ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Tax Effects on Components of Other Comprehensive Income (Loss)

The tax effect for each component of other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 consisted of the following (in millions of dollars):


	Three Months Ended March 31, 2024
	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	10	$	(3)	$	7
Changes in retirement plans’ funded status	(1)		1		—
Foreign currency translation	(50)		—		(50)
Share of other comprehensive income (loss) of entities using the equity method	(6)		—		(6)
Other comprehensive income (loss)	$	(47)	$	(2)	$	(49)


	Three Months Ended March 31, 2023
	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	9	$	1	$	10
Changes in retirement plans’ funded status	(6)		1		(5)
Foreign currency translation	(33)		—		(33)
Share of other comprehensive income (loss) of entities using the equity method	(9)		—		(9)
Other comprehensive income (loss)	$	(39)	$	2	$	(37)

Summary of Changes in Other Comprehensive Income (Loss)

The changes, net of tax, in each component of accumulated other comprehensive income (loss) in the three months ended March 31, 2024 and 2023 consisted of the following (in millions of dollars):


	Unrealized Gain (Loss) on Cash Flow Hedges		Change in Retirement Plans’ Funded Status		Foreign Currency Translation		Share of Other Comprehensive Income (Loss) of Entities Using the Equity Method		Total
Balance January 1, 2024	$	(10)	$	(351)	$	(1,763)	$	(250)	$	(2,374)
Other comprehensive income (loss), before reclassifications	4		—		(50)		(6)		(52)
Amounts reclassified from other comprehensive income	3		—		—		—		3
Other comprehensive income (loss)*	7		—		(50)		(6)		(49)
Balance March 31, 2024	$	(3)	$	(351)	$	(1,813)	$	(256)	$	(2,423)

Balance January 1, 2023	$	46	$	(285)	$	(1,800)	$	(239)	$	(2,278)
Other comprehensive income (loss), before reclassifications	(4)		(1)		(34)		(9)		(48)
Amounts reclassified from other comprehensive income	14		(4)		—		—		10
Other comprehensive income (loss)*	10		(5)		(34)		(9)		(38)
Balance March 31, 2023	$	56	$	(290)	$	(1,834)	$	(248)	$	(2,316)

(*)Excluded from the table above is other comprehensive income (loss) allocated to non-controlling interests of $— million and $1 million for the three months ended March 31, 2024 and 2023, respectively.

Summary of Reclassification of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges recognized in accumulated other comprehensive income (loss) and net income (loss) during the three months ended March 31, 2024 and 2023 (in millions of dollars):


			Recognized in Net Income
For the Three Months Ended March 31,	Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2024
Foreign exchange contracts	$	(4)
			Net sales	(1)
			Cost of goods sold	(4)
			Other, net	6
Interest rate contracts	10		Interest expense	(5)
Total	$	6		$	(4)
2023
Foreign exchange contracts	$	15
			Net sales	(1)
			Cost of goods sold	(27)
			Other, net	7
Interest rate contracts	(22)		Interest expense	5
Total	$	(7)		$	(16)

Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in the three months ended March 31, 2024 and 2023 consisted of the following (in millions of dollars):


	Amounts Reclassified from Other Comprehensive Income (Loss)				Consolidated Statement of Operations Line
	Three Months Ended March 31,
	2024		2023
Cash flow hedges	$	1	$	1	Net sales
	4		27		Cost of goods sold
	(6)		(7)		Other, net
	5		(5)		Interest expense
	(1)		(2)		Income taxes
	3		14
Change in retirement plans’ funded status:
Amortization of actuarial losses	5		4		*
Amortization of prior service cost	(6)		(9)		*
	1		1		Income taxes
	—		(4)
Total reclassifications, net of tax	$	3	$	10

(*) These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 6: Employee Benefit Plans and Postretirement Benefits” for additional information.