Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss) Note [Text Block]

ACCUMULATED OTHER COMPREHENSIVE INCOME

A summary of the changes in each component of Accumulated other comprehensive (loss) income, net of tax is provided below:

(dollars in millions)	Foreign Currency Translation		Defined Benefit Pension and Postretirement Plans		Unrealized Hedging (Losses) Gains		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2018	$	(3,442)	$	(5,718)	$	(173)	$	(9,333)
Other comprehensive income (loss) before reclassifications, net	280		(584)		(33)		(337)
Amounts reclassified, pre-tax	2		170		51		223
Tax benefit (expense)	(43)		97		(11)		43
ASU 2018-02 adoption impact	(8)		(737)		—		(745)
Balance at December 31, 2019	$	(3,211)	$	(6,772)	$	(166)	$	(10,149)
Other comprehensive income before reclassifications, net	609		1,842		181		2,632
Amounts reclassified, pre-tax	—		373		82		455
Tax benefit (expense)	25		(510)		(62)		(547)
Separation of Carrier and Otis, net of tax	3,287		584		4		3,875
Balance at December 31, 2020	$	710	$	(4,483)	$	39	$	(3,734)
Other comprehensive income (loss) before reclassifications, net	(647)		3,210		(226)		2,337
Amounts reclassified, pre-tax	—		258		(28)		230
Tax benefit (expense)	(14)		(813)		79		(748)
Balance at December 31, 2021	$	49	$	(1,828)	$	(136)	$	(1,915)

In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). The standard allows companies to reclassify to retained earnings the stranded tax effects in Accumulated other comprehensive income (AOCI) from the Tax Cuts and Jobs Act of 2017 (TCJA). We elected to reclassify the income tax effects of TCJA from AOCI of $745 million to retained earnings, effective January 1, 2019.

Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net gains or losses recognized during each period presented. These costs are recorded as components of net periodic pension income for each period presented. See “Note 11: Employee Benefit Plans” for additional details.

All noncontrolling interests with redemption features, such as put options, that are not solely within our control (redeemable noncontrolling interests) are reported in the mezzanine section of the Consolidated Balance Sheet, between liabilities and equity, at the greater of redemption value or initial carrying value.