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Derivative Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2025
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 as of December 31, were as follows:
(Millions of dollars)20252024
Assets1
Liabilities2
Assets1
Liabilities2
Designated derivatives
Foreign exchange contracts$229 $(94)$228 $(89)
Interest rate contracts54 (6)10 (31)
$283 $(100)$238 $(120)
Undesignated derivatives
Foreign exchange contracts$13 $(71)$84 $(19)
$13 $(71)$84 $(19)
(1) Assets are classified in the Consolidated Statements of Financial Position as Other assets.
(2) Liabilities are classified in the Consolidated Statements of Financial Position as Accrued expenses.
Schedule of effect of derivatives designated as cash flow hedging instruments on the Consolidated Statements of Profit
Gains (Losses) on derivative instruments for the years ended December 31, were categorized as follows:
(Millions of dollars)
Gains (Losses)
Recognized1
Gains (Losses)
Recognized in AOCI
Gains (Losses)
Reclassified from AOCI2
202520242023202520242023202520242023
Cash Flow Hedges
Foreign exchange contracts$— $— $— $43 $255 $(22)$81 $213 $(68)
Interest rate contracts— — — — 11 9 6 41 58 
Fair Value Hedges
Foreign exchange contracts— — — (9)— — (8)— — 
Interest rate contracts(26)(76)(75)— — — — — — 
Undesignated Hedges
Foreign exchange contracts(173)167 (39)— — — — — — 
Total$(199)$91 $(114)$34 $266 $(13)$79 $254 $(10)
(1) Foreign exchange contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) 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 Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
Amounts recorded in the Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges as of December 31, 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
2025202420252024
Current maturities of long-term debt$602 $483 $3 $(16)
Long-term debt3,351 3,247 51 — 
   Total$3,953 $3,730 $54 $(16)
Schedule of effect of net settlement provisions of the master netting agreements on our derivative balances
The effect of net settlement provisions of the master netting agreements on our derivative balances upon an event of default or a termination event as of December 31, was as follows:
(Millions of dollars)20252024
AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$296 $(171)$322 $(139)
Financial instruments not offset(100)100 (54)54 
Net amount$196 $(71)$268 $(85)