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Derivative Financial Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Location and Fair Value of Derivative Instruments Reported in the Consolidated Statements of Financial Position
The location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position were as follows:
(Millions of dollars)September 30, 2024December 31, 2023
Assets1
Liabilities2
Assets1
Liabilities2
Designated derivatives
Foreign exchange contracts$179 $(91)$207 $(73)
Interest rate contracts43 (28)50 (68)
$222 $(119)$257 $(141)
Undesignated derivatives
Foreign exchange contracts$22 $(79)$28 $(79)
$22 $(79)$28 $(79)
(1) Assets are classified in the Consolidated Statements of Financial Position as Other assets.
(2) Liabilities are classified in the Consolidated Statements of Financial Position as Accrued expenses.
Schedule of Gains (Losses) on Derivatives Instruments
Gains (Losses) on derivative instruments are categorized as follows:
(Millions of dollars)Fair Value /
Undesignated Hedges		Cash Flow Hedges
Gains (Losses)
Recognized1
Gains (Losses)
Recognized in AOCI
Gains (Losses)
Reclassified from AOCI2
Three Months Ended September 30,
202420232024202320242023
Foreign exchange contracts$(65)$22 $(41)$76 $(53)$70 
Interest rate contracts(23)(20)(9)3 9 15 
$(88)$2 $(50)$79 $(44)$85 
Nine Months Ended September 30,
202420232024202320242023
Foreign exchange contracts$15 $21 $126 $59 $103 $38 
Interest rate contracts(64)(53)6 15 39 43 
$(49)$(32)$132 $74 $142 $81 
(1) Foreign exchange contract gains (losses) are primarily from undesignated forward contracts and are included in Other income (expense). Interest rate contract gains (losses) are from designated fair value hedges and are included in Interest expense.
(2) Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.
Schedule of Amounts Recorded in the Consolidated Statements of Financial Position Related to Cumulative Basis Adjustments for Fair Value Hedges
The amounts recorded in the Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges were as follows:
(Millions of dollars)Carrying Value of
the Hedged Liabilities		Cumulative Amount of Fair Value
Hedging Adjustment Included in the
Carrying Value of the Hedged Liabilities
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Current maturities of long-term debt$948 $982 $(2)$(23)
Long-term debt2,873 2,128 27 (23)
Total$3,821 $3,110 $25 $(46)
Schedule of Effect of Net Settlement Provisions of the Master Netting Agreements on our Derivative Balances
The effects of net settlement provisions of the master netting agreements on our derivative balances upon an event of default or a termination event were as follows:
(Millions of dollars)September 30, 2024December 31, 2023
AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$244 $(198)$285 $(220)
Financial instruments not offset(93)93 (106)106 
Net amount$151 $(105)$179 $(114)