EQUITY (Tables)

3 Months Ended

Jun. 30, 2022

EQUITY

Reclassifications and taxes related to items of other comprehensive income (loss)

	Pretax		Tax (Expense)		Net of Tax
(Dollars in millions)	Amount		Benefit		Amount
For the three months ended June 30, 2022:
Foreign currency translation adjustments	$	(267)	$	—	$	(267)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period		(5)		2		(3)
Reclassification of (gains) losses to net income		(1)		—		(1)
Total unrealized gains (losses) on cash flow hedges	$	(6)	$	2	$	(4)
Retirement-related benefit plans*:
Amortization of net (gains) losses	$	10	$	(3)	$	7
Total retirement-related benefit plans	$	10	$	(3)	$	7
Other comprehensive income (loss)	$	(263)	$	(1)	$	(264)
For the three months ended June 30, 2021:
Foreign currency translation adjustments	$	17	$	—	$	17
Retirement-related benefit plans*:
Net (losses) gains arising during the period	$	(5)	$	2	$	(3)
Amortization of net (gains) losses		10		(3)		7
Total retirement-related benefit plans	$	5	$	(1)	$	4
Other comprehensive income (loss)	$	22	$	(1)	$	21

* These AOCI components are included in the computation of net periodic benefit cost. Refer to Note 12 – Retirement-Related Benefits for additional information.

Accumulated other comprehensive income (loss) (net of tax)

	Net Unrealized		Foreign		Net Change		Accumulated
	Gain (Losses)		Currency		Retirement-		Other
	on Cash		Translation		Related		Comprehensive
(Dollars in millions)	Flow Hedges		Adjustments*		Benefit Plans		Income (Loss)
April 1, 2022	$	3	$	(735)	$	(357)	$	(1,089)
Other comprehensive income (loss)**		(4)		(267)		7		(264)
June 30, 2022	$	(1)	$	(1,002)	$	(350)	$	(1,353)
April 1, 2021	$	—	$	(974)	$	(208)	$	(1,182)
Other comprehensive income (loss)**		—		17		4		21
June 30, 2021	$	—	$	(957)	$	(204)	$	(1,161)

* Foreign currency translation adjustments are presented gross.

** No amounts were reclassified from accumulated other comprehensive income.