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Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
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)