Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss) The changes, net of tax, in the balances of each component of Accumulated Other Comprehensive Income ("AOCI") for the years ended December 31, 2020 and 2019, including amounts reclassified out of AOCI, are as follows: | | | | | | | | | | | | | | | | | | | | (In millions of dollars) | | | Pension and Post-Retirement Plans Losses | | Foreign Currency Translation Adjustments | | Total | Balance as of January 1, 2020 | | | $ | (3,512) | | | $ | (1,543) | | | $ | (5,055) | | | | | | | | | | Other comprehensive (loss) gain before reclassifications | | | (739) | | | 559 | | | (180) | | Amounts reclassified from accumulated other comprehensive income (loss) | | | 125 | | | — | | | 125 | | Net current period other comprehensive (loss) gain | | | (614) | | | 559 | | | (55) | | Balance as of December 31, 2020 | | | $ | (4,126) | | | $ | (984) | | | $ | (5,110) | |
| | | | | | | | | | | | | | | | | | | | (In millions of dollars) | | | Pension and Post-Retirement Plans Losses | | Foreign Currency Translation Adjustments | | Total | Balance as of January 1, 2019 | | | $ | (2,953) | | | $ | (1,694) | | | $ | (4,647) | | | | | | | | | | Other comprehensive (loss) gain before reclassifications | | | (643) | | | 151 | | | (492) | | Amounts reclassified from accumulated other comprehensive income (loss) | | | 84 | | | — | | | 84 | | Net current period other comprehensive (loss) gain | | | (559) | | | 151 | | | (408) | | Balance as of December 31, 2019 | | | $ | (3,512) | | | $ | (1,543) | | | $ | (5,055) | |
The components of other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 are as follows: | | | | | | | | | | | | For the Year Ended December 31, | 2020 | | | (In millions of dollars) | Pre-Tax | Tax (Credit) | Net of Tax | Foreign currency translation adjustments | $ | 559 | | $ | — | | $ | 559 | | | | | | Pension/post-retirement plans: | | | | Amortization of (gains) losses included in net periodic pension cost: | | | | Prior service credits (a) | (2) | | (1) | | (1) | | Net actuarial losses (a) | 161 | | 37 | | 124 | | | | | | Effect of settlement (a) | 3 | | 1 | | 2 | | | | | | | | | | Subtotal | 162 | | 37 | | 125 | | Net losses arising during period | (772) | | (177) | | (595) | | Foreign currency translation adjustments | (163) | | (28) | | (135) | | Other adjustments | (11) | | (2) | | (9) | | Pension/post-retirement plans losses | (784) | | (170) | | (614) | | Other comprehensive loss | $ | (225) | | $ | (170) | | $ | (55) | | (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. |
| | | | | | | | | | | | For the Year Ended December 31, | 2019 | (In millions of dollars) | Pre-Tax | Tax (Credit) | Net of Tax | Foreign currency translation adjustments | $ | 148 | | $ | (3) | | $ | 151 | | | | | | Pension/post-retirement plans: | | | | Amortization of (gains) losses included in net periodic pension cost: | | | | Prior service credits (a) | (2) | | (1) | | (1) | | Net actuarial losses (a) | 102 | | 22 | | 80 | | | | | | | | | | Effect of settlement (a) | 6 | | 1 | | 5 | | Subtotal | 106 | | 22 | | 84 | | | | | | Net losses arising during period | (758) | | (154) | | (604) | | Foreign currency translation adjustments | (50) | | (11) | | (39) | | | | | | Pension/post-retirement plans losses | (702) | | (143) | | (559) | | Other comprehensive loss | $ | (554) | | $ | (146) | | $ | (408) | | (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. |
| | | | | | | | | | | | For the Year Ended December 31, | 2018 | | | (In millions of dollars) | Pre-Tax | Tax (Credit) | Net of Tax | Foreign currency translation adjustments | $ | (529) | | $ | — | | $ | (529) | | | | | | Pension/post-retirement plans: | | | | Amortization of (gains) losses included in net periodic pension cost: | | | | Prior service credits (a) | (4) | | (1) | | (3) | | Net actuarial losses (a) | 145 | | 32 | | 113 | | | | | | | | | | Effect of settlement (a) | 42 | | 8 | | 34 | | | | | | Subtotal | 183 | | 39 | | 144 | | Net gains arising during period | (374) | | (88) | | (286) | | Foreign currency translation adjustments | 141 | | 25 | | 116 | | Other adjustments | (41) | | (6) | | (35) | | Pension/post-retirement plans losses | (91) | | (30) | | (61) | | Other comprehensive loss | $ | (620) | | $ | (30) | | $ | (590) | | (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.
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The components of accumulated other comprehensive income (loss) are as follows: | | | | | | | | | | | | (In millions of dollars) | December 31, 2020 | | December 31, 2019 | Foreign currency translation adjustments (net of deferred tax asset of $11 in 2020 and $14 in 2019, respectively) | $ | (984) | | | $ | (1,543) | | | | | | Net charges related to pension/post-retirement plans (net of deferred tax asset of $1,805 and $1,635 in 2020 and 2019, respectively) | (4,126) | | | (3,512) | | | $ | (5,110) | | | $ | (5,055) | |
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