ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes)

3 Months Ended

Mar. 31, 2023

The following table sets forth the balance in accumulated other comprehensive loss for the period indicated, net of tax:


	Risk- Management Assets/Liabilities		Retirement and Other Postretirement Benefit Plan Obligations (a)		Risk- Management Assets/Liabilities of Unconsolidated Affiliates		Accumulated Other Comprehensive Loss
	(Millions of dollars)
January 1, 2023	$	(58)	$	(55)	$	5	$	(108)
Other comprehensive income (loss) before reclassifications	23		—		(2)		21
Amounts reclassified to net income (b)	(12)		—		—		(12)
Other comprehensive income (loss)	11		—		(2)		9
March 31, 2023	$	(47)	$	(55)	$	3	$	(99)

(a) - Includes amounts related to supplemental executive retirement plan.

(b) - See Note D for details of amounts reclassified to net income for risk-management assets/liabilities.

The following table sets forth information about the balance of accumulated other comprehensive loss at March 31, 2023, representing unrealized gains (losses) related to risk-management assets and liabilities, net of tax:


	Risk- Management Assets/Liabilities
	(Millions of dollars)
Commodity derivative instruments expected to be realized within the next 21 months (a)	$	48
Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (b)	(95)
Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt	—
Accumulated other comprehensive loss at March 31, 2023	$	(47)

(a) - Based on commodity prices on March 31, 2023, we expect net gains of $48 million, net of tax, will be reclassified into earnings during the next 12 months. The remaining forecasted gains and losses have offsetting positions and are immaterial.

(b) - We expect net losses of $18 million, net of tax, will be reclassified into earnings during the next 12 months.

The remaining amounts in accumulated other comprehensive loss relate primarily to our retirement and other postretirement benefit plan obligations, which are expected to be amortized over the average remaining service period of employees participating in these plans.