XML 48 R38.htm IDEA: XBRL DOCUMENT v3.23.2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Summary of Tax Effects on Components of Other Comprehensive Income (Loss)

The tax effect for each component of other comprehensive income (loss) consisted of the following (in millions):

			Three Months Ended June 30, 2023
			Gross Amount						Income Taxes						Net Amount
Unrealized gain (loss) on cash flow hedges			$	(51)					$	15					$	(36)
Changes in retirement plans’ funded status			(5)						2						(3)
Foreign currency translation			117						—						117
Share of other comprehensive income (loss) of entities using the equity method			(6)						—						(6)
Other comprehensive income (loss)			$	55					$	17					$	72

			Six Months Ended June 30, 2023
			Gross Amount						Income Taxes						Net Amount
Unrealized gain (loss) on cash flow hedges			$	(42)					$	16					$	(26)
Changes in retirement plans’ funded status			(11)						3						(8)
Foreign currency translation			84						—						84
Share of other comprehensive income (loss) of entities using the equity method			(15)						—						(15)
Other comprehensive income (loss)			$	16					$	19					$	35

			Three Months Ended June 30, 2022
			Gross Amount						Income Taxes						Net Amount
Unrealized gain (loss) on cash flow hedges			$	15					$	1					$	16
Changes in retirement plans’ funded status			(34)						9						(25)
Foreign currency translation			72						—						72
Share of other comprehensive income (loss) of entities using the equity method			(20)						—						(20)
Other comprehensive income (loss)			$	33					$	10					$	43

			Six Months Ended June 30, 2022
			Gross Amount						Income Taxes						Net Amount
Unrealized gain (loss) on cash flow hedges			$	(80)					$	1					$	(79)
Changes in retirement plans’ funded status			(68)						18						(50)
Foreign currency translation			331						—						331
Share of other comprehensive income (loss) of entities using the equity method			(29)						—						(29)
Other comprehensive income (loss)			$	154					$	19					$	173

Summary of Changes in Other Comprehensive Income (Loss)

The changes, net of tax, in each component of accumulated other comprehensive income (loss) consisted of the following (in millions):

			Unrealized Gain (Loss) on Cash Flow Hedges						Change in Retirement Plans’ Funded Status						Foreign Currency Translation						Share of Other Comprehensive Income (Loss) of Entities Using the Equity Method						Total
Balance, January 1, 2022			$	2					$	(324)					$	(1,951)					$	(224)					$	(2,497)
Other comprehensive income (loss), before reclassifications			(114)						16						332						(29)						205
Amounts reclassified from other comprehensive income			35						(66)						—						—						(31)
Other comprehensive income (loss)*			(79)						(50)						332						(29)						174
Balance, June 30, 2022			$	(77)					$	(374)					$	(1,619)					$	(253)					$	(2,323)
Balance, January 1, 2023			$	46					$	(285)					$	(1,800)					$	(239)					$	(2,278)
Other comprehensive income (loss), before reclassifications			(26)						(1)						81						(15)						39
Amounts reclassified from other comprehensive income			—						(7)						—						—						(7)
Other comprehensive income (loss)*			(26)						(8)						81						(15)						32
Balance, June 30, 2023			$	20					$	(293)					$	(1,719)					$	(254)					$	(2,246)

(*)Excluded from the table above is other comprehensive income (loss) allocated to non-controlling interests of $3 million and $(1) million for the six months ended June 30, 2023 and 2022, respectively.

Summary of Reclassification of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges recognized in accumulated other comprehensive income (loss) and net income (loss) during the three and six months ended June 30, 2023 and 2022 (in millions):

												Recognized in Net Income
For the Three Months Ended June 30,						Gain (Loss) Recognized in Accumulated Other Comprehensive Income						Classification of Gain (Loss)						Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2023
Foreign exchange contracts						$	(26)
												Net sales						(3)
												Cost of goods sold						(5)
												Other, net						18
Interest rate contracts						(13)						Interest expense						3
Total						$	(39)											$	13
2022
Foreign exchange contracts						$	(21)
												Net sales						1
												Cost of goods sold						(41)
												Other, net						6
Interest rate contracts						13						Interest expense						9
Total						$	(8)											$	(25)

												Recognized in Net Income
For the Six Months Ended June 30,						Gain (Loss) Recognized in Accumulated Other Comprehensive Income						Classification of Gain (Loss)						Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2023
Foreign exchange contracts						$	(11)
												Net sales						(4)
												Cost of goods sold						(32)
												Other, net						25
Interest rate contracts						(34)						Interest expense						8
Total						$	(45)											$	(3)
2022
Foreign exchange contracts						$	(172)
												Net sales						2
												Cost of goods sold						(58)
												Other, net						(4)
Interest rate contracts						50						Interest expense						17
Total						$	(122)											$	(43)

Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in the three and six months ended June 30, 2023 and 2022 consisted of the following:

			Amounts Reclassified from Other Comprehensive Income (Loss)												Amount Reclassified from Other Comprehensive Income (Loss)												Consolidated Statement of Operations Line
			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in millions)
Cash flow hedges			$	3					$	(1)					$	4					$	(2)					Net sales
			5						41						32						58						Cost of goods sold
			(18)						(6)						(25)						4						Other, net
			(3)						(9)						(8)						(17)						Interest expense
			(1)						(5)						(3)						(8)						Income taxes
			$	(14)					$	20					$	—					$	35
Change in retirement plans’ funded status:
Amortization of actuarial losses			$	5					$	6					$	9					$	11					*
Amortization of prior service cost			(9)						(32)						(18)						(63)						*
			1						(7)						2						(14)						Income taxes
			$	(3)					$	(33)					$	(7)					$	(66)
Total reclassifications, net of tax			$	(17)					$	(13)					$	(7)					$	(31)

(*) These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 6: Employee Benefit Plans and Postretirement Benefits” for additional information.

X

- References

No definition available.

+ Details

Name:	us-gaap_EquityAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

+ References

No definition available.

+ Details

Name:	us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

+ Details

Name:	us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 1
-Section 45
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1

+ Details

Name:	us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration