	(762)	$	(551)
Gains (losses) on foreign currency translation	55		(276)		(169)
Less: Tax provision/(benefit)	(17)		30		42
Net gains (losses) on foreign currency translation	72		(306)		(211)
Other comprehensive income (loss), net of tax	72		(306)		(211)
Balance at end of year	$	(996)	$	(1,068)	$	(762)
Derivative financial instruments
Balance at beginning of year	$	21	$	(12)	$	(44)
Gains (losses) deferred	(13)		421		209
Less: Tax provision/(benefit)	(3)		97		24
Net gains (losses) deferred	(10)		324		185
(Gains) losses reclassified to earnings	10		(384)		(166)
Less: Tax (provision)/benefit	3		(93)		(13)
Net (gains) losses reclassified to earnings	7		(291)		(153)
Other comprehensive income (loss), net of tax	(3)		33		32
Balance at end of year	$	18	$	21	$	(12)
Total Accumulated other comprehensive income (loss) at end of year	$	(978)	$	(1,047)	$	(774)