Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The following tables display the components of accumulated other comprehensive income (loss) (“AOCL”), net of tax, as of and for the years ended December 31, 2023 and 2022 (in millions):

	Cumulative Translation Adjustment		Pension and Postretirement Cost		Derivative Financial Instruments		AOCL
Balance at December 31, 2021	$	(575)	$	(292)	$	(15)	$	(882)
Other comprehensive income (loss) before reclassifications	(119)		(25)		20		(124)
Amounts reclassified to earnings	6		8		(19)		(5)
Net current period other comprehensive income (loss)	(113)		(17)		1		(129)
Balance at December 31, 2022	$	(688)	$	(309)	$	(14)	$	(1,011)
Other comprehensive income (loss) before reclassifications	9		18		(16)		11
Amounts reclassified to earnings	11		95		4		110
Net current period other comprehensive income (loss)	20		113		(12)		121
Balance at December 31, 2023	$	(668)	$	(196)	$	(26)	$	(890)

Schedule of Reclassifications from AOCL to Results of Operations

Reclassifications from AOCL to the results of operations for the years ended December 31, were pretax (income) expense of (in millions):

	2023		2022		2021
Cumulative translation adjustment (1)	$	11	$	6	$	—
Pension and postretirement benefit plans (2)	130		13		23
Derivative financial instruments (3)	5		(21)		23

(1)See Footnote 2 for further information.

(2)See Footnote 11 for further information.

(3)See Footnote 10 for further information.

Schedule of Income Tax Provision (Benefit) Allocated to Components of AOCL

The income tax provision (benefit) allocated to the components of AOCL for the years ended December 31, are as follows (in millions):

	2023		2022		2021
Foreign currency translation adjustments	$	(20)	$	2	$	20
Unrecognized pension and postretirement costs	36		(10)		20
Derivative financial instruments	(4)		1		9
Income tax provision (benefit) related to AOCL	$	12	$	(7)	$	49