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Other Comprehensive (Loss) Income | 9 Months Ended
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Sep. 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 nine months ended September 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 July 1, 2023 |  |  | $ | (2,811) |  |  | $ | (2,244) |  |  | $ | (5,055) |
Other comprehensive (loss) income before reclassifications |  |  | 76 |  |  | (485) |  |  | (409) |
Amounts reclassified from accumulated other comprehensive income |  |  | 4 |  |  | — |  |  | 4 |
Net current period other comprehensive income (loss) |  |  | 80 |  |  | (485) |  |  | (405) |
Balance as of September 30, 2023 (a) |  |  | $ | (2,731) |  |  | $ | (2,729) |  |  | $ | (5,460) |
(In millions) |  |  | Pension/Post-Retirement Plans Gains (Losses) |  | Foreign Currency Translation Adjustments |  | Total
Balance as of July 1, 2022 |  |  | $ | (2,957) |  |  | $ | (2,406) |  |  | $ | (5,363) |
Other comprehensive income (loss) before reclassifications |  |  | 182 |  |  | (895) |  |  | (713) |
Amounts reclassified from accumulated other comprehensive income |  |  | 28 |  |  | — |  |  | 28 |
Net current period other comprehensive income (loss) |  |  | 210 |  |  | (895) |  |  | (685) |
Balance as of September 30, 2022 (a) |  |  | $ | (2,747) |  |  | $ | (3,301) |  |  | $ | (6,048) |
(a) At September 30, 2023 and 2022, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1,344 million and $1,352 million, respectively, and net of deferred tax liability of $13 million and deferred tax assets of $21 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 |  |  | (20) |  |  | (136) |  |  | (156) |
Amounts reclassified from accumulated other comprehensive loss |  |  | 10 |  |  | — |  |  | 10 |
Net current period other comprehensive loss |  |  | (10) |  |  | (136) |  |  | (146) |
Balance as of September 30, 2023 (a) |  |  | $ | (2,731) |  |  | $ | (2,729) |  |  | $ | (5,460) |
(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 |  |  | 371 |  |  | (1,928) |  |  | (1,557) |
Amounts reclassified from accumulated other comprehensive loss |  |  | 84 |  |  | — |  |  | 84 |
Net current period other comprehensive income (loss) |  |  | 455 |  |  | (1,928) |  |  | (1,473) |
Balance as of September 30, 2022 (a) |  |  | $ | (2,747) |  |  | $ | (3,301) |  |  | $ | (6,048) |
(a) At September 30, 2023 and 2022, balances are net of deferred tax assets in pension and post-retirement plans gains (losses) of $1,344 million and $1,352 million, respectively, and net of deferred tax liability of $13 million and deferred tax assets of $21 million in foreign currency translation adjustments, respectively. The components of other comprehensive (loss) income for the three and nine months ended September 30, 2023 and 2022 are as follows:
Three Months Ended September 30, | 2023 |  | 2022
(In millions) | Pre-Tax | Tax (Credit) | Net of Tax |  | Pre-Tax | Tax (Credit) | Net of Tax
Foreign currency translation adjustments | $ | (473) |  | $ | 12 |  | $ | (485) |  |  | $ | (895) |  | $ | — |  | $ | (895) |
Pension and post-retirement plans: |  |  |  |  |  |  |
Amortization of (gains) losses included in net benefit (credit) cost: |  |  |  |  |  |  |
Net actuarial losses (a) | 5 |  | 1 |  | 4 |  |  | 37 |  | 9 |  | 28 |
Subtotal | 5 |  | 1 |  | 4 |  |  | 37 |  | 9 |  | 28 |
Foreign currency translation adjustments | 102 |  | 26 |  | 76 |  |  | 247 |  | 63 |  | 184 |
Effect of remeasurement | — |  | — |  | — |  |  | (2) |  | — |  | (2) |
Other adjustments | — |  | — |  | — |  |  | (1) |  | (1) |  | — |
Pension/post-retirement plans gains | 107 |  | 27 |  | 80 |  |  | 281 |  | 71 |  | 210 |
Other comprehensive (loss) income | $ | (366) |  | $ | 39 |  | $ | (405) |  |  | $ | (614) |  | $ | 71 |  | $ | (685) |
(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.
Nine Months Ended September 30, | 2023 |  | 2022
(In millions) | Pre-Tax | Tax (Credit) | Net of Tax |  | Pre-Tax | Tax (Credit) | Net of Tax
Foreign currency translation adjustments | $ | (131) |  | $ | 5 |  | $ | (136) |  |  | $ | (1,928) |  | $ | — |  | $ | (1,928) |
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) | 15 |  | 4 |  | 11 |  |  | 114 |  | 29 |  | 85 |
Subtotal | 14 |  | 4 |  | 10 |  |  | 113 |  | 29 |  | 84 |
Foreign currency translation adjustments | (20) |  | (5) |  | (15) |  |  | 499 |  | 123 |  | 376 |
Effect of remeasurement | — |  | — |  | — |  |  | 8 |  | 1 |  | 7 |
Effect of settlement | — |  | — |  | — |  |  | 2 |  | — |  | 2 |
Other adjustments | (7) |  | (2) |  | (5) |  |  | (19) |  | (5) |  | (14) |
Pension/post-retirement plans (losses) gains | (13) |  | (3) |  | (10) |  |  | 603 |  | 148 |  | 455 |
Other comprehensive (loss) income | $ | (144) |  | $ | 2 |  | $ | (146) |  |  | $ | (1,325) |  | $ | 148 |  | $ | (1,473) |
(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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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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