Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income Loss

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (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	367		—		(100)		267
Reclassifications due to business divestitures	47		—		(1)		46
Amounts reclassified from AOCI	—		—		(11)		(11)
Net current period other comprehensive income (loss)	414		—		(112)		302
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2023	$	(1,652)	$	1	$	(245)	$	(1,896)


(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	(933)		—		148		(785)

Amounts reclassified from AOCI	—		—		10		10
Net current period other comprehensive income (loss)	(933)		—		158		(775)
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2022	$	(2,066)	$	1	$	(133)	$	(2,198)


(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	(848)		1		97		(750)

Amounts reclassified from AOCI	—		7		18		25
Net current period other comprehensive income (loss)	(848)		8		115		(725)
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2021	$	(1,133)	$	1	$	(291)	$	(1,423)

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


	Year Ended December 31,
(DOLLARS IN MILLIONS)	2023		2022		2021		Affected Line Item in the Consolidated Statements of (Loss) Income and Comprehensive Loss
Gains (losses) on derivatives qualifying as hedges

Foreign currency contracts	$	—	$	—	$	(7)	Cost of goods sold
Interest rate swaps	—		—		(1)		Interest expense
Tax	—		—		1		Provision for income taxes
Total	$	—	$	—	$	(7)	Total, net of income taxes
Gains (losses) on pension and postretirement liability adjustments

Prior service cost	$	6	$	7	$	7	(1)
Actuarial gains (losses)	8		(21)		(38)		(1)
Other items	—		—		17		(2)
Tax	(3)		4		(4)		Provision for income taxes
Total	$	11	$	(10)	$	(18)	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. See Note 15 for additional information regarding net periodic benefit cost.

(2)Represents certain amounts of pension income that were corrected in 2021.