Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The changes, net of tax, in the balances of each component of Accumulated Other Comprehensive Income ("AOCI") for the three and nine months ended September 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 July 1, 2022	$	(2,957)	$	(2,406)	$	(5,363)
Other comprehensive income (loss) before reclassifications	182		(895)		(713)
Amounts reclassified from accumulated other comprehensive income	28		—		28
Net current period other comprehensive income (loss)	210		(895)		(685)
Balance as of September 30, 2022	$	(2,747)	$	(3,301)	$	(6,048)

(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance as of July 1, 2021	$	(4,102)	$	(1,051)	$	(5,153)
Other comprehensive income (loss) before reclassifications	115		(346)		(231)
Amounts reclassified from accumulated other comprehensive income	39		—		39
Net current period other comprehensive income (loss)	154		(346)		(192)
Balance as of September 30, 2021	$	(3,948)	$	(1,397)	$	(5,345)

(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	371		(1,928)		(1,557)
Amounts reclassified from accumulated other comprehensive income	84		—		84
Net current period other comprehensive income (loss)	455		(1,928)		(1,473)
Balance as of September 30, 2022	$	(2,747)	$	(3,301)	$	(6,048)

(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 income (loss) before reclassifications	63		(413)		(350)
Amounts reclassified from accumulated other comprehensive income	115		—		115
Net current period other comprehensive income (loss)	178		(413)		(235)
Balance as of September 30, 2021	$	(3,948)	$	(1,397)	$	(5,345)

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

Three Months Ended September 30,	2022						2021
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(895)	$	—	$	(895)	$	(346)	$	—	$	(346)
Pension/post-retirement plans:
Amortization of losses included in net periodic pension cost:
Net actuarial losses (a)	37		9		28		52		13		39
Subtotal	37		9		28		52		13		39
Foreign currency translation adjustments	247		63		184		88		21		67
Effect of remeasurement	(2)		—		(2)		64		16		48
Other adjustments	(1)		(1)		—		—		—		—
Pension/post-retirement plans gains	281		71		210		204		50		154
Other comprehensive (loss) income	$	(614)	$	71	$	(685)	$	(142)	$	50	$	(192)
(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.

Nine Months Ended September 30,	2022						2021
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(1,928)	$	—	$	(1,928)	$	(413)	$	—	$	(413)
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)	114		29		85		156		40		116
Subtotal	113		29		84		155		40		115
Foreign currency translation adjustments	499		123		376		7		1		6
Effect of remeasurement	8		1		7		77		17		60
Effect of settlement	2		—		2		2		—		2
Other adjustments	(19)		(5)		(14)		(7)		(2)		(5)
Pension/post-retirement plans gains	603		148		455		234		56		178
Other comprehensive (loss) income	$	(1,325)	$	148	$	(1,473)	$	(179)	$	56	$	(235)
(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.