| Accumulated Other Comprehensive Income (Loss) A summary of the changes in each component of Accumulated other comprehensive income (loss), net of tax, for the quarters and nine months ended September 30, 2023 and 2022 is provided below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in millions) | | Foreign
Currency
Translation | | Defined Benefit
Pension and
Postretirement
Plans | | | | Unrealized
Hedging Gains
(Losses) | | Accumulated
Other
Comprehensive
Income (Loss) | | Quarter Ended September 30, 2023 | | | | | | | | | | | | Balance as of June 30, 2023 | | $ | (681) | | | $ | (8) | | | | | $ | — | | | $ | (689) | | | Other comprehensive income (loss) before reclassifications, net | | 39 | | | — | | | | | 1 | | | 40 | | | | | | | | | | | | | | Amounts reclassified, pre-tax | | — | | | — | | | | | 1 | | | 1 | | | Tax benefit reclassified | | — | | | — | | | | | — | | | — | | | | | | | | | | | | | | Balance as of September 30, 2023 | | $ | (642) | | | $ | (8) | | | | | $ | 2 | | | $ | (648) | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | | | | | | | | | | | Balance as of December 31, 2022 | | $ | (587) | | | $ | (8) | | | | | $ | 3 | | | $ | (592) | | | Other comprehensive income (loss) before reclassifications, net | | (56) | | | — | | | | | (7) | | | (63) | | | Amounts reclassified, pre-tax | | 1 | | | — | | | | | 8 | | | 9 | | | Tax benefit reclassified | | — | | | — | | | | | (2) | | | (2) | | | | | | | | | | | | | | Balance as of September 30, 2023 | | $ | (642) | | | $ | (8) | | | | | $ | 2 | | | $ | (648) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in millions) | | Foreign
Currency
Translation | | Defined Benefit
Pension and
Postretirement
Plans | | | | Unrealized
Hedging Gains
(Losses) | | Accumulated
Other
Comprehensive
Income (Loss) | | Quarter Ended September 30, 2022 | | | | | | | | | | | | Balance as of June 30, 2022 | | $ | (631) | | | $ | (124) | | | | | $ | 7 | | | $ | (748) | | | Other comprehensive income (loss) before reclassifications, net | | 93 | | | — | | | | | (5) | | | 88 | | | | | | | | | | | | | | Amounts reclassified, pre-tax | | 77 | | | 3 | | | | | 1 | | | 81 | | | Tax benefit reclassified | | — | | | (1) | | | | | — | | | (1) | | | | | | | | | | | | | | Balance as of September 30, 2022 | | $ | (461) | | | $ | (122) | | | | | $ | 3 | | | $ | (580) | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | | | | | | | | | | | Balance as of December 31, 2021 | | $ | (642) | | | $ | (128) | | | | | $ | 7 | | | $ | (763) | | | Other comprehensive income (loss) before reclassifications, net | | 173 | | | — | | | | | (2) | | | 171 | | | Amounts reclassified upon change in Otis' share of Zardoya Otis ownership | | (69) | | | — | | | | | — | | | (69) | | | Amounts reclassified, pre-tax | | 77 | | | 8 | | | | | (2) | | | 83 | | | Tax benefit reclassified | | — | | | (2) | | | | | — | | | (2) | | | | | | | | | | | | | | Balance as of September 30, 2022 | | $ | (461) | | | $ | (122) | | | | | $ | 3 | | | $ | (580) | |
Amounts reclassified that relate to defined benefit pension and postretirement plans include amortization of prior service costs and actuarial net losses recognized during each period presented. These costs are recorded as components of net periodic pension cost for each period presented. See Note 8, "Employee Benefit Plans" for additional information.
Amounts reclassified that relate to foreign currency translation in the quarter and nine months ended September 30, 2022 are related to our Russia business sold during the quarter ended September 30, 2022. See Note 6, "Business Acquisitions, Dispositions, Goodwill and Intangible Assets" for additional information regarding the sale of our Russia business.
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