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Accumulated Other Comprehensive Loss | 9 Months Ended
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Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters and nine months ended September 30, 2020 and 2019 is provided below:
(dollars in millions) | Foreign Currency Translation |  | Pension and Post-retirement Plans |  | Unrealized Hedging (Losses) Gains |  | Accumulated Other Comprehensive Income (Loss)
Quarter Ended September 30, 2020 |  |  |  |  |  |  |
Balance at June 30, 2020 | $ | (692) |  |  | $ | (7,827) |  |  | $ | (281) |  |  | $ | (8,800) |
Other comprehensive income (loss) before reclassifications, net | 605 |  |  | (12) |  |  | 117 |  |  | 710 |
Amounts reclassified, pre-tax | — |  |  | 95 |  |  | 37 |  |  | 132 |
Tax benefit (expense) | 7 |  |  | (22) |  |  | (39) |  |  | (54) |
Balance at September 30, 2020 | $ | (80) |  |  | $ | (7,766) |  |  | $ | (166) |  |  | $ | (8,012) |
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |
Balance at December 31, 2019 | $ | (3,211) |  |  | $ | (6,772) |  |  | $ | (166) |  |  | $ | (10,149) |
Other comprehensive income (loss) before reclassifications, net | (175) |  |  | (2,375) |  |  | (98) |  |  | (2,648) |
Amounts reclassified, pre-tax | — |  |  | 282 |  |  | 93 |  |  | 375 |
Tax benefit (expense) | 19 |  |  | 515 |  |  | 1 |  |  | 535 |
Separation of Otis and Carrier, net of tax | 3,287 |  |  | 584 |  |  | 4 |  |  | 3,875 |
Balance at September 30, 2020 | $ | (80) |  |  | $ | (7,766) |  |  | $ | (166) |  |  | $ | (8,012) |
(dollars in millions) | Foreign Currency Translation |  | Pension and Post-retirement Plans |  | Unrealized Hedging (Losses) Gains |  | Accumulated Other Comprehensive Income (Loss)
Quarter Ended September 30, 2019 |  |  |  |  |  |  |
Balance at June 30, 2019 | $ | (3,354) |  |  | $ | (6,398) |  |  | $ | (140) |  |  | $ | (9,892) |
Other comprehensive income (loss) before reclassifications, net | (417) |  |  | (420) |  |  | (153) |  |  | (990) |
Amounts reclassified, pre-tax | — |  |  | (41) |  |  | 20 |  |  | (21) |
Tax expense (benefit) | (56) |  |  | 114 |  |  | 26 |  |  | 84 |
Balance at September 30, 2019 | $ | (3,827) |  |  | $ | (6,745) |  |  | $ | (247) |  |  | $ | (10,819) |
Nine Months Ended September 30, 2019 |  |  |  |  |  |  |
Balance at December 31, 2018 | $ | (3,442) |  |  | $ | (5,718) |  |  | $ | (173) |  |  | $ | (9,333) |
Other comprehensive income (loss) before reclassifications, net | (322) |  |  | (434) |  |  | (125) |  |  | (881) |
Amounts reclassified, pre-tax | — |  |  | 46 |  |  | 40 |  |  | 86 |
Tax expense (benefit) | (55) |  |  | 98 |  |  | 11 |  |  | 54 |
ASU 2018-02 adoption impact | (8) |  |  | (737) |  |  | — |  |  | (745) |
Balance at September 30, 2019 | $ | (3,827) |  |  | $ | (6,745) |  |  | $ | (247) |  |  | $ | (10,819) |
In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). The standard allowed companies to reclassify to retained earnings the stranded tax effects in Accumulated other comprehensive income (loss) from the TCJA. We elected to reclassify the income tax effects of the TCJA from Accumulated other comprehensive income (loss) of $745 million to retained earnings, effective January 1, 2019. Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net losses recognized during each period presented. These costs are recorded as components of net periodic pension benefit for each period presented. Additionally, in the quarter ended September 30, 2019, we recorded a curtailment gain of $98 million in the Condensed Consolidated Statement of Operations which is included within amounts reclassified related to our defined pension and postretirement plans (see “Note 10: Employee Benefit Plans” for additional details).

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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