Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

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, 2022	$	(2,066)	$	1	$	(133)	$	(2,198)
OCI before reclassifications	302		—		—		302
Reclassifications due to business divestitures	42		—		(1)		41
Amounts reclassified from AOCI	—		—		(2)		(2)
Net current period other comprehensive income (loss)	344		—		(3)		341
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2023	$	(1,722)	$	1	$	(136)	$	(1,857)


(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)

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


	Six Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income and Comprehensive Income (Loss)
(DOLLARS IN MILLIONS)	2023		2022






Gains (losses) on pension and postretirement liability adjustments

Prior service cost	$	2	$	3	(1)
Actuarial losses	—		(10)		(1)

Tax	—		1		Provision for income taxes
Total	$	2	$	(6)	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 2022 Form 10-K for additional information regarding net periodic benefit cost.