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Special Charges

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

SPECIAL CHARGES

SPECIAL CHARGES

For the three months ended March 31, operating and nonoperating special charges and unrealized (gains) losses on investments in the statements of consolidated operations consisted of the following (in millions):

			Three Months Ended March 31,
			2024						2023
Operating:
(Gains) losses on sale of assets and other special charges			$	13					$	14
Total operating special charges			13						14
Nonoperating:
Nonoperating unrealized (gains) losses on investments, net			37						(24)
Nonoperating debt extinguishment and modification fees			35						—
Total nonoperating special charges and unrealized (gains) losses on investments, net			72						(24)
Total operating and nonoperating special charges and unrealized (gains) losses on investments, net			85						(10)
Income tax benefit, net of valuation allowance			(11)						(3)
Total operating and nonoperating special charges and unrealized (gains) losses on investments, net of income taxes			$	74					$	(13)

2024

(Gains) losses on sale of assets and other special charges. During the three months ended March 31, 2024, the Company incurred $13 million of charges primarily consisting of a settlement related to a certain pilot long term disability plan, accelerated depreciation on assets with shortened lives, and other losses on disposal of assets, which were partially offset by a gain from a favorable outcome related to a certain contract dispute as well as gains on sales of assets.

Nonoperating unrealized (gains) losses on investments, net. During the three months ended March 31, 2024, the Company recorded losses of $37 million primarily for the change in the market value of its investments in equity securities.

Nonoperating debt extinguishment and modification fees. During the three months ended March 31, 2024, the Company recorded $35 million of charges primarily related to the refinancing of its 2021 term loans.

2023

(Gains) losses on sale of assets and other special charges. During the three months ended March 31, 2023, the Company recorded $14 million of net charges primarily comprised of accelerated depreciation related to certain of the Company's assets that were retired early and other gains and losses on the sale of assets.

Nonoperating unrealized (gains) losses on investments, net. During the three months ended March 31, 2023, the Company recorded gains of $24 million primarily related to the change in the market value of its investments in equity securities

X

- Definition

The entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//805/tableOfContent

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- References

No definition available.

+ Details

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