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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table is a summary of the notional amount and fair value of derivatives outstanding at September 30, 2020 and December 31, 2019 for consolidated subsidiaries:
|  |  |  |  | Fair Value
| Notional Amounts |  | Assets (a) |  | Liabilities (a)
(Millions of dollars) | September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |
Currency contracts: |  |  |  |  |  |  |  |  |  |  |
Balance sheet items | $ | 6,714 |  |  | $ | 7,936 |  |  | $ | 30 |  |  | $ | 62 |  |  | $ | 97 |  |  | $ | 37 |
Forecasted transactions | 952 |  |  | 748 |  |  | 6 |  |  | 14 |  |  | 12 |  |  | 15 |
Cross-currency swaps | 427 |  |  | 1,029 |  |  | 45 |  |  | 35 |  |  | 6 |  |  | 40 |
Commodity contracts | N/A |  | N/A |  | 1 |  |  | — |  |  | — |  |  | — |
Total | $ | 8,093 |  |  | $ | 9,713 |  |  | $ | 82 |  |  | $ | 111 |  |  | $ | 115 |  |  | $ | 92 |
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |
Currency contracts: |  |  |  |  |  |  |  |  |  |  |
Balance sheet items | $ | — |  |  | $ | 27 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 3 |
Forecasted transactions | 479 |  |  | 464 |  |  | 6 |  |  | 9 |  |  | 14 |  |  | 3 |
Commodity contracts | N/A |  | N/A |  | 1 |  |  | 6 |  |  | 2 |  |  | 1 |
Interest rate swaps | 1,839 |  |  | 1,908 |  |  | 59 |  |  | 39 |  |  | — |  |  | — |
Total Hedges | $ | 2,318 |  |  | $ | 2,399 |  |  | $ | 66 |  |  | $ | 56 |  |  | $ | 16 |  |  | $ | 7 |
Total Derivatives | $ | 10,411 |  |  | $ | 12,112 |  |  | $ | 148 |  |  | $ | 167 |  |  | $ | 131 |  |  | $ | 99 |
(a)Current assets of $47 million are recorded in prepaid and other current assets; long-term assets of $101 million are recorded in other long-term assets; current liabilities of $119 million are recorded in other current liabilities; and long-term liabilities of $12 million are recorded in other long-term liabilities.
Schedule of Derivative Instruments Not Designated as Hedging Instruments Table | The following table summarizes the impact of the company’s derivatives on the consolidated statements of income:
| Amount of Pre-Tax Gain (Loss) Recognized in Earnings *
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(Millions of dollars) | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |
Currency contracts: |  |  |  |  |  |  |
Balance sheet items |  |  |  |  |  |  |
Debt-related | $ | (74) |  |  | $ | 213 |  |  | $ | (213) |  |  | $ | 282 |
Other balance sheet items | 3 |  |  | 28 |  |  | (48) |  |  | 30 |
Total | $ | (71) |  |  | $ | 241 |  |  | $ | (261) |  |  | $ | 312 |
* The gains (losses) on balance sheet items are offset by gains (losses) recorded on the underlying hedged assets and liabilities. Accordingly, the gains (losses) for the derivatives and the underlying hedged assets and liabilities related to debt items are recorded in the consolidated statements of income as interest expense-net. Other balance sheet items and anticipated net income gains (losses) are generally recorded in the consolidated statements of income as other income (expenses)-net.

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
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