Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments, gain (loss)

The amount of unrealized losses recognized in accumulated other comprehensive loss consists of the following (in millions):

Derivatives designated as hedging instruments
Cash flow hedging contracts
Year Ended December 31, 2021	$	1

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

The amount of realized losses reclassified from accumulated other comprehensive loss to the statement of operations consists of the following (in millions):

Derivatives designated as hedging instruments	2022		2021
Cash flow hedging contracts
Years Ended December 31,	$	22	83

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the year ended December 31, 2023:

Year Ended December 31, 2023	(Decrease) Increase in Net Loss		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Amortization of pension & post-retirement plans (1)
Net actuarial loss	$	82	Other (expense) income, net
Prior service cost	(15)		Other (expense) income, net
Total before tax	67
Income tax benefit	(16)		Income tax expense
Net of tax	$	51
Year Ended December 31, 2023	Reclassification out of Accumulated Other Comprehensive Loss		Affected line item in Consolidated Balance Sheets and Consolidated Statement of Operations
Reclassification of realized loss on foreign currency translation to valuation allowance within assets held for sale(2)	$	389	Assets held for sale
Reclassification of realized loss on foreign currency translation to loss on sale of business(3)	(7)		Net loss (gain) on sale of businesses
Subtotal reclassification of realized loss on foreign currency	382
Reclassification of net actuarial loss to valuation allowance within assets held for sale(2)	(24)		Assets held for sale
Reclassification of net actuarial gain to loss on sale of business(3)	2		Net loss (gain) on sale of businesses
Subtotal reclassification of net actuarial loss	(22)
Income tax benefit	—		Income tax expense
Net of tax	$	360

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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.

(2)Recognized in net income through net loss (gain) on sale of business for the year ended December 31, 2022 and included in our valuation allowance in assets held for sale as of December 31, 2022.

(3)(Decrease) increase to net loss for the year ended December 31, 2023.

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the year ended December 31, 2022:

Year Ended December 31, 2022	(Decrease) Increase in Net Loss		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swap	$	22	Interest expense
Income tax benefit	(5)		Income tax expense
Net of tax	$	17
Amortization of pension & post-retirement plans (1)
Net actuarial loss	$	121	Other (expense) income, net
Settlement charge	(2)		Other (expense) income, net
Reclassification of net actuarial loss and prior service credit to gain on the sale of business	539		Net loss (gain) on sale of businesses
Total before tax	658
Income tax benefit	(165)		Income tax expense
Net of tax	$	493
Reclassification of realized loss on foreign currency translation to loss (gain) on sale of businesses	$	112	Net loss (gain) on sale of businesses
Income tax benefit	—		Income tax expense
Net of tax	$	112

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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.