ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – NET (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated other comprehensive income (loss) (“AOCI”) by component, net of income taxes, were as follows:

	For the three months ended June 30, 2023
	Currency translation adjustments(a)		Benefit plans		Cash flow hedges		Total AOCI
March 31, 2023	$	(1,760)	$	1,865	$	(30)	$	75
Other comprehensive income (loss) before reclasses – net of taxes of $28, $(11), and $(2)	3		36		5		44
Reclasses from AOCI – net of taxes of $0, $17, and $(1)(c)	—		(54)		5		(49)
June 30, 2023	$	(1,757)	$	1,847	$	(20)	$	70

	For the three months ended June 30, 2022
	Currency translation adjustments		Benefit plans		Cash flow hedges		Total AOCI
March 31, 2022	$	(1,122)	$	(105)	$	56	$	(1,171)
Other comprehensive income (loss) before reclasses – net of taxes of $(12), $(1), and $4	(472)		3		(3)		(472)
Reclasses from AOCI – net of taxes of $0, $0, and $0(c)	—		—		(6)		(6)
June 30, 2022	$	(1,594)	$	(102)	$	47	$	(1,649)

	For the six months ended June 30, 2023
	Currency translation adjustments(a)(d)		Benefit plans		Cash flow hedges		Total AOCI
December 31, 2022	$	(1,845)	$	(42)	$	9	$	(1,878)
Other comprehensive income (loss) before reclasses – net of taxes of $17, $(9), and $2	88		23		(8)		103
Unrecognized gain transferred from GE pension – net of taxes of $0, $(509), and $0(b)	—		1,972		—		1,972
Reclasses from AOCI – net of taxes of $0, $33, and $6(c)	—		(106)		(21)		(127)
June 30, 2023	$	(1,757)	$	1,847	$	(20)	$	70

	For the six months ended June 30, 2022
	Currency translation adjustments		Benefit plans		Cash flow hedges		Total AOCI
December 31, 2021	$	(969)	$	(100)	$	32	$	(1,037)
Other comprehensive income (loss) before reclasses – net of taxes of $(14), $(10), and $(2)	(625)		(2)		32		(595)
Reclasses from AOCI – net of taxes of $0, $0, and $0(c)	—		—		(17)		(17)
June 30, 2022	$	(1,594)	$	(102)	$	47	$	(1,649)

(a) The amount of foreign currency translation recognized in Other comprehensive income (loss) during the six months ended June 30, 2023 included net gains (losses) relating to net investment hedges, as further discussed in Note 12, “Financial Instruments and Fair Value Measurements.”

(b) Refer to Note 9, “Postretirement Benefit Plans” for further information on the unrecognized gain transferred from the GE pension and other postretirement plans in connection with the Spin-Off.

(c) Reclassifications from AOCI into earnings for Benefit plans are recognized within Non-operating benefit (income) loss, while Cash flow hedges are recognized within Cost of products or Cost of services in our Condensed Consolidated and Combined Statements of Income.

(d) Other comprehensive income (loss) before reclassification for Currency translation adjustments includes $28 million associated with Spin-Off related adjustments.