Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss)

The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCL”) by component, net of tax, for the three months ended March 31, 2023 (in millions):


	Cumulative Translation Adjustment		Pension and Postretirement Costs		Derivative Financial Instruments		AOCL
Balance at December 31, 2022	$	(688)	$	(309)	$	(14)	$	(1,011)
Other comprehensive income (loss) before reclassifications	18		(1)		(3)		14
Amounts reclassified to earnings	—		—		(7)		(7)
Net current period other comprehensive income (loss)	18		(1)		(10)		7
Balance at March 31, 2023	$	(670)	$	(310)	$	(24)	$	(1,004)

Reclassifications from AOCL to the results of operations for the three months ended March 31, 2023 and 2022 were pretax (income) expense of (in millions):


	Three Months Ended March 31,
		2023		2022
Cumulative translation adjustment (1)		$	—	$	6
Pension and postretirement benefit plans (2)		—		4
Derivative financial instruments (3)		(9)		1

(1)See Footnote 2 for further information.

(2)See Footnote 11 for further information.

(3)See Footnote 10 for further information.

The income tax provision (benefit) allocated to the components of AOCL for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2023		2022
Foreign currency translation adjustments		$	(6)	$	1

Derivative financial instruments		(3)		(1)
Income tax provision (benefit) related to AOCL		$	(9)	$	—