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

12 Months Ended

Dec. 31, 2023

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCI by component, net of income taxes, were as follows.


Accumulated Other Comprehensive Income (Loss)
	Currency translation adjustments(1)		Benefit plans		Cash flow hedges		Total AOCI
December 31, 2020	$	(643)	$	(180)	$	(16)	$	(839)
Other comprehensive income (loss) before reclasses – net of taxes of $(9), $(57), and $(12)	(326)		74		40		(212)
Reclasses from AOCI – net of taxes(2) of $0, $37, and $(3)	—		6		8		14
Other comprehensive income (loss)	(326)		80		48		(198)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		—		—		—
December 31, 2021	(969)		(100)		32		(1,037)
Other comprehensive income (loss) before reclasses – net of taxes of $(5), $(39), and $(10)	(878)		58		27		(793)
Reclasses from AOCI – net of taxes(2) of $0, $0, and $17	—		—		(50)		(50)
Other comprehensive income (loss)	(878)		58		(23)		(843)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(2)		—		—		(2)
December 31, 2022	(1,845)		(42)		9		(1,878)
Other comprehensive income (loss) before reclasses – net of taxes(3) of $22, $186, and $1	74		(601)		(5)		(532)
Reclasses from AOCI – net of taxes(2) of $0, $97, and $6	—		(296)		(22)		(318)
Other comprehensive income (loss)	74		(897)		(27)		(850)
Spin-Off related adjustments – net of taxes(4) of $0 $(509), and $0	28		1,972		—		2,000
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(37)		—		—		(37)
December 31, 2023	$	(1,706)	$	1,033	$	(18)	$	(691)

(1) The amount of Currency translation adjustments (“CTA”) recognized in Other comprehensive income (loss) (“OCI”) during the years ended December 31, 2023 and 2022 included net gains (losses) relating to net investment hedges, as further discussed in Note 13, “Financial Instruments and Fair Value Measurements.”

(2) 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 Consolidated and Combined Statements of Income.

(3) 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 10, “Postretirement Benefit Plans” for further information.

(4) 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 CTA associated with other Spin-Off related adjustments. Refer to Note 10, “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.