ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2023

The following table sets forth the balance in accumulated other comprehensive loss for the period indicated, net of tax:


	Risk- Management Assets/Liabilities		Retirement and Other Postretirement Benefit Plan Obligations (a)		Risk- Management Assets/Liabilities of Unconsolidated Affiliates		Accumulated Other Comprehensive Loss
	(Millions of dollars)
January 1, 2023	$	(58)	$	(55)	$	5	$	(108)
Other comprehensive income (loss) before reclassifications	23		—		(2)		21
Amounts reclassified to net income (b)	(12)		—		—		(12)
Other comprehensive income (loss)	11		—		(2)		9
March 31, 2023	$	(47)	$	(55)	$	3	$	(99)

(a) - Includes amounts related to supplemental executive retirement plan.

(b) - See Note D for details of amounts reclassified to net income for risk-management assets/liabilities.

Schedule of Accumulated Other Comprehensive Loss for Risk-Management Assets/Liabilities [Table Text Block]

The following table sets forth information about the balance of accumulated other comprehensive loss at March 31, 2023, representing unrealized gains (losses) related to risk-management assets and liabilities, net of tax:


	Risk- Management Assets/Liabilities
	(Millions of dollars)
Commodity derivative instruments expected to be realized within the next 21 months (a)	$	48
Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (b)	(95)
Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt	—
Accumulated other comprehensive loss at March 31, 2023	$	(47)

(a) - Based on commodity prices on March 31, 2023, we expect net gains of $48 million, net of tax, will be reclassified into earnings during the next 12 months. The remaining forecasted gains and losses have offsetting positions and are immaterial.

(b) - We expect net losses of $18 million, net of tax, will be reclassified into earnings during the next 12 months.