Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021, 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, 2022	$	(3,202)	$	(1,373)	$	(4,575)
Other comprehensive income (loss) before reclassifications	371		(1,220)		(849)
Amounts reclassified from accumulated other comprehensive loss	110		—		110
Net current period other comprehensive income (loss)	481		(1,220)		(739)
Balance as of December 31, 2022	$	(2,721)	$	(2,593)	$	(5,314)

(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 income (loss)	924		(389)		535
Balance as of December 31, 2021	$	(3,202)	$	(1,373)	$	(4,575)

The components of accumulated other comprehensive loss are as follows:

(In millions)	December 31, 2022		December 31, 2021
Foreign currency translation adjustments (net of deferred tax liability of $8 in 2022 and deferred tax asset of $13 in 2021, respectively)	$	(2,593)	$	(1,373)
Net charges related to pension/post-retirement plans (net of deferred tax asset of $1,340 and $1,501 in 2022 and 2021, respectively)	(2,721)		(3,202)
	$	(5,314)	$	(4,575)

Schedule of other comprehensive income (loss)

The components of other comprehensive (loss) income for the years ended December 31, 2022, 2021 and 2020 are as follows:

For the Year Ended December 31,	2022
(In millions)	Pre-Tax		Tax		Net of Tax
Foreign currency translation adjustments	$	(1,198)	$	22	$	(1,220)
Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)	(2)		—		(2)
Net actuarial losses (a)	150		38		112
Effect of settlement (a)	2		—		2
Subtotal	150		38		112
Net gains arising during period	203		51		152
Foreign currency translation adjustments	285		71		214
Other adjustments	3		—		3
Pension/post-retirement plans gains	641		160		481
Other comprehensive (loss) income	$	(557)	$	182	$	(739)

(a) Included in other net benefit credits in the consolidated statements of income. Income tax expense on net actuarial losses is included in income tax expense.

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 benefit (credit) 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 losses 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) Included in other net benefit credits in the consolidated statements of income. Income tax expense on net actuarial losses is 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 benefit (credit) 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) Included in other net benefit credits in the consolidated statements of income. Income tax expense on net actuarial losses is included in income tax expense.