Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2025

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 the balances for each component of AOCI were as follows:

(Millions of dollars)	Three Months Ended March 31,
	2025		2024
Foreign currency translation
Balance at beginning of period	$	(1,256)	$	(996)
Gains (losses) on foreign currency translation	88		(110)
Less: Tax provision/(benefit)	—		11
Net gains (losses) on foreign currency translation	88		(121)
Other comprehensive income (loss), net of tax	88		(121)
Balance at end of period	$	(1,168)	$	(1,117)
Derivative financial instruments
Balance at beginning of period	$	24	$	18
Gains (losses) deferred	(6)		108
Less: Tax provision/(benefit)	(1)		28
Net gains (losses) deferred	(5)		80
(Gains) losses reclassified to earnings	(9)		(111)
Less: Tax (provision)/benefit	(2)		(29)
Net (gains) losses reclassified to earnings	(7)		(82)
Other comprehensive income (loss), net of tax	(12)		(2)
Balance at end of period	$	12	$	16
Total Accumulated other comprehensive income (loss) at end of period	$	(1,156)	$	(1,101)