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Equity (Tables) | 6 Months Ended
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Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters and six months ended June 30, 2024 and 2023 is provided below:
(dollars in millions) | Foreign Currency Translation |  | Defined Benefit Pension and Postretirement Plans |  | Unrealized Hedging Gains (Losses) |  | Accumulated Other Comprehensive Loss
Quarter Ended June 30, 2024 |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | (562) |  |  | $ | (2,065) |  |  | $ | (8) |  |  | $ | (2,635) |
Other comprehensive income (loss) before reclassifications, net | (68) |  |  | (3) |  |  | 20 |  |  | (51) |
Amounts reclassified, pre-tax | — |  |  | (43) |  |  | 1 |  |  | (42) |
Tax benefit (expense) | (2) |  |  | 9 |  |  | 3 |  |  | 10 |
Balance at June 30, 2024 | $ | (632) |  |  | $ | (2,102) |  |  | $ | 16 |  |  | $ | (2,718) |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (440) |  |  | $ | (2,026) |  |  | $ | 47 |  |  | $ | (2,419) |
Other comprehensive income (loss) before reclassifications, net | (189) |  |  | (10) |  |  | (61) |  |  | $ | (260) |
Amounts reclassified, pre-tax | — |  |  | (87) |  |  | 9 |  |  | $ | (78) |
Tax benefit (expense) | (3) |  |  | 21 |  |  | 21 |  |  | 39 |
Balance at June 30, 2024 | $ | (632) |  |  | $ | (2,102) |  |  | $ | 16 |  |  | $ | (2,718) |
(dollars in millions) | Foreign Currency Translation |  | Defined Benefit Pension and Postretirement Plans |  | Unrealized Hedging Gains (Losses) |  | Accumulated Other Comprehensive Loss
Quarter Ended June 30, 2023 |  |  |  |  |  |  |
Balance at March 31, 2023 | $ | (882) |  |  | $ | (890) |  |  | $ | (217) |  |  | $ | (1,989) |
Other comprehensive income (loss) before reclassifications, net | 404 |  |  | (40) |  |  | 260 |  |  | 624 |
Amounts reclassified, pre-tax | — |  |  | (143) |  |  | 25 |  |  | (118) |
Tax benefit (expense) | 2 |  |  | 38 |  |  | (59) |  |  | (19) |
Balance at June 30, 2023 | $ | (476) |  |  | $ | (1,035) |  |  | $ | 9 |  |  | $ | (1,502) |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |
Balance at December 31, 2022 | $ | (1,005) |  |  | $ | (782) |  |  | $ | (231) |  |  | $ | (2,018) |
Other comprehensive income (loss) before reclassifications, net | 526 |  |  | (44) |  |  | 233 |  |  | 715 |
Amounts reclassified, pre-tax | — |  |  | (285) |  |  | 64 |  |  | (221) |
Tax benefit (expense) | 3 |  |  | 76 |  |  | (57) |  |  | 22 |
Balance at June 30, 2023 | $ | (476) |  |  | $ | (1,035) |  |  | $ | 9 |  |  | $ | (1,502) |

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