Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022, 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, 2023	$	(2,766)	$	(2,468)	$	(5,234)
Other comprehensive (loss) income before reclassifications	(48)		224		176
Amounts reclassified from accumulated other comprehensive income	3		—		3
Net current period other comprehensive (loss) income	(45)		224		179
Balance as of June 30, 2023 (a)	$	(2,811)	$	(2,244)	$	(5,055)

(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 income	26		—		26
Net current period other comprehensive income (loss)	180		(864)		(684)
Balance as of June 30, 2022 (a)	$	(2,957)	$	(2,406)	$	(5,363)

(a) At June 30, 2023 and 2022, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1,370 million and $1,424 million, respectively, and net of deferred tax liability of $1 million and deferred tax assets of $13 million in foreign currency translation adjustments, respectively.

(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance as of January 1, 2023	$	(2,721)	$	(2,593)	$	(5,314)
Other comprehensive (loss) income before reclassifications	(96)		349		253
Amounts reclassified from accumulated other comprehensive loss	6		—		6
Net current period other comprehensive (loss) income	(90)		349		259
Balance as of June 30, 2023 (a)	$	(2,811)	$	(2,244)	$	(5,055)

(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance as of January 1, 2022	$	(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 (a)	$	(2,957)	$	(2,406)	$	(5,363)

(a) At June 30, 2023 and 2022, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1,370 million and $1,424 million, respectively, and net of deferred tax liability of $1 million and deferred tax assets of $13 million in foreign currency translation adjustments, respectively.

Schedule of Components of Comprehensive (Loss) Income

The components of other comprehensive (loss) income for the three and six months ended June 30, 2023 and 2022 are as follows:

Three Months Ended  June 30,	2023						2022
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	223	$	(1)	$	224	$	(864)	$	—	$	(864)
Pension and post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)	(1)		—		(1)		(1)		—		(1)
Net actuarial losses (a)	5		1		4		38		11		27
Subtotal	4		1		3		37		11		26
Foreign currency translation adjustments	(59)		(16)		(43)		187		44		143
Effect of remeasurement	—		—		—		10		1		9
Effect of settlement	—		—		—		2		—		2
Other adjustments	(7)		(2)		(5)		—		—		—
Pension/post-retirement plans (losses) gains	(62)		(17)		(45)		236		56		180
Other comprehensive income (loss)	$	161	$	(18)	$	179	$	(628)	$	56	$	(684)

(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,	2023						2022
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	342	$	(7)	$	349	$	(1,033)	$	—	$	(1,033)
Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)	(1)		—		(1)		(1)		—		(1)
Net actuarial losses (a)	10		3		7		77		20		57
Subtotal	9		3		6		76		20		56
Foreign currency translation adjustments	(122)		(31)		(91)		252		60		192
Effect of remeasurement	—		—		—		10		1		9
Effect of settlement	—		—		—		2		—		2
Other adjustments	(7)		(2)		(5)		(18)		(4)		(14)
Pension/post-retirement plans (losses) gains	(120)		(30)		(90)		322		77		245
Other comprehensive income (loss)	$	222	$	(37)	$	259	$	(711)	$	77	$	(788)

(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.