Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2022

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

Accumulated Other Comprehensive Income (Loss) Note

NOTE 19: ACCUMULATED OTHER COMPREHENSIVE LOSS

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, 2019	$	(3,211)	$	(6,772)	$	(166)	$	(10,149)
Other comprehensive income (loss) 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 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)
Other comprehensive income (loss) before reclassifications, net	(1,050)		1,225		(246)		(71)
Amounts reclassified, pre-tax	2		129		103		234
Tax benefit (expense)	(6)		(308)		48		(266)
Balance at December 31, 2022	$	(1,005)	$	(782)	$	(231)	$	(2,018)

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.