Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Accumulated Other Comprehensive (Loss) Income

The changes, net of tax, in the balances of each component of AOCI for the three and nine months ended September 30, 2024 and 2023, including amounts reclassified out of AOCI, are as follows:


(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance at July 1, 2024	$	(3,050)	$	(2,477)	$	(5,527)
Other comprehensive (loss) income before reclassifications	(135)		668		533
Amounts reclassified from accumulated other comprehensive income	4		—		4
Net current period other comprehensive (loss) income	(131)		668		537
Balance at September 30, 2024 (a)	$	(3,181)	$	(1,809)	$	(4,990)


(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance at July 1, 2023	$	(2,811)	$	(2,244)	$	(5,055)
Other comprehensive income (loss) before reclassifications	76		(485)		(409)
Amounts reclassified from accumulated other comprehensive income	4		—		4
Net current period other comprehensive income (loss)	80		(485)		(405)
Balance at September 30, 2023 (a)	$	(2,731)	$	(2,729)	$	(5,460)

(a)At September 30, 2024 and 2023, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1.5 billion and $1.3 billion, respectively.


(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance at January 1, 2024	$	(3,101)	$	(2,194)	$	(5,295)
Other comprehensive (loss) income before reclassifications	(93)		385		292
Amounts reclassified from accumulated other comprehensive income	13		—		13
Net current period other comprehensive (loss) income	(80)		385		305
Balance at September 30, 2024 (a)	$	(3,181)	$	(1,809)	$	(4,990)


(In millions)	Pension/Post-Retirement Plans Gains (Losses)		Foreign Currency Translation Adjustments		Total
Balance at January 1, 2023	$	(2,721)	$	(2,593)	$	(5,314)
Other comprehensive (loss) income before reclassifications	(20)		(136)		(156)
Amounts reclassified from accumulated other comprehensive income	10		—		10
Net current period other comprehensive (loss) income	(10)		(136)		(146)
Balance at September 30, 2023 (a)	$	(2,731)	$	(2,729)	$	(5,460)

(a)At September 30, 2024 and 2023, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1.5 billion and $1.3 billion, respectively.

Schedule of Components of Other Comprehensive (Loss) Income

The components of other comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023 are as follows:


Three Months Ended September 30,	2024						2023
(In millions)	Pre-Tax		Tax		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	661	$	(7)	$	668	$	(473)	$	12	$	(485)

Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:

Net actuarial losses (a)	6		2		4		5		1		4
Subtotal	6		2		4		5		1		4
Foreign currency translation adjustments	(180)		(44)		(136)		102		26		76



Effect of settlement	1		—		1		—		—		—


Pension/post-retirement plans (losses) gains	(173)		(42)		(131)		107		27		80
Other comprehensive income (loss)	$	488	$	(49)	$	537	$	(366)	$	39	$	(405)

(a) Included in other net benefit credits in the consolidated statements of income. Income tax expense on net actuarial losses are included in income tax expense.


Nine Months Ended September 30,	2024						2023
(In millions)	Pre-Tax		Tax		Net of Tax		Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	389	$	4	$	385	$	(131)	$	5	$	(136)

Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)	(1)		—		(1)		(1)		—		(1)
Net actuarial losses (a)	19		5		14		15		4		11
Subtotal	18		5		13		14		4		10
Foreign currency translation adjustments	(124)		(30)		(94)		(20)		(5)		(15)



Effect of settlement	1		—		1		—		—		—

Other adjustments	—		—		—		(7)		(2)		(5)
Pension/post-retirement plans (losses) gains	(105)		(25)		(80)		(13)		(3)		(10)
Other comprehensive income (loss)	$	284	$	(21)	$	305	$	(144)	$	2	$	(146)

(a) Included in other net benefit credits in the consolidated statements of income. Income tax expense on net actuarial losses are included in income tax expense.