Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of 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 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)

Schedule of other comprehensive income (loss)

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.