Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Changes in each component of other comprehensive income (loss) are as follows:


	Derivatives			Investments			Employee Benefit Plans			Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Loss
Balance January 1, 2020, net of taxes	$	31		$	18		$	(4,261)		$	(1,981)	$	(6,193)
Other comprehensive income (loss) before reclassification adjustments, pretax	(383)			3			(633)			64		(949)
Tax	84			—			120			89		293
Other comprehensive income (loss) before reclassification adjustments, net of taxes	(299)			3			(513)			153		(656)
Reclassification adjustments, pretax	2		(1)	(21)		(2)	306		(3)	—		287
Tax	—			—			(72)			—		(72)
Reclassification adjustments, net of taxes	2			(21)			234			—		215
Other comprehensive income (loss), net of taxes	(297)			(18)			(279)			153		(441)
Balance at December 31, 2020, net of taxes	(266)			—			(4,540)			(1,828)		(6,634)
Other comprehensive income (loss) before reclassification adjustments, pretax	333			—			1,737			(304)		1,766
Tax	(75)			—			(332)			(119)		(526)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	258			—			1,405			(423)		1,240
Reclassification adjustments, pretax	192		(1)	—			466		(3)	—		658
Tax	(40)			—			(102)			—		(142)
Reclassification adjustments, net of taxes	152			—			364			—		516
Other comprehensive income (loss), net of taxes	410			—			1,769			(423)		1,756
Spin-off of Organon (see Note 3)	—			—			28			421		449
Balance at December 31, 2021, net of taxes	144			—			(2,743)		(4)	(1,830)		(4,429)
Other comprehensive income (loss) before reclassification adjustments, pretax	684			—			70			(584)		170
Tax	(143)			—			12			(19)		(150)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	541			—			82			(603)		20
Reclassification adjustments, pretax	(775)		(1)	—			329		(3)	—		(446)
Tax	163			—			(76)			—		87
Reclassification adjustments, net of taxes	(612)			—			253			—		(359)
Other comprehensive income (loss), net of taxes	(71)			—			335			(603)		(339)
Balance at December 31, 2022, net of taxes	$	73		$	—		$	(2,408)	(4)	$	(2,433)	$	(4,768)

(1) Primarily relates to foreign currency cash flow hedges that were reclassified from AOCL to Sales.

(2) Represents net realized gains on the sales of available-for-sale debt securities that were reclassified from AOCL to Other (income) expense, net.

(3) Includes net amortization of prior service cost, actuarial gains and losses, settlements and curtailments included in net periodic benefit cost (see Note 14).

(4) Includes pension plan net loss of $3.1 billion and $3.6 billion at December 31, 2022 and 2021, respectively, and other postretirement benefit plan net gain of $446 million and $473 million at December 31, 2022 and 2021, respectively, as well as pension plan prior service credit of $152 million and $190 million at December 31, 2022 and 2021, respectively, and other postretirement benefit plan prior service credit of $135 million and $181 million at December 31, 2022 and 2021, respectively.