Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2024

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, 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 reclassifications	9		(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	3		—		3
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 reclassifications	42		(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	6		—		6
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.

Schedule of Components of Comprehensive (Loss) Income

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,	2024						2023
(In millions)	Pre-Tax		Tax		Net of Tax		Pre-Tax		Tax (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		5		1		4
Subtotal	6		1		5		4		1		3
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,	2024						2023
(In millions)	Pre-Tax		Tax		Net of Tax		Pre-Tax		Tax (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		3		7
Subtotal	12		3		9		9		3		6
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.