Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive (Loss) Income

The changes, net of tax, in the balances of each component of AOCI for the three months ended March 31, 2023 and 2022, including amounts reclassified out of AOCI, are as follows:

(In millions)	Pension and Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance as of December 31, 2022	$	(2,721)	$	(2,593)	$	(5,314)
Other comprehensive (loss) income before reclassifications	(48)		125		77
Amounts reclassified from accumulated other comprehensive loss	3		—		3
Net current period other comprehensive (loss) income	(45)		125		80
Balance as of March 31, 2023 (a)	$	(2,766)	$	(2,468)	$	(5,234)

(a) At March 31, 2023, balances are net of deferred tax assets of $1,354 million in pension and post-retirement plans gains (losses) and net of deferred tax liability of $2 million in foreign currency translation adjustments.

(In millions)	Pension and 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	35		(169)		(134)
Amounts reclassified from accumulated other comprehensive loss	30		—		30
Net current period other comprehensive income (loss)	65		(169)		(104)
Balance as of March 31, 2022 (a)	$	(3,137)	$	(1,542)	$	(4,679)

(a) At March 31, 2022, balances are net of deferred tax assets of $1,480 million in pension and post-retirement plans gains (losses) and $13 million in foreign currency translation adjustments.

Schedule of Components of Comprehensive (Loss) Income

The components of other comprehensive (loss) income for the three months ended March 31, 2023 and 2022 are as follows:

Three Months Ended March 31,	2023						2022
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	119	$	(6)	$	125	$	(169)	$	—	$	(169)
Pension and post-retirement plans:
Amortization of losses included in net benefit (credit) cost:
Net actuarial losses (a)	5		2		3		39		9		30
Subtotal	5		2		3		39		9		30
Foreign currency translation adjustments	(63)		(15)		(48)		65		16		49
Other adjustments	—		—		—		(18)		(4)		(14)
Pension and post-retirement plans gains	(58)		(13)		(45)		86		21		65
Other comprehensive income (loss)	$	61	$	(19)	$	80	$	(83)	$	21	$	(104)

(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.