Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

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


	Three Months Ended June 30,
($ in millions)	Derivatives			Employee Benefit Plans			Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Loss
Balance April 1, 2021, net of taxes	$	(36)		$	(4,459)		$	(2,127)	$	(6,622)
Other comprehensive income (loss) before reclassification adjustments, pretax	(59)			1,767			140		1,848
Tax	13			(400)			(8)		(395)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	(46)			1,367			132		1,453
Reclassification adjustments, pretax	71		(1)	55		(2)	—		126
Tax	(15)			(19)			—		(34)
Reclassification adjustments, net of taxes	56			36			—		92
Other comprehensive income (loss), net of taxes	10			1,403			132		1,545
Spin-off of Organon (see Note 2)	—			28			421		449
Balance June 30, 2021, net of taxes	$	(26)		$	(3,028)		$	(1,574)	$	(4,628)
Balance April 1, 2022, net of taxes	$	207		$	(2,711)		$	(1,865)	$	(4,369)
Other comprehensive income (loss) before reclassification adjustments, pretax	403			168			(365)		206
Tax	(85)			(35)			(22)		(142)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	318			133			(387)		64
Reclassification adjustments, pretax	(171)		(1)	144		(2)	—		(27)
Tax	36			(31)			—		5
Reclassification adjustments, net of taxes	(135)			113			—		(22)
Other comprehensive income (loss), net of taxes	183			246			(387)		42
Balance June 30, 2022, net of taxes	$	390		$	(2,465)		$	(2,252)	$	(4,327)


	Six Months Ended June 30,
($ in millions)	Derivatives			Employee Benefit Plans			Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Loss
Balance January 1, 2021, net of taxes	$	(266)		$	(4,540)		$	(1,828)	$	(6,634)
Other comprehensive income (loss) before reclassification adjustments, pretax	121			1,763			(71)		1,813
Tax	(25)			(401)			(96)		(522)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	96			1,362			(167)		1,291
Reclassification adjustments, pretax	182		(1)	142		(3)	—		324
Tax	(38)			(20)			—		(58)
Reclassification adjustments, net of taxes	144			122			—		266
Other comprehensive income (loss), net of taxes	240			1,484			(167)		1,557
Spin-off of Organon (see Note 2)	—			28			421		449
Balance June 30, 2021, net of taxes	$	(26)		$	(3,028)		$	(1,574)	$	(4,628)
Balance January 1, 2022, net of taxes	$	144		$	(2,743)		$	(1,830)	$	(4,429)
Other comprehensive income (loss) before reclassification adjustments, pretax	551			169			(383)		337
Tax	(116)			(37)			(39)		(192)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	435			132			(422)		145
Reclassification adjustments, pretax	(239)		(1)	189		(3)	—		(50)
Tax	50			(43)			—		7
Reclassification adjustments, net of taxes	(189)			146			—		(43)
Other comprehensive income (loss), net of taxes	246			278			(422)		102
Balance June 30, 2022, net of taxes	$	390		$	(2,465)		$	(2,252)	$	(4,327)

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

(2) Includes net amortization of prior service cost and actuarial gains and losses included in net periodic benefit cost (see Note 10).