Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Changes in each component of other comprehensive income (loss) are as follows:


	Three Months Ended September 30,
($ in millions)	Derivatives			Employee Benefit Plans			Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Loss
Balance July 1, 2023, net of taxes	$	85		$	(2,483)		$	(2,502)	$	(4,900)
Other comprehensive income (loss) before reclassification adjustments, pretax	247			29			(252)		24
Tax	(52)			(7)			77		18
Other comprehensive income (loss) before reclassification adjustments, net of taxes	195			22			(175)		42
Reclassification adjustments, pretax	(45)		(1)	(27)		(2)	—		(72)
Tax	9			5			—		14
Reclassification adjustments, net of taxes	(36)			(22)			—		(58)
Other comprehensive income (loss), net of taxes	159			—			(175)		(16)
Balance September 30, 2023, net of taxes	$	244		$	(2,483)		$	(2,677)	$	(4,916)
Balance July 1, 2024, net of taxes	$	173		$	(2,808)		$	(2,726)	$	(5,361)
Other comprehensive income (loss) before reclassification adjustments, pretax	(325)			—			279		(46)
Tax	68			(3)			20		85
Other comprehensive income (loss) before reclassification adjustments, net of taxes	(257)			(3)			299		39
Reclassification adjustments, pretax	(49)		(1)	(14)		(2)	—		(63)
Tax	10			4			—		14
Reclassification adjustments, net of taxes	(39)			(10)			—		(49)
Other comprehensive income (loss), net of taxes	(296)			(13)			299		(10)
Balance September 30, 2024, net of taxes	$	(123)		$	(2,821)		$	(2,427)	$	(5,371)


	Nine Months Ended September 30,
($ in millions)	Derivatives			Employee Benefit Plans			Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Loss
Balance January 1, 2023, net of taxes	$	73		$	(2,408)		$	(2,433)	$	(4,768)
Other comprehensive income (loss) before reclassification adjustments, pretax	375			(24)			(288)		63
Tax	(79)			(4)			35		(48)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	296			(28)			(253)		15
Reclassification adjustments, pretax	(158)		(1)	(57)		(2)	9		(206)
Tax	33			10			—		43
Reclassification adjustments, net of taxes	(125)			(47)			9		(163)
Other comprehensive income (loss), net of taxes	171			(75)			(244)		(148)
Balance September 30, 2023, net of taxes	$	244		$	(2,483)		$	(2,677)	$	(4,916)
Balance January 1, 2024, net of taxes	$	(24)		$	(2,793)		$	(2,344)	$	(5,161)
Other comprehensive income (loss) before reclassification adjustments, pretax	22			6			(103)		(75)
Tax	(5)			(5)			—		(10)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	17			1			(103)		(85)
Reclassification adjustments, pretax	(147)		(1)	(44)		(2)	20		(171)
Tax	31			15			—		46
Reclassification adjustments, net of taxes	(116)			(29)			20		(125)
Other comprehensive income (loss), net of taxes	(99)			(28)			(83)		(210)
Balance September 30, 2024, net of taxes	$	(123)		$	(2,821)		$	(2,427)	$	(5,371)

(1) Primarily relates to foreign currency cash flow hedges that were reclassified from AOCL to Sales.

(2) Includes net amortization of prior service cost, actuarial gains and losses, settlements and curtailments included in net periodic benefit cost (see Note 10).