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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2020 and 2019 for consolidated subsidiaries: 
   Fair Value
(Millions of dollars)Notional AmountsAssets (a)Liabilities (a)
December 31,202020192020201920202019
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items $6,470 $7,936 $72 $62 $48 $37 
       Forecasted transactions
823 748 16 14 12 15 
       Cross-currency swaps
260 1,029 24 35 7 40 
Commodity contracts N/AN/A1 — — — 
Total$7,553 $9,713 $113 $111 $67 $92 
Derivatives Designated as Hedging Instruments:
Currency contracts:
Balance sheet items $— $27 $— $2 $— $3 
Forecasted transactions355 464 20 9 14 3 
Commodity contractsN/AN/A3 6 — 1 
Interest rate swaps 1,923 1,908 64 39 — — 
Total Hedges$2,278 $2,399 $87 $56 $14 $7 
Total Derivatives$9,831 $12,112 $200 $167 $81 $99 
 
(a) Current assets of $110 million are recorded in prepaid and other current assets; long-term assets of $90 million are recorded in other long-term assets; current liabilities of $70 million are recorded in other current liabilities; and long-term liabilities of $11 million are recorded in other long-term liabilities.
Schedule of Derivative Instruments Not Designated as Hedging Instruments The following table summarizes the impact of the company's derivatives on the consolidated statements of income:
(Millions of dollars)    Amount of Pre-Tax Gain (Loss)    
Recognized in Earnings *
December 31,202020192018
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items:
Debt-related$(125)$253 $(118)
Other balance sheet items(40)65 3 
Total$(165)$318 $(115)
* 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 recorded in the consolidated statements of income as other income (expenses)-net.