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Note 9 - Accumulated Other Comprehensive Income/Loss
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

9. Accumulated Other Comprehensive Income/Loss

 

Reclassifications out of accumulated other comprehensive income/loss were as follows (net of tax):

 

Millions

 

Defined benefit plans

  

Foreign currency translation

Unrealized gain on derivative instruments [a] 

Total

 

Balance at January 1, 2023

 $(378) $(204) $-  $(582)

Other comprehensive income/(loss) before reclassifications

  5   58   16   79 

Amounts reclassified from accumulated other comprehensive income/(loss) [b]

  (111)  -   -   (111)

Net year-to-date other comprehensive income/(loss), net of taxes of $31 million

  (106)  58   16   (32)

Balance at December 31, 2023

 $(484) $(146) $16  $(614)
                 

Balance at January 1, 2022

 $(658) $(256) $-  $(914)

Other comprehensive income/(loss) before reclassifications

  -   52   -   52 

Amounts reclassified from accumulated other comprehensive income/(loss) [b]

  280   -   -   280 

Net year-to-date other comprehensive income/(loss), net of taxes of ($92) million

  280   52   -   332 

Balance at December 31, 2022

 $(378) $(204) $-  $(582)

 

[a]Related to interest rate swaps from equity method investments.

[b]

The accumulated other comprehensive income/loss reclassification components are 1) prior service cost/credit and 2) net actuarial loss, which are both included in the computation of net periodic pension benefit/cost. See Note 5 Retirement Plans for additional details.