Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

The changes, net of tax, in the balances of each component of Accumulated Other Comprehensive Income ("AOCI") for the three and nine-month periods ended September 30, 2020 and 2019, including amounts reclassified out of AOCI, are as follows:


(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Gains (Losses)		Total Gains (Losses)
Balance as of July 1, 2020	$	(3,346)	$	(2,236)	$	(5,582)
Other comprehensive (loss) income before reclassifications	(94)		497		403
Amounts reclassified from accumulated other comprehensive income	31		—		31
Net current period other comprehensive (loss) income	(63)		497		434
Balance as of September 30, 2020	$	(3,409)	$	(1,739)	$	(5,148)


(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Gains (Losses)		Total Gains (Losses)
Balance as of July 1, 2019	$	(2,942)	$	(1,585)	$	(4,527)
Other comprehensive income (loss) before reclassifications	56		(475)		(419)
Amounts reclassified from accumulated other comprehensive income	15		—		15
Net current period other comprehensive income (loss)	71		(475)		(404)
Balance as of September 30, 2019	$	(2,871)	$	(2,060)	$	(4,931)



(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Gains (Losses)		Total Gains (Losses)
Balance as of December 31, 2019	$	(3,512)	$	(1,543)	$	(5,055)

Other comprehensive income (loss) before reclassifications	12		(196)		(184)
Amounts reclassified from accumulated other comprehensive income	91		—		91
Net current period other comprehensive income (loss)	103		(196)		(93)
Balance as of September 30, 2020	$	(3,409)	$	(1,739)	$	(5,148)



(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Gains (Losses)		Total Gains (Losses)
Balance as of December 31, 2018	$	(2,953)	$	(1,694)	$	(4,647)

Other comprehensive income (loss) before reclassifications	26		(366)		(340)
Amounts reclassified from accumulated other comprehensive income	56		—		56
Net current period other comprehensive income (loss)	82		(366)		(284)
Balance as of September 30, 2019	$	(2,871)	$	(2,060)	$	(4,931)

The components of other comprehensive income (loss) for the three and nine-month periods ended September 30, 2020 and 2019 are as follows:


Three Months Ended September 30,	2020						2019
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	500	$	3	$	497	$	(475)	$	—	$	(475)

Pension/post-retirement plans:
Amortization of (gains) losses included in net periodic pension cost:
Prior service credits (a)	—		—		—		(1)		(1)		—
Net actuarial losses (a)	40		9		31		25		6		19
Effect of remeasurement (a)	—		—		—		(8)		(2)		(6)

Effect of settlement (a)	—		—		—		2		—		2

Subtotal	40		9		31		18		3		15
Foreign currency translation adjustments	(113)		(19)		(94)		64		8		56

Pension/post-retirement plans (losses) gains	(73)		(10)		(63)		82		11		71
Other comprehensive income (loss)	$	427	$	(7)	$	434	$	(393)	$	11	$	(404)
(a) Components of net periodic pension cost are included in other net benefit credits in the consolidated statements of income. Income tax expense on net actuarial losses are included in income tax expense.


Nine Months Ended September 30,	2020						2019
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(200)	$	(4)	$	(196)	$	(366)	$	—	$	(366)

Pension/post-retirement plans:
Amortization of (gains) losses included in net periodic pension cost:
Prior service credits (a)	(1)		—		(1)		(2)		(1)		(1)
Net actuarial losses (a)	120		28		92		77		18		59
Effect of remeasurement (a)	—		—		—		(9)		(2)		(7)

Effect of settlement (a)	—		—		—		6		1		5
Subtotal	119		28		91		72		16		56

Foreign currency translation adjustments	17		5		12		30		4		26

Pension/post-retirement plans gains	136		33		103		102		20		82
Other comprehensive income (loss)	$	(64)	$	29	$	(93)	$	(264)	$	20	$	(284)
(a) Components of net periodic pension cost are included in other net benefit credits in the consolidated statements of income. Income tax expense on net actuarial losses are included in income tax expense.