ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – NET

9 Months Ended

Sep. 30, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – NET

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


	For the three months ended September 30, 2023
	Currency translation adjustments(1)		Benefit plans		Cash flow hedges		Total AOCI
June 30, 2023	$	(1,757)	$	1,847	$	(20)	$	70
Other comprehensive income (loss) before reclasses – net of taxes of $(16), $69, and $(6)(4)	(143)		(214)		18		(339)

Reclasses from AOCI – net of taxes of $0, $16, and $(1)(3)	—		(50)		4		(46)


Other comprehensive income (loss)	(143)		(264)		22		(385)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(35)		—		—		(35)
September 30, 2023	$	(1,865)	$	1,583	$	2	$	(280)


	For the three months ended September 30, 2022
	Currency translation adjustments		Benefit plans		Cash flow hedges		Total AOCI
June 30, 2022	$	(1,594)	$	(102)	$	47	$	(1,649)
Other comprehensive income (loss) before reclasses – net of taxes of $8, $(3), and $(9)	(312)		9		22		(281)

Reclasses from AOCI – net of taxes of $0, $0, and $4(3)	—		1		(13)		(12)


Other comprehensive income (loss)	(312)		10		9		(293)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		—		—		—
September 30, 2022	$	(1,906)	$	(92)	$	56	$	(1,942)


	For the nine months ended September 30, 2023
	Currency translation adjustments(1)		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 $1, $60, and $(4)(4)	(84)		(190)		10		(264)
Reclasses from AOCI – net of taxes of $0, $49, and $5(3)	—		(156)		(17)		(173)
Other comprehensive income (loss)	(84)		(346)		(7)		(437)
Spin-Off related adjustments – net of taxes of $0, $(509), and $0(2)	28		1,972		—		2,000

Less: Other comprehensive income (loss) attributable to noncontrolling interests	(36)		1		—		(35)
September 30, 2023	$	(1,865)	$	1,583	$	2	$	(280)


	For the nine months ended September 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 $(6), $(13), and $(11)	(937)		7		54		(876)

Reclasses from AOCI – net of taxes of $0, $0, and $4(3)	—		1		(30)		(29)


Other comprehensive income (loss)	(937)		8		24		(905)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		—		—		—
September 30, 2022	$	(1,906)	$	(92)	$	56	$	(1,942)

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

(2) Includes impact of $1,972 million to Benefit plans for unrecognized gain transferred from the GE pension and other postretirement plans and $28 million to Currency translation adjustments associated with other Spin-Off related adjustments. 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.

(3) 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.

(4) Includes pre-tax impact to Benefit plans of $(305) million for the pension plan amendment and related remeasurement of plan assets and benefit obligations. Refer to Note 9, “Postretirement Benefit Plans” for further information.