Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

The changes, net of tax, in the balances of each component of Accumulated Other Comprehensive Income ("AOCI") for the three and six months ended June 30, 2022 and 2021, including amounts reclassified out of AOCI, are as follows:


(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance as of April 1, 2022	$	(3,137)	$	(1,542)	$	(4,679)
Other comprehensive income (loss) before reclassifications	154		(864)		(710)
Amounts reclassified from accumulated other comprehensive loss	26		—		26
Net current period other comprehensive income (loss)	180		(864)		(684)
Balance as of June 30, 2022	$	(2,957)	$	(2,406)	$	(5,363)


(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance as of April 1, 2021	$	(4,122)	$	(1,075)	$	(5,197)
Other comprehensive (loss) income before reclassifications	(16)		24		8
Amounts reclassified from accumulated other comprehensive loss	36		—		36
Net current period other comprehensive income	20		24		44
Balance as of June 30, 2021	$	(4,102)	$	(1,051)	$	(5,153)



(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance as of December 31, 2021	$	(3,202)	$	(1,373)	$	(4,575)

Other comprehensive income (loss) before reclassifications	189		(1,033)		(844)
Amounts reclassified from accumulated other comprehensive loss	56		—		56
Net current period other comprehensive income (loss)	245		(1,033)		(788)
Balance as of June 30, 2022	$	(2,957)	$	(2,406)	$	(5,363)



(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance as of December 31, 2020	$	(4,126)	$	(984)	$	(5,110)

Other comprehensive loss before reclassifications	(52)		(67)		(119)
Amounts reclassified from accumulated other comprehensive loss	76		—		76
Net current period other comprehensive income (loss)	24		(67)		(43)
Balance as of June 30, 2021	$	(4,102)	$	(1,051)	$	(5,153)

The components of other comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021 are as follows:


Three Months Ended June 30,	2022						2021
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(864)	$	—	$	(864)	$	24	$	—	$	24

Pension/post-retirement plans:
Amortization of (gains) losses included in net periodic pension cost:
Prior service credits (a)	(1)		—		(1)		(1)		—		(1)
Net actuarial losses (a)	38		11		27		52		15		37
Subtotal	37		11		26		51		15		36
Foreign currency translation adjustments	187		44		143		(44)		(12)		(32)
Effect of remeasurement	10		1		9		15		1		14

Effect of settlement	2		—		2		2		—		2


Pension/post-retirement plans gains	236		56		180		24		4		20
Other comprehensive (loss) income	$	(628)	$	56	$	(684)	$	48	$	4	$	44
(a) 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.


Six Months Ended June 30,	2022						2021
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(1,033)	$	—	$	(1,033)	$	(67)	$	—	$	(67)

Pension/post-retirement plans:
Amortization of (gains) losses included in net periodic pension cost:
Prior service credits (a)	(1)		—		(1)		(1)		—		(1)
Net actuarial losses (a)	77		20		57		104		27		77
Subtotal	76		20		56		103		27		76
Foreign currency translation adjustments	252		60		192		(81)		(20)		(61)

Effect of remeasurement	10		1		9		13		1		12

Effect of settlement	2		—		2		2		—		2

Other adjustments	(18)		(4)		(14)		(7)		(2)		(5)
Pension/post-retirement plans gains	322		77		245		30		6		24
Other comprehensive (loss) income	$	(711)	$	77	$	(788)	$	(37)	$	6	$	(43)
(a) 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.