ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2025

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

The tax effect for each component of other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024 consisted of the following (in millions of dollars):


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Gross Amount		Income Taxes		Net Amount		Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	15	$	1	$	16	$	4	$	5	$	9
Changes in retirement plans' funded status	(3)		—		(3)		(6)		1		(5)
Foreign currency translation	(59)		—		(59)		—		—		—
Share of other comprehensive income (loss) of entities using the equity method	18		—		18		28		—		28
Other comprehensive income (loss)	$	(29)	$	1	$	(28)	$	26	$	6	$	32


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Gross Amount		Income Taxes		Net Amount		Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	65	$	(21)	$	44	$	75	$	(24)	$	51
Changes in retirement plans' funded status	(1)		—		(1)		(2)		1		(1)
Foreign currency translation	(170)		—		(170)		(220)		—		(220)
Share of other comprehensive income (loss) of entities using the equity method	(14)		—		(14)		(20)		—		(20)
Other comprehensive income (loss)	$	(120)	$	(21)	$	(141)	$	(167)	$	(23)	$	(190)

Schedule of Changes in Other Comprehensive Income (Loss)

The changes, net of tax, in each component of accumulated other comprehensive income (loss) in the six months ended June 30, 2025 and 2024 consisted of the following (in millions of dollars):


	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 at December 31, 2024	$	72	$	(348)	$	(2,170)	$	(266)	$	(2,712)
Other comprehensive income (loss), before reclassifications	9		(5)		(8)		28		24
Amounts reclassified from other comprehensive income	1		—		—		—		1
Other comprehensive income (loss)(1)	10		(5)		(8)		28		25
Balance at June 30, 2025	$	82	$	(353)	$	(2,178)	$	(238)	$	(2,687)

Balance at December 31, 2023	$	(10)	$	(351)	$	(1,763)	$	(238)	$	(2,362)
Other comprehensive income (loss), before reclassifications(2)	17		—		(220)		(20)		(223)
Amounts reclassified from other comprehensive income	34		(1)		—		—		33
Other comprehensive income (loss)(1)	51		(1)		(220)		(20)		(190)
Balance at June 30, 2024	$	41	$	(352)	$	(1,983)	$	(258)	$	(2,552)

(1)Excluded from the table above is other comprehensive income (loss) allocated to noncontrolling interests of $7 million and nil for the six months ended June 30, 2025 and 2024, respectively.

(2)See "Note 20: Immaterial Revision of Prior Period Financial Statements".

Schedule 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, 2025 and 2024 (in millions of dollars):


			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
2025
Foreign exchange contracts	$	46
			Net sales	(2)
			Cost of goods sold	5
			Other, net	—
Interest rate contracts	(22)		Interest expense	7
Total	$	24		$	10
2024
Foreign exchange contracts	$	(15)
			Net sales	(2)
			Cost of goods sold	(14)
			Other, net	(9)
Interest rate contracts	47		Interest expense	(7)
Total	$	32		$	(32)


			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
2025
Foreign exchange contracts	$	37
			Net sales	(4)
			Cost of goods sold	(3)
			Other, net	(4)
Interest rate contracts	(35)		Interest expense	10
Total	$	2		$	(1)
2024
Foreign exchange contracts	$	(19)
			Net sales	(3)
			Cost of goods sold	(18)
			Other, net	(3)
Interest rate contracts	58		Interest expense	(12)
Total	$	39		$	(36)

Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in the three and six months ended June 30, 2025 and 2024 consisted of the following (in millions of dollars):


	Amounts Reclassified from Other Comprehensive Income (Loss)								Consolidated Statement of Operations Line
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cash flow hedges	$	2	$	2	$	4	$	3	Net sales
	(5)		14		3		18		Cost of goods sold
	—		9		4		3		Other, net
	(7)		7		(10)		12		Interest expense
	1		(1)		—		(2)		Income taxes
	(9)		31		1		34
Change in retirement plans' funded status:
Amortization of actuarial losses	5		5		10		10		(1)
Amortization of prior service cost	(4)		(6)		(9)		(12)		(1)
	(1)		—		(1)		1		Income taxes
	—		(1)		—		(1)
Total reclassifications, net of tax	$	(9)	$	30	$	1	$	33

(1)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.