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Other Comprehensive (Loss) Income | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income The changes, net of tax, in the balances of each component of AOCI for the three and six months ended June 30, 2023 and 2022, including amounts reclassified out of AOCI, are as follows:
(In millions) |  |  | Pension/Post-Retirement Plans Gains (Losses) |  | Foreign Currency Translation Adjustments |  | Total
Balance as of April 1, 2023 |  |  | $ | (2,766) |  |  | $ | (2,468) |  |  | $ | (5,234) |
Other comprehensive (loss) income before reclassifications |  |  | (48) |  |  | 224 |  |  | 176 |
Amounts reclassified from accumulated other comprehensive income |  |  | 3 |  |  | — |  |  | 3 |
Net current period other comprehensive (loss) income |  |  | (45) |  |  | 224 |  |  | 179 |
Balance as of June 30, 2023 (a) |  |  | $ | (2,811) |  |  | $ | (2,244) |  |  | $ | (5,055) |
(In millions) |  |  | Pension/Post-Retirement Plans Gains (Losses) |  | Foreign Currency Translation Adjustments |  | Total
Balance as of April 1, 2022 |  |  | $ | (3,137) |  |  | $ | (1,542) |  |  | $ | (4,679) |
Other comprehensive income (loss) before reclassifications |  |  | 154 |  |  | (864) |  |  | (710) |
Amounts reclassified from accumulated other comprehensive income |  |  | 26 |  |  | — |  |  | 26 |
Net current period other comprehensive income (loss) |  |  | 180 |  |  | (864) |  |  | (684) |
Balance as of June 30, 2022 (a) |  |  | $ | (2,957) |  |  | $ | (2,406) |  |  | $ | (5,363) |
(a) At June 30, 2023 and 2022, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1,370 million and $1,424 million, respectively, and net of deferred tax liability of $1 million and deferred tax assets of $13 million in foreign currency translation adjustments, respectively.
(In millions) |  |  | Pension/Post-Retirement Plans Gains (Losses) |  | Foreign Currency Translation Adjustments |  | Total
Balance as of January 1, 2023 |  |  | $ | (2,721) |  |  | $ | (2,593) |  |  | $ | (5,314) |
Other comprehensive (loss) income before reclassifications |  |  | (96) |  |  | 349 |  |  | 253 |
Amounts reclassified from accumulated other comprehensive loss |  |  | 6 |  |  | — |  |  | 6 |
Net current period other comprehensive (loss) income |  |  | (90) |  |  | 349 |  |  | 259 |
Balance as of June 30, 2023 (a) |  |  | $ | (2,811) |  |  | $ | (2,244) |  |  | $ | (5,055) |
(In millions) |  |  | Pension/Post-Retirement Plans Gains (Losses) |  | Foreign Currency Translation Adjustments |  | Total
Balance as of January 1, 2022 |  |  | $ | (3,202) |  |  | $ | (1,373) |  |  | $ | (4,575) |
Other comprehensive income (loss) before reclassifications |  |  | 189 |  |  | (1,033) |  |  | (844) |
Amounts reclassified from accumulated other comprehensive loss |  |  | 56 |  |  | — |  |  | 56 |
Net current period other comprehensive income (loss) |  |  | 245 |  |  | (1,033) |  |  | (788) |
Balance as of June 30, 2022 (a) |  |  | $ | (2,957) |  |  | $ | (2,406) |  |  | $ | (5,363) |
(a) At June 30, 2023 and 2022, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1,370 million and $1,424 million, respectively, and net of deferred tax liability of $1 million and deferred tax assets of $13 million in foreign currency translation adjustments, respectively. The components of other comprehensive (loss) income for the three and six months ended June 30, 2023 and 2022 are as follows:
Three Months Ended June 30, | 2023 |  | 2022
(In millions) | Pre-Tax | Tax (Credit) | Net of Tax |  | Pre-Tax | Tax (Credit) | Net of Tax
Foreign currency translation adjustments | $ | 223 |  | $ | (1) |  | $ | 224 |  |  | $ | (864) |  | $ | — |  | $ | (864) |
Pension and post-retirement plans: |  |  |  |  |  |  |
Amortization of (gains) losses included in net benefit (credit) cost: |  |  |  |  |  |  |
Prior service credits (a) | (1) |  | — |  | (1) |  |  | (1) |  | — |  | (1) |
Net actuarial losses (a) | 5 |  | 1 |  | 4 |  |  | 38 |  | 11 |  | 27 |
Subtotal | 4 |  | 1 |  | 3 |  |  | 37 |  | 11 |  | 26 |
Foreign currency translation adjustments | (59) |  | (16) |  | (43) |  |  | 187 |  | 44 |  | 143 |
Effect of remeasurement | — |  | — |  | — |  |  | 10 |  | 1 |  | 9 |
Effect of settlement | — |  | — |  | — |  |  | 2 |  | — |  | 2 |
Other adjustments | (7) |  | (2) |  | (5) |  |  | — |  | — |  | — |
Pension/post-retirement plans (losses) gains | (62) |  | (17) |  | (45) |  |  | 236 |  | 56 |  | 180 |
Other comprehensive income (loss) | $ | 161 |  | $ | (18) |  | $ | 179 |  |  | $ | (628) |  | $ | 56 |  | $ | (684) |
(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.
Six Months Ended June 30, | 2023 |  | 2022
(In millions) | Pre-Tax | Tax (Credit) | Net of Tax |  | Pre-Tax | Tax (Credit) | Net of Tax
Foreign currency translation adjustments | $ | 342 |  | $ | (7) |  | $ | 349 |  |  | $ | (1,033) |  | $ | — |  | $ | (1,033) |
Pension/post-retirement plans: |  |  |  |  |  |  |
Amortization of (gains) losses included in net benefit (credit) cost: |  |  |  |  |  |  |
Prior service credits (a) | (1) |  | — |  | (1) |  |  | (1) |  | — |  | (1) |
Net actuarial losses (a) | 10 |  | 3 |  | 7 |  |  | 77 |  | 20 |  | 57 |
Subtotal | 9 |  | 3 |  | 6 |  |  | 76 |  | 20 |  | 56 |
Foreign currency translation adjustments | (122) |  | (31) |  | (91) |  |  | 252 |  | 60 |  | 192 |
Effect of remeasurement | — |  | — |  | — |  |  | 10 |  | 1 |  | 9 |
Effect of settlement | — |  | — |  | — |  |  | 2 |  | — |  | 2 |
Other adjustments | (7) |  | (2) |  | (5) |  |  | (18) |  | (4) |  | (14) |
Pension/post-retirement plans (losses) gains | (120) |  | (30) |  | (90) |  |  | 322 |  | 77 |  | 245 |
Other comprehensive income (loss) | $ | 222 |  | $ | (37) |  | $ | 259 |  |  | $ | (711) |  | $ | 77 |  | $ | (788) |
(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.

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