Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of tax effects on components of other comprehensive income (loss)

The tax effect for each component of other comprehensive income (loss) consisted of the following:


	Year Ended December 31, 2024
(in millions of dollars)	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	134	$	(52)	$	82
Changes in retirement plans’ funded status	15		(12)		3
Foreign currency translation	(408)		—		(408)
Share of other comprehensive loss of entities using the equity method	(28)		—		(28)
Other comprehensive income (loss)	$	(287)	$	(64)	$	(351)


	Year Ended December 31, 2023(1)
(in millions of dollars)	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	(90)	$	34	$	(56)
Changes in retirement plans’ funded status	(87)		21		(66)
Foreign currency translation	40		—		40
Share of other comprehensive loss of entities using the equity method	1		—		1
Other comprehensive income (loss)	$	(136)	$	55	$	(81)

(1) See Note 23 Immaterial Revision of Prior Period Financial Statements.


	Year Ended December 31, 2022
(in millions of dollars)	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	56	$	(12)	$	44
Changes in retirement plans’ funded status	29		12		41
Foreign currency translation	158		—		158
Share of other comprehensive loss of entities using the equity method	(25)		—		(25)
Other comprehensive income (loss)	$	218	$	—	$	218

Schedule of changes in other comprehensive income (loss)

The changes, net of tax, in each component of accumulated other comprehensive income (loss) consisted of the following:


(in millions of dollars)	Unrealized Gain (Loss) on Cash Flow Hedges		Change in Retirement Plans’ Funded Status		Foreign Currency Translation		Share of Other Comprehensive Income of Entities Using the Equity Method		Total
Balance, December 31, 2021	$	(17)	$	(559)	$	(1,643)	$	(226)	$	(2,445)
Demerger of Iveco Group	19		233		(316)		12		(52)
Balance, January 1, 2022	2		(326)		(1,959)		(214)		(2,497)
Other comprehensive income (loss), before reclassifications	(126)		102		159		(25)		110
Amounts reclassified from other comprehensive income	170		(61)		—		—		109
Other comprehensive income (loss)(1)	44		41		159		(25)		219
Balance, December 31, 2022	46		(285)		(1,800)		(239)		(2,278)
Other comprehensive income (loss), before reclassifications(2)	(80)		(54)		37		1		(96)
Amounts reclassified from other comprehensive income	24		(12)		—		—		12
Other comprehensive income (loss)(1)	(56)		(66)		37		1		(84)
Balance, December 31, 2023	(10)		(351)		(1,763)		(238)		(2,362)
Other comprehensive income (loss), before reclassifications	37		7		(407)		(28)		(391)
Amounts reclassified from other comprehensive income	45		(4)		—		—		41
Other comprehensive income (loss)(1)	82		3		(407)		(28)		(350)
Balance, December 31, 2024	$	72	$	(348)	$	(2,170)	$	(266)	$	(2,712)

(1) Excluded from the table above is other comprehensive (income) loss allocated to noncontrolling interests of $(1) million, $3 million and $(1) million for the years ended December 31, 2024, 2023 and 2022, respectively.

(2) See Note 23 Immaterial Revision of Prior Period Financial Statements.

Schedule of reclassification of accumulated other comprehensive income (loss)

The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges on accumulated other comprehensive income (loss) and net income during the year ended December 31, 2024, 2023 and 2022 (in millions of dollars):


			Recognized in Net Income
For the Year Ended December 31,	Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2024
Foreign exchange contracts	$	(17)	Net sales	$	(9)
			Cost of goods sold	(18)
			Other, net	4
			Interest expense, net	(25)
Interest rate contracts	103
Total	$	86		$	(48)

2023
Foreign exchange contracts	$	(35)	Net sales	$	(7)
			Cost of goods sold	(33)
			Other, net	7
			Interest expense, net	6
Interest rate contracts	(82)
Total	$	(117)		$	(27)

2022
Foreign exchange contracts	$	(191)	Net sales	$	(1)
			Cost of goods sold	(219)
			Other, net	3
			Interest expense, net	30
Interest rate contracts	59
Total	$	(132)		$	(187)

Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) at December 31, 2024 and 2023 consisted of the following:


	Amount Reclassified from Other Comprehensive Income (Loss)				Consolidated Statement of Operations line
(in millions of dollars)	2024		2023
Cash flow hedges	$	9	$	7	Net sales
	18		33		Cost of goods sold
	(4)		(7)		Other, net
	25		(6)		Interest expense
	(3)		(3)		Income taxes
	45		24
Change in retirement plans’ funded status:
Amortization of actuarial losses	19		20		(1)
Amortization of prior service cost	(24)		(36)		(1)
	1		4		Income taxes
	(4)		(12)
Total reclassifications, net of tax	$	41	$	12

(1) These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 13: Employee Benefit Plans and Postretirement Benefits” for additional information.