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Comprehensive Income (Loss)
9 Months Ended
Sep. 30, 2022
Comprehensive Income (Loss) [Abstract]  
Comprehensive Income (Loss)


(14) Comprehensive Income (Loss):

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting equity (deficit) and pension/postretirement benefit (OPEB) liabilities that, under GAAP, are excluded from net loss.

The components of accumulated other comprehensive income (loss), net of tax, and changes are as follows:

Pension

OPEB

($ in millions)

Costs

Costs

Total

Balance at January 1, 2022 (Successor) (1)

$

-

$

60

$

60

Other comprehensive income

before reclassifications

-

8

8

Amounts reclassified from accumulated other

comprehensive income to net income

-

(8)

(8)

Net current-period other comprehensive

income

-

-

-

Balance at September 30, 2022 (Successor) (1)

$

-

$

60

$

60

Pension

OPEB

($ in millions)

Costs

Costs

Total

Balance at January 1, 2021 (Predecessor) (1)

$

(699)

$

(56)

$

(755)

Other comprehensive income

before reclassifications

270

74

344

Amounts reclassified from accumulated other

comprehensive loss to net income

19

(4)

15

Net current-period other comprehensive

income

289

70

359

Cancellation of Predecessor equity

410

(14)

396

Balance at April 30, 2021 (Predecessor) (1)

$

-

$

-

$

-

Balance at April 30, 2021 (Successor) (1)

$

-

$

-

$

-

Other comprehensive income

before reclassifications

-

46

46

Amounts reclassified from accumulated other

comprehensive income to net income

-

(2)

(2)

Net current-period other comprehensive

income

-

44

44

Balance at September 30, 2021 (Successor) (1)

$

-

$

44

$

44

(1) Pension and OPEB amounts are net of tax of $15 million as of January 1, 2022 and $234 million as of January 1, 2021. The tax impact was $16 million and $12 million as of September 30, 2022 and 2021, respectively.


The significant items reclassified from components of accumulated other comprehensive loss are as follows:

Amount Reclassified from

Accumulated Other

Comprehensive Loss (1)

($ in millions)

Affected Line Item in

For the three months

For the three months

the Statement Where

Details about Accumulated Other

ended September 30,

ended September 30,

Net Income (Loss)

Comprehensive Loss Components

2022

2021

is Presented

Amortization of OPEB Cost Items

Prior-service costs

$

4

$

2 

Income (Loss) before income taxes

Tax impact

-

(1)

Income tax benefit

$

4

$

1 

Net income (loss)

Successor

Predecessor

Amount Reclassified from

Accumulated Other

Comprehensive Loss (1)

($ in millions)

Affected Line Item in

For the nine months

For the five months

For the four months

the Statement Where

Details about Accumulated Other

ended September 30,

ended September 30,

ended April 30,

Net Income (Loss)

Comprehensive Loss Components

2022

2021

2021

is Presented

Amortization of Pension Cost Items

Actuarial losses

$

-

$

-

$

(24)

Income (Loss) before income taxes

Tax impact

-

-

5 

Income tax benefit

$

-

$

-

$

(19)

Net income (loss)

Amortization of OPEB Cost Items

Prior-service costs

$

10 

$

3 

$

10 

Actuarial losses

-

-

(5)

10 

3 

5 

Income (Loss) before income taxes

Tax impact

(2)

(1)

(1)

Income tax benefit

$

8 

$

2 

$

4 

Net income (loss)

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (See Note 15 - Retirement Plans for additional details).