Accumulated Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes, net of tax, in the balances of each component of AOCI for the years ended December 31, 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 January 1, 2024	$	(3,101)	$	(2,194)	$	(5,295)
Other comprehensive (loss) before reclassifications	(326)		(638)		(964)
Amounts reclassified from accumulated other comprehensive income	19		—		19
Net current period other comprehensive (loss)	(307)		(638)		(945)
Balance at December 31, 2024	$	(3,408)	$	(2,832)	$	(6,240)

(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	(394)		399		5
Amounts reclassified from accumulated other comprehensive income	14		—		14
Net current period other comprehensive (loss) income	(380)		399		19
Balance at December 31, 2023	$	(3,101)	$	(2,194)	$	(5,295)

The components of accumulated other comprehensive loss are as follows:

(In millions)	December 31, 2024		December 31, 2023
Foreign currency translation adjustments (net of deferred tax liability of $23 in 2024 and deferred tax asset of $2 in 2023, respectively)	$	(2,832)	$	(2,194)
Net charges related to pension/post-retirement plans (net of deferred tax asset of $1,558 and $1,463 in 2024 and 2023, respectively)	(3,408)		(3,101)
Total	$	(6,240)	$	(5,295)

Schedule of Other Comprehensive Income (Loss)

The components of other comprehensive (loss) income for the years ended December 31, 2024, 2023 and 2022 are as follows:

For the Year Ended December 31,	2024
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(613)	$	25	$	(638)
Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)	(1)		—		(1)
Net actuarial losses (a)	25		6		19
Effect of settlement (a)	2		1		1
Subtotal	26		7		19
Net losses arising during period	(520)		(124)		(396)
Foreign currency translation adjustments	92		23		69
Other adjustments	2		1		1
Pension/post-retirement plans (loss)	(400)		(93)		(307)
Other comprehensive (loss)	$	(1,013)	$	(68)	$	(945)

(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.

For the Year Ended December 31,	2023
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	389	$	(10)	$	399
Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)	(2)		—		(2)
Net actuarial losses (a)	20		5		15
Effect of settlement (a)	2		1		1
Subtotal	20		6		14
Net losses arising during period	(349)		(85)		(264)
Foreign currency translation adjustments	(167)		(42)		(125)
Other adjustments	(7)		(2)		(5)
Pension/post-retirement plans (loss)	(503)		(123)		(380)
Other comprehensive (loss) income	$	(114)	$	(133)	$	19

(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.

For the Year Ended December 31,	2022
(In millions)	Pre-Tax		Tax (Credit)		Net of Tax
Foreign currency translation adjustments	$	(1,198)	$	22	$	(1,220)
Pension/post-retirement plans:
Amortization of (gains) losses included in net benefit (credit) cost:
Prior service credits (a)	(2)		—		(2)
Net actuarial losses (a)	150		38		112
Effect of settlement (a)	2		—		2
Subtotal	150		38		112
Net gains arising during period	203		51		152
Foreign currency translation adjustments	285		71		214
Other adjustments	3		—		3
Pension/post-retirement plans gains	641		160		481
Other comprehensive (loss) income	$	(557)	$	182	$	(739)

(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.