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Accumulated Other Comprehensive Income (Tables) | 12 Months Ended
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Dec. 31, 2024
Accumulated Other Comprehensive Income [Abstract] |
Components of Accumulated Other Comprehensive Income | The components of AOCI are as follows: millions of dollars Unrealized gain (loss) on translation of self-sustaining foreign operations Net change in net investment hedges Gains (losses) on derivatives recognized as cash flow hedges Net change on available- for-sale investments Net change in unrecognized pension and post-retirement benefit costs Total AOCI For the year ended December 31, 2024 Balance, January 1, 2024 $ 369 $ (24) $ 14 $ (2) $ (52) $ 305 OCI before reclassifications 1,027 (139) - 2 - 890 Amounts reclassified from AOCI - - (2) - 68 66 Net current period OCI 1,027 (139) (2) 2 68 956 Balance, December 31, 2024 $ 1,396 $ (163) $ 12 $ - $ 16 $ 1,261 For the year ended December 31, 2023 Balance, January 1, 2023 $ 639 $ (62) $ 16 $ (2) $ (13) $ 578 OCI before reclassifications (270) 38 - - - (232) Amounts reclassified from AOCI - - (2) - (39) (41) Net current period OCI (270) 38 (2) - (39) (273) Balance, December 31, 2023 $ 369 $ (24) $ 14 $ (2) $ (52) $ 305
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The reclassifications out of AOCI are as follows: For the Year ended December 31 millions of dollars 2024 2023 Affected line item in the Consolidated Financial Statements Gains on derivatives recognized as cash flow hedges Interest rate hedge Interest expense, net $ (2) $ (2) Net change in unrecognized pension and post-retirement benefit costs Actuarial losses Other income, net $ 2 $ - Past service (gains) costs Other income, net (2) 2 Amounts reclassified into obligations Pension and post-retirement benefits 68 (40) Total before tax 68 (38) Income tax expense - (1) Total net of tax $ 68 $ (39) Total reclassifications out of AOCI, net of tax, for the period $ 66 $ (41)

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