Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present changes in the accumulated balances for each component of other comprehensive (loss) income, including current period other comprehensive (loss) income and reclassifications out of accumulated other comprehensive loss:


(DOLLARS IN MILLIONS)	Foreign Currency Translation Adjustments		Gains (Losses) on Derivatives Qualifying as Hedges		Pension and Postretirement Liability Adjustment		Total
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2021	$	(1,133)	$	1	$	(291)	$	(1,423)
OCI before reclassifications	(788)		—		(5)		(793)
Amounts reclassified from AOCI	—		—		6		6
Net current period other comprehensive income (loss)	(788)		—		1		(787)
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2022	$	(1,921)	$	1	$	(290)	$	(2,210)


(DOLLARS IN MILLIONS)	Foreign Currency Translation Adjustments		Gains (Losses) on Derivatives Qualifying as Hedges		Pension and Postretirement Liability Adjustment		Total
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2020	$	(285)	$	(7)	$	(406)	$	(698)
OCI before reclassifications	(154)		2		1		(151)
Amounts reclassified from AOCI	—		4		11		15
Net current period other comprehensive income (loss)	(154)		6		12		(136)
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2021	$	(439)	$	(1)	$	(394)	$	(834)

The following table provides details about reclassifications out of Accumulated other comprehensive loss to the Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income:


	Six Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income
(DOLLARS IN MILLIONS)	2022		2021
Gains (losses) on derivatives qualifying as hedges

Foreign currency contracts	$	—	$	(5)	Cost of goods sold

Tax	—		1		Provision for income taxes
Total	$	—	$	(4)	Total, net of income taxes
Losses on pension and postretirement liability adjustments

Prior service cost	$	3	$	3	(1)
Actuarial losses	(10)		(15)		(1)

Tax	1		1		Provision for income taxes
Total	$	(6)	$	(11)	Total, net of income taxes

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(1)The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 15 of the Company's 2021 Form 10-K for additional information regarding net periodic benefit cost.