Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The changes, net of tax, in the balances of each component of AOCI for the years ended December 31, 2021 and 2020, including amounts reclassified out of AOCI, are as follows:

(In millions)	Pension and Post-Retirement Plans Losses		Foreign Currency Translation Adjustments		Total
Balance as of January 1, 2021	$	(4,126)	$	(984)	$	(5,110)
Other comprehensive gain (loss) before reclassifications	765		(389)		376
Amounts reclassified from accumulated other comprehensive loss	159		—		159
Net current period other comprehensive gain (loss)	924		(389)		535
Balance as of December 31, 2021	$	(3,202)	$	(1,373)	$	(4,575)

(In millions)	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 loss	125		—		125
Net current period other comprehensive (loss) gain	(614)		559		(55)
Balance as of December 31, 2020	$	(4,126)	$	(984)	$	(5,110)

The components of accumulated other comprehensive income (loss) are as follows:

(In millions)	December 31, 2021		December 31, 2020
Foreign currency translation adjustments (net of deferred tax asset of $13 in 2021 and $11 in 2020, respectively)	$	(1,373)	$	(984)
Net charges related to pension/post-retirement plans (net of deferred tax asset of $1,501 and $1,805 in 2021 and 2020, respectively)	(3,202)		(4,126)
	$	(4,575)	$	(5,110)

Schedule of other comprehensive income (loss)

The components of other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 are as follows:

For the Year Ended December 31,	2021
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(389)	$	—	$	(389)
Pension/post-retirement plans:
Amortization of (gains) losses included in net periodic pension cost:
Prior service credits (a)	(2)		—		(2)
Net actuarial losses (a)	208		52		156
Effect of curtailment (a)	2		1		1
Effect of settlement (a)	5		1		4
Subtotal	213		54		159
Net gains arising during period	1,003		249		754
Foreign currency translation adjustments	19		4		15
Other adjustments	(6)		(2)		(4)
Pension/post-retirement plans gains	1,229		305		924
Other comprehensive income	$	840	$	305	$	535
(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,	2020
(In millions)	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)	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.