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Derivative Financial Instruments and Risk Management (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Location and Fair Value of Derivative Instruments | The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows:
(Millions of dollars) | Fair Value
| March 31, 2025 |  | December 31, 2024
| Assets 1 |  | Liabilities 2 |  | Assets 1 |  | Liabilities 2
Designated derivatives |  |  |  |  |  |  |
Foreign exchange contracts | $ | 266 |  |  | $ | (153) |  |  | $ | 357 |  |  | $ | (275) |
Interest rate contracts | 46 |  |  | (147) |  |  | 10 |  |  | (201) |
Total | $ | 312 |  |  | $ | (300) |  |  | $ | 367 |  |  | $ | (476) |
Undesignated derivatives |  |  |  |  |  |  |
Foreign exchange contracts | $ | 40 |  |  | $ | (44) |  |  | $ | 91 |  |  | $ | (56) |
Commodity contracts | 5 |  |  | (2) |  |  | 4 |  |  | (6) |
Total return swap contracts | — |  |  | (26) |  |  | — |  |  | (33) |
Total | $ | 45 |  |  | $ | (72) |  |  | $ | 95 |  |  | $ | (95) |
1 Assets are classified as Receivables - trade and other or Long-term receivables - trade and other.
2 Liabilities are classified as Accrued expenses or Other liabilities.
Schedule of Gains (Losses) on Derivative Instruments | Gains (Losses) on derivative instruments are categorized as follows:
(Millions of dollars) | Three Months Ended March 31,
| Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 |  | Gains (Losses) Recognized in AOCI |  | Gains (Losses) Reclassified from AOCI 2
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | — |  |  | $ | — |  |  | $ | 78 |  |  | $ | 95 |  |  | $ | — |  |  | $ | 91 |
Interest rate contracts | — |  |  | — |  |  | (2) |  |  | 11 |  |  | 1 |  |  | 15 |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | (18) |  |  | (36) |  |  | — |  |  | — |  |  | — |  |  | — |
Undesignated Hedges |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | (14) |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | — |
Commodity contracts | 8 |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  | — |
Total return swap contracts | (26) |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | (50) |  |  | $ | 13 |  |  | $ | 76 |  |  | $ | 106 |  |  | $ | 1 |  |  | $ | 106 |
1 Foreign exchange contract, Commodity contract and Total return swap contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products.
2 Foreign exchange contract gains (losses) are primarily included in Cost of goods sold, Sales of Machinery, Energy and Transportation, and Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products.
Summary of Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded on the Consolidated Statement of Financial Position related to cumulative basis adjustments for fair value hedges:
(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
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
Long-term debt due within one year | $ | 488 |  |  | $ | 483 |  |  | $ | (12) |  |  | $ | (16) |
Long-term debt due after one year | 5,963 |  |  | 5,327 |  |  | (84) |  |  | (170) |
Total | $ | 6,451 |  |  | $ | 5,810 |  |  | $ | (96) |  |  | $ | (186) |
Summary Offsetting Assets and Liabilities | The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows:
(Millions of dollars) | March 31, 2025 |  | December 31, 2024
| Assets |  | Liabilities |  | Assets |  | Liabilities
Gross Amounts Recognized | $ | 357 |  |  | $ | (372) |  |  | $ | 462 |  |  | $ | (571) |
Financial Instruments Not Offset | (192) |  |  | 192 |  |  | (186) |  |  | 186 |
Net Amount | $ | 165 |  |  | $ | (180) |  |  | $ | 276 |  |  | $ | (385) |

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