Stockholders' Equity and Accumulated Other Comprehensive Loss

6 Months Ended

Jul. 01, 2023

Stockholders' Equity and Accumulated Other Comprehensive Loss

Stockholders' Equity and Accumulated Other Comprehensive Loss

Note 6 – Stockholders’ Equity and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss (“AOCL”), net of related taxes, were as follows:

	Cumulative
	Foreign			Cumulative
	Currency			Unrecognized
	Translation			Pension
(Millions of dollars)	Adjustment			Cost			Total
Balance December 31, 2021	$	(368)		$	(64)		$	(432)
Other comprehensive loss before reclassifications		(10)			(1)			(11)
Amounts reclassified from AOCL to net earnings		9	(b)		1	(a)		10
Other comprehensive loss, net of tax		(1)			—			(1)
Balance April 2, 2022	$	(369)		$	(64)		$	(433)
Other comprehensive loss before reclassifications		(2)			—			(2)
Amounts reclassified from AOCL to net earnings		—			1	(a)		1
Other comprehensive income (loss), net of tax		(2)			1			(1)
Balance July 2, 2022	$	(371)		$	(63)		$	(434)
Balance December 31, 2022	$	(401)		$	(21)		$	(422)
Other comprehensive income before reclassifications		12			1			13
Amounts reclassified from AOCL to net earnings		—			1	(a)		1
Other comprehensive income, net of tax		12			2			14
Balance April 1, 2023	$	(389)		$	(19)		$	(408)
Other comprehensive income before reclassifications		1			2			3
Amounts reclassified from AOCL to net earnings		—			—	(a)		—
Other comprehensive income, net of tax		1			2			3
Balance July 1, 2023	$	(388)		$	(17)		$	(405)

(a) This reclassification adjustment primarily represents the amortization of actuarial losses (gains) that were included in net periodic pension cost.

(b) This reclassification adjustment reflects the recognition of a currency translation adjustment upon the disposition of a CT&M business in Brazil whose functional currency was the Brazilian real.