Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated other comprehensive income (loss)

Changes in the balances for each component of AOCI were as follows:

(Millions of dollars)	Three Months Ended March 31,
	2024		2023
Foreign currency translation
Balance at beginning of period	$	(996)	$	(1,068)
Gains (losses) on foreign currency translation	(110)		33
Less: Tax provision/(benefit)	11		(9)
Net gains (losses) on foreign currency translation	(121)		42
Other comprehensive income (loss), net of tax	(121)		42
Balance at end of period	$	(1,117)	$	(1,026)
Derivative financial instruments
Balance at beginning of period	$	18	$	21
Gains (losses) deferred	108		(35)
Less: Tax provision/(benefit)	28		(9)
Net gains (losses) deferred	80		(26)
(Gains) losses reclassified to earnings	(111)		36
Less: Tax (provision)/benefit	(29)		9
Net (gains) losses reclassified to earnings	(82)		27
Other comprehensive income (loss), net of tax	(2)		1
Balance at end of period	$	16	$	22
Total Accumulated other comprehensive income (loss) at end of period	$	(1,101)	$	(1,004)