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Accumulated Other Comprehensive Income (Loss) (Tables)
12 Months Ended
Dec. 31, 2022
13. Accumulated Other Comprehensive Income  
Components of accumulated other comprehensive income
The components of AOCI are as follows:
millions of dollars
Unrealized gain
(loss) on
translation of
self-sustaining
foreign
operations
Net change in
net investment
hedges
Gains on
derivatives
recognized
 
as cash flow
hedges
Net change
on available-
for-sale
investments
Net change in
unrecognized
pension and
post-retirement
benefit costs
Total
 
AOCI
For the year ended December 31, 2022
Balance, January 1, 2022
$
 
10
$
 
35
$
 
18
$
(1)
$
(37)
$
 
25
 
Other comprehensive
 
 
income (loss) before
 
 
reclassifications
 
629
(97)
-
 
(1)
-
 
 
531
 
Amounts reclassified from
 
 
AOCI
-
 
-
 
(2)
-
 
 
24
 
22
Net current period other
comprehensive income (loss)
 
629
(97)
(2)
(1)
 
24
 
553
Balance, December 31, 2022
$
 
639
$
(62)
$
 
16
$
(2)
$
(13)
$
 
578
For the year ended December 31, 2021
Balance, January 1, 2021
$
 
52
$
 
30
$
 
1
$
(1)
$
(161)
$
(79)
 
Other comprehensive (loss)
 
 
income before
 
 
reclassifications
(42)
 
5
 
18
-
 
-
 
(19)
 
Amounts reclassified from
 
 
AOCI
-
 
-
 
(1)
-
 
 
124
 
123
Net current period other
comprehensive income (loss)
(42)
 
5
 
17
-
 
 
124
 
104
Balance, December 31, 2021
$
 
10
$
 
35
$
 
18
$
(1)
$
(37)
$
 
25
Reclassifications out of accumulated other comprehensive income (loss)
The reclassifications out of accumulated other comprehensive income (loss) are as follows:
For the
Year ended December 31
millions of dollars
2022
2021
Affected line item in the Consolidated Financial Statements
Gains on derivatives recognized as cash flow hedges
 
Interest rate hedge
Interest expense, net
$
(2)
$
(1)
Net change in unrecognized pension and post-retirement benefit costs
 
Actuarial losses
Other income, net
$
 
10
$
 
24
 
Amounts reclassified into obligations
Pension and post-retirement benefits
 
15
 
102
Total before tax
 
25
 
126
Income tax expense
(1)
(2)
Total net of tax
$
 
24
$
 
124
Total reclassifications out of AOCI, net of tax, for the period
$
 
22
$
 
123