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Changes in Accumulated Other Comprehensive Losses
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Losses Changes in Accumulated Other Comprehensive Losses
The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the six months ended June 30, 2023 and 2022 are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
(Millions of dollars)
Currency Translation AdjustmentUnrealized Holding Gains (Losses) on SecuritiesDerivativesDefined Benefit PlansTotal
Balance at December 31, 2021$(162)$(11)$ $(3,716)$(3,889)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(48)— 24 231 207 
Reclassifications(2) (3)
— — (2)193 191 
Net Other Comprehensive Income (Loss)(48)— 22 424 398 
Balance at June 30, 2022$(210)$(11)$22 $(3,292)$(3,491)
Balance at December 31, 2022$(203)$(12)$(12)$(2,571)$(2,798)
Components of Other Comprehensive Income (Loss):
Before Reclassifications— (3)(5)14 
Reclassifications(2) (3)
— — 13 68 81 
Net Other Comprehensive Income (Loss)— (3)82 87 
Balance at June 30, 2023$(203)$(15)$(4)$(2,489)$(2,711)
(1)All amounts are net of tax.
(2)Refer to Note 13 Financial and Derivative Instruments for reclassified components of cash flow hedging.
(3)Refer to Note 7 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $89 that are included in employee benefit costs for the six months ended June 30, 2023. Related income taxes for the same period, totaling $21, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.