Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 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 nine months ended September 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 July 1, 2023	$	(2,811)	$	(2,244)	$	(5,055)
Other comprehensive (loss) income before reclassifications	76		(485)		(409)
Amounts reclassified from accumulated other comprehensive income	4		—		4
Net current period other comprehensive income (loss)	80		(485)		(405)
Balance as of September 30, 2023 (a)	$	(2,731)	$	(2,729)	$	(5,460)

    

(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 (a)	$	(2,747)	$	(3,301)	$	(6,048)

(a) At September 30, 2023 and 2022, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1,344 million and $1,352 million, respectively, and net of deferred tax liability of $13 million and deferred tax assets of $21 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	(20)		(136)		(156)
Amounts reclassified from accumulated other comprehensive loss	10		—		10
Net current period other comprehensive loss	(10)		(136)		(146)
Balance as of September 30, 2023 (a)	$	(2,731)	$	(2,729)	$	(5,460)

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

(a) At September 30, 2023 and 2022, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1,344 million and $1,352 million, respectively, and net of deferred tax liability of $13 million and deferred tax assets of $21 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 nine months ended September 30, 2023 and 2022 are as follows:

Three Months Ended September 30,	2023						2022
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(473)	$	12	$	(485)	$	(895)	$	—	$	(895)
Pension and post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Net actuarial losses (a)	5		1		4		37		9		28
Subtotal	5		1		4		37		9		28
Foreign currency translation adjustments	102		26		76		247		63		184
Effect of remeasurement	—		—		—		(2)		—		(2)
Other adjustments	—		—		—		(1)		(1)		—
Pension/post-retirement plans gains	107		27		80		281		71		210
Other comprehensive (loss) income	$	(366)	$	39	$	(405)	$	(614)	$	71	$	(685)

(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,	2023						2022
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(131)	$	5	$	(136)	$	(1,928)	$	—	$	(1,928)
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)	15		4		11		114		29		85
Subtotal	14		4		10		113		29		84
Foreign currency translation adjustments	(20)		(5)		(15)		499		123		376
Effect of remeasurement	—		—		—		8		1		7
Effect of settlement	—		—		—		2		—		2
Other adjustments	(7)		(2)		(5)		(19)		(5)		(14)
Pension/post-retirement plans (losses) gains	(13)		(3)		(10)		603		148		455
Other comprehensive (loss) income	$	(144)	$	2	$	(146)	$	(1,325)	$	148	$	(1,473)

(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.