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