Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets at December 31, 2021 and December 31, 2020 as follows (in millions):

		December 31, 2021		December 31, 2020
Derivatives designated as	Balance Sheet Location	Fair Value
Cash flow hedging contracts	Other current and noncurrent liabilities	$	25	107

Derivative instruments, gain (loss)

The amount of unrealized losses recognized in AOCI consists of the following (in millions):

Derivatives designated as hedging instruments	2021		2020	2019
Cash flow hedging contracts
Years Ended December 31,	$	1	115	53

Schedule of reclassifications out of accumulated other comprehensive income (loss) by component

The amount of realized losses reclassified from AOCI to the statement of operations consists of the following (in millions):

Derivatives designated as hedging instruments	2021		2020	2019
Cash flow hedging contracts
Years Ended December 31,	$	83	62	2

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the year ended December 31, 2021:

Year Ended December 31, 2021	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swaps	$	83	Interest expense
Income tax benefit	(20)		Income tax expense
Net of tax	$	63
Amortization of pension & post-retirement plans (1)
Net actuarial loss	$	190	Other expense, net
Settlement charge	383		Other expense, net
Prior service cost	6		Other expense, net
Total before tax	579
Income tax benefit	(142)		Income tax expense
Net of tax	$	437

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(1)See Note 11—Employee Benefits for additional information on our net periodic benefit (expense) income related to our pension and post-retirement plans.

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the year ended December 31, 2020:

Year Ended December 31, 2020	(Decrease) Increase in Net Loss		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swap	$	62	Interest expense
Income tax benefit	(16)		Income tax expense
Net of tax	$	46
Amortization of pension & post-retirement plans (1)
Net actuarial loss	$	203	Other expense, net
Prior service cost	7		Other expense, net
Curtailment loss	4		Other expense, net
Total before tax	214
Income tax benefit	(52)		Income tax expense
Net of tax	$	162

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(1)See Note 11—Employee Benefits for additional information on our net periodic benefit (expense) income related to our pension and post-retirement plans.