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Other Comprehensive (Loss) Income
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Other Comprehensive (Loss) Income 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, 2024 and 2023, including amounts reclassified out of AOCI, are as follows:
(In millions)
Pension/Post-Retirement Plans Gains (Losses)
Foreign Currency Translation
Adjustments
Total
Balance at April 1, 2024
$(3,064)$(2,445)$(5,509)
Other comprehensive income (loss) before reclassifications9 (32)(23)
Amounts reclassified from accumulated other comprehensive income
5  5 
Net current period other comprehensive income (loss)14 (32)(18)
Balance at June 30, 2024 (a)
$(3,050)$(2,477)$(5,527)
(In millions)
Pension/Post-Retirement Plans Gains (Losses)
Foreign Currency Translation
Adjustments
Total
Balance at 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
— 
Net current period other comprehensive (loss) income(45)224 179 
Balance at June 30, 2023 (a)
$(2,811)$(2,244)$(5,055)
(a)At June 30, 2024 and 2023, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1.5 billion and $1.4 billion, respectively.
(In millions)
Pension/Post-Retirement Plans Gains (Losses)
Foreign Currency Translation
Adjustments
Total
Balance at January 1, 2024
$(3,101)$(2,194)$(5,295)
Other comprehensive income (loss) before reclassifications42 (283)(241)
Amounts reclassified from accumulated other comprehensive income
9  9 
Net current period other comprehensive income (loss)51 (283)(232)
Balance at June 30, 2024 (a)
$(3,050)$(2,477)$(5,527)
(In millions)
Pension/Post-Retirement Plans Gains (Losses)
Foreign Currency Translation
Adjustments
Total
Balance at January 1, 2023
$(2,721)$(2,593)$(5,314)
Other comprehensive (loss) income before reclassifications(96)349 253 
Amounts reclassified from accumulated other comprehensive income
— 
Net current period other comprehensive (loss) income(90)349 259 
Balance at June 30, 2023 (a)
$(2,811)$(2,244)$(5,055)
(a)At June 30, 2024 and 2023, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1.5 billion and $1.4 billion, respectively.
The components of other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023 are as follows:
Three Months Ended June 30,
20242023
(In millions)Pre-TaxTax Net of TaxPre-TaxTax (Credit)Net of Tax
Foreign currency translation adjustments$(28)$4 $(32)$223 $(1)$224 
Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)
(1) (1)(1)— (1)
Net actuarial losses (a)
7 1 6 
Subtotal6 1 5 
Foreign currency translation adjustments 12 3 9 (59)(16)(43)
Other adjustments   (7)(2)(5)
Pension/post-retirement plans gains (losses)18 4 14 (62)(17)(45)
Other comprehensive (loss) income$(10)$8 $(18)$161 $(18)$179 
(a) Included in other net benefit credits in the consolidated statements of income. Income tax expense on net actuarial losses are included in income tax expense.
Six Months Ended June 30,
20242023
(In millions)Pre-TaxTax Net of TaxPre-TaxTax (Credit)Net of Tax
Foreign currency translation adjustments$(272)$11 $(283)$342 $(7)$349 
Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)
(1) (1)(1)— (1)
Net actuarial losses (a)
13 3 10 10 
Subtotal12 3 9 
Foreign currency translation adjustments 56 14 42 (122)(31)(91)
Other adjustments   (7)(2)(5)
Pension/post-retirement plans gains (losses)68 17 51 (120)(30)(90)
Other comprehensive (loss) income$(204)$28 $(232)$222 $(37)$259 
(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.