Changes in Other Comprehensive Income

6 Months Ended

Jun. 30, 2022

Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract]

Comprehensive Income (Loss) Note [Text Block]

NOTE M – CHANGES IN OTHER COMPREHENSIVE INCOME

The following tables provide the reclassifications out of Other comprehensive income (loss), net of tax:

(in millions)	Foreign Currency Translation Adjustments		Net Change in Derivative Financial Instruments		Net Change in Defined Benefit Pensions and Other Items		Total
Balance as of March 31, 2022	$	29	$	229	$	(36)	$	222
Other comprehensive income (loss) before reclassifications	79		165		—		245
(Income) loss amounts reclassified from accumulated other comprehensive income	(2)		(31)		0		(34)
Total other comprehensive income (loss)	77		134		—		211
Balance as of June 30, 2022	$	106	$	363	$	(36)	$	433

(in millions)	Foreign Currency Translation Adjustments		Net Change in Derivative Financial Instruments		Net Change in Defined Benefit Pensions and Other Items		Total
Balance as of March 31, 2021	$	134	$	165	$	(45)	$	254
Other comprehensive income (loss) before reclassifications	5		(12)		(0)		(8)
(Income) loss amounts reclassified from accumulated other comprehensive income	(3)		(6)		—		(9)
Total other comprehensive income (loss)	2		(18)		—		(16)
Balance as of June 30, 2021	$	136	$	146	$	(46)	$	237

(in millions)	Foreign Currency Translation Adjustments		Net Change in Derivative Financial Instruments		Net Change in Defined Benefit Pensions and Other Items		Total
Balance as of December 31, 2021	$	93	$	206	$	(36)	$	263
Other comprehensive income (loss) before reclassifications	17		200		0		217
(Income) loss amounts reclassified from accumulated other comprehensive income	(4)		(43)		0		(47)
Total other comprehensive income (loss)	13		157		—		170
Balance as of June 30, 2022	$	106	$	363	$	(36)	$	433

(in millions)	Foreign Currency Translation Adjustments		Net Change in Derivative Financial Instruments		Net Change in Defined Benefit Pensions and Other Items		Total
Balance as of December 31, 2020	$	218	$	36	$	(47)	$	207
Other comprehensive income (loss) before reclassifications	53		121		1		174
(Income) loss amounts reclassified from accumulated other comprehensive income(1)	(134)		(10)		—		(144)
Total other comprehensive income (loss)	(81)		111		1		30
Balance as of June 30, 2021	$	136	$	146	$	(46)	$	237
(1) In connection with the completion of the divestiture of the Specialty Pharmaceuticals business in the first quarter of 2021, we released $127 million of cumulative translation adjustments associated with the disposed business from Accumulated other comprehensive income (loss), net of tax.

Refer to Note D – Hedging Activities and Fair Value Measurements for further detail on our net investment hedges recorded in Foreign currency translation adjustments and our cash flow hedges recorded in Net change in derivative financial instruments.