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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 for consolidated subsidiaries:
   Fair Value
 Notional AmountsAssets (a)Liabilities (a)
(Millions of dollars)March 31,
2024		December 31,
2023		March 31,
2024		December 31,
2023		March 31,
2024		December 31,
2023
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items$5,104 $4,567 $35 $46 $17 $26 
Forecasted transactions 217 335 3 11 3 6 
Total $5,321 $4,902 $38 $57 $20 $32 
Derivatives Designated as Hedging Instruments:
Currency contracts:
       Forecasted transactions$777 $749 $8 $20 $1 $4 
Commodity contracts N/AN/A11 3 18 7 
Interest rate swaps108 1,214 — 1 2 4 
Total Hedges$885 $1,963 $19 $24 $21 $15 
Total Derivatives$6,206 $6,865 $57 $81 $41 $47 

(a)Amounts as of March 31, 2024 and December 31, 2023 included current assets of $53 million and $73 million which are recorded in prepaid and other current assets; long-term assets of $4 million and $8 million which are recorded in other long-term assets; current liabilities of $32 million and $41 million which are recorded in other current liabilities; and long-term liabilities of $9 million and $6 million which are recorded in other long-term liabilities.
Schedule of Derivative Instruments Not Designated as Hedging Instruments
The following table summarizes the impact of the company’s derivatives on the consolidated statements of income:
 Amount of Pre-Tax Gain (Loss)
Recognized in Earnings *
 Quarter Ended March 31,
(Millions of dollars)20242023
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items
Debt-related$(15)$(39)
Other balance sheet items(8)(1)
Total$(23)$(40)

* 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.