Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 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 for the years ended December 31, were as follows:

(Millions of dollars)	2025		2024		2023
Foreign currency translation
Balance at beginning of year	$	(1,256)	$	(996)	$	(1,068)
Gains (losses) on foreign currency translation	328		(299)		55
Less: Tax provision/(benefit)	—		22		(17)
Net gains (losses) on foreign currency translation	328		(321)		72
(Gains) losses reclassified to earnings	—		61		—
Less: Tax provision/(benefit)	—		—		—
Net (gains) losses reclassified to earnings	—		61		—
Other comprehensive income (loss), net of tax	328		(260)		72
Balance at end of year	$	(928)	$	(1,256)	$	(996)
Derivative financial instruments
Balance at beginning of year	$	24	$	18	$	21
Gains (losses) deferred	34		266		(13)
Less: Tax provision/(benefit)	8		74		(3)
Net gains (losses) deferred	26		192		(10)
(Gains) losses reclassified to earnings	(79)		(254)		10
Less: Tax (provision)/benefit	(19)		(68)		3
Net (gains) losses reclassified to earnings	(60)		(186)		7
Other comprehensive income (loss), net of tax	(34)		6		(3)
Balance at end of year	$	(10)	$	24	$	18
Total Accumulated other comprehensive income (loss) at end of year	$	(938)	$	(1,232)	$	(978)