| | | | | | | | | | ($ in millions) | | | | | | | | | | For the year ended December 31: | | 2022 | | 2021 | | 2020 | Other (income) and expense | | | | | | | | | | Foreign currency transaction losses/(gains)* | | $ | (643) | | $ | (204) | | $ | 114 | (Gains)/losses on derivative instruments | | | 225 | | | 205 | | | (101) | Interest income | | | (162) | | | (52) | | | (105) | Net (gains)/losses from securities and investment assets | | | 278 | | | (133) | | | (22) | Retirement-related costs/(income) | | | 6,548 | ** | | 1,282 | | | 1,073 | OtherÈ | | | (443) | | | (225) | | | (156) | Total other (income) and expense | | $ | 5,803 | | $ | 873 | | $ | 802 | | | | | | | | | | |
* | The company uses financial hedging instruments to limit specific currency risks related to foreign currency-based transactions. The hedging program does not hedge 100 percent of currency exposures and defers, versus eliminates, the impact of currency. Refer to note T, “Derivative Financial Instruments,” for additional information on foreign exchange risk. |
** Includes a one-time, non-cash pension settlement charge of $5.9 billion. Refer to note V, “Retirement-Related Benefits,” for additional information. È Other primarily consists of (gains)/losses from divestitures, dispositions of land/buildings and other.
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