Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

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, 2023, net of taxes	$	(60)		$	(2,458)		$	(2,365)	$	(4,883)
Other comprehensive income (loss) before reclassification adjustments, pretax	194			(6)			(115)		73
Tax	(41)			1			(22)		(62)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	153			(5)			(137)		11
Reclassification adjustments, pretax	(11)		(1)	(23)		(2)	—		(34)
Tax	3			3			—		6
Reclassification adjustments, net of taxes	(8)			(20)			—		(28)
Other comprehensive income (loss), net of taxes	145			(25)			(137)		(17)
Balance June 30, 2023, net of taxes	$	85		$	(2,483)		$	(2,502)	$	(4,900)
Balance April 1, 2024, net of taxes	$	106		$	(2,798)		$	(2,582)	$	(5,274)
Other comprehensive income (loss) before reclassification adjustments, pretax	139			1			(157)		(17)
Tax	(29)			2			(7)		(34)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	110			3			(164)		(51)
Reclassification adjustments, pretax	(55)		(1)	(15)		(2)	20		(50)
Tax	12			2			—		14
Reclassification adjustments, net of taxes	(43)			(13)			20		(36)
Other comprehensive income (loss), net of taxes	67			(10)			(144)		(87)
Balance June 30, 2024, net of taxes	$	173		$	(2,808)		$	(2,726)	$	(5,361)


	Six Months Ended June 30,
($ in millions)	Derivatives			Employee Benefit Plans			Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Loss
Balance January 1, 2023, net of taxes	$	73		$	(2,408)		$	(2,433)	$	(4,768)
Other comprehensive income (loss) before reclassification adjustments, pretax	128			(53)			(36)		39
Tax	(27)			3			(42)		(66)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	101			(50)			(78)		(27)
Reclassification adjustments, pretax	(113)		(1)	(30)		(2)	9		(134)
Tax	24			5			—		29
Reclassification adjustments, net of taxes	(89)			(25)			9		(105)
Other comprehensive income (loss), net of taxes	12			(75)			(69)		(132)
Balance June 30, 2023, net of taxes	$	85		$	(2,483)		$	(2,502)	$	(4,900)
Balance January 1, 2024, net of taxes	$	(24)		$	(2,793)		$	(2,344)	$	(5,161)
Other comprehensive income (loss) before reclassification adjustments, pretax	348			6			(382)		(28)
Tax	(73)			(2)			(20)		(95)
Other comprehensive income (loss) before reclassification adjustments, net of taxes	275			4			(402)		(123)
Reclassification adjustments, pretax	(99)		(1)	(30)		(2)	20		(109)
Tax	21			11			—		32
Reclassification adjustments, net of taxes	(78)			(19)			20		(77)
Other comprehensive income (loss), net of taxes	197			(15)			(382)		(200)
Balance June 30, 2024, net of taxes	$	173		$	(2,808)		$	(2,726)	$	(5,361)

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

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