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Accumulated Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present changes in the accumulated balances for each component of other comprehensive (loss) income, including current period other comprehensive (loss) income and reclassifications out of accumulated other comprehensive loss, for the three and six months ended June 30, 2024 and 2023:
(DOLLARS IN MILLIONS) | Foreign Currency Translation Adjustments |  | Gains (Losses) on Derivatives Qualifying as Hedges |  | Pension and Postretirement Liability Adjustment |  | Total
Accumulated other comprehensive (loss) income, net of tax, as of April 1, 2024 | $ | (1,945) |  |  | $ | (6) |  |  | $ | (240) |  |  | $ | (2,191) |
OCI before reclassifications | (132) |  |  | 1 |  |  | 1 |  |  | (130) |
Reclassifications due to business divestitures | 4 |  |  | — |  |  | — |  |  | 4 |
Amounts reclassified from AOCI | — |  |  | — |  |  | 2 |  |  | 2 |
Net current period other comprehensive income (loss) | (128) |  |  | 1 |  |  | 3 |  |  | (124) |
Accumulated other comprehensive (loss), net of tax, as of June 30, 2024 | $ | (2,073) |  |  | $ | (5) |  |  | $ | (237) |  |  | $ | (2,315) |
(DOLLARS IN MILLIONS) | Foreign Currency Translation Adjustments |  | Gains (Losses) on Derivatives Qualifying as Hedges |  | Pension and Postretirement Liability Adjustment |  | Total
Accumulated other comprehensive (loss) income, net of tax, as of January 1, 2024 | $ | (1,652) |  |  | $ | 1 |  |  | $ | (245) |  |  | $ | (1,896) |
OCI before reclassifications | (425) |  |  | (6) |  |  | 4 |  |  | (427) |
Reclassifications due to business divestitures | 4 |  |  | — |  |  | — |  |  | 4 |
Amounts reclassified from AOCI | — |  |  | — |  |  | 4 |  |  | 4 |
Net current period other comprehensive income (loss) | (421) |  |  | (6) |  |  | 8 |  |  | (419) |
Accumulated other comprehensive (loss), net of tax, as of June 30, 2024 | $ | (2,073) |  |  | $ | (5) |  |  | $ | (237) |  |  | $ | (2,315) |
(DOLLARS IN MILLIONS) | Foreign Currency Translation Adjustments |  | Gains (Losses) on Derivatives Qualifying as Hedges |  | Pension and Postretirement Liability Adjustment |  | Total
Accumulated other comprehensive (loss) income, net of tax, as of April 1, 2023 | $ | (1,782) |  |  | $ | 1 |  |  | $ | (135) |  |  | $ | (1,916) |
OCI before reclassifications | 18 |  |  | — |  |  | 1 |  |  | 19 |
Reclassifications due to business divestitures | 42 |  |  | — |  |  | (1) |  |  | 41 |
Amounts reclassified from AOCI | — |  |  | — |  |  | (1) |  |  | (1) |
Net current period other comprehensive income (loss) | 60 |  |  | — |  |  | (1) |  |  | 59 |
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2023 | $ | (1,722) |  |  | $ | 1 |  |  | $ | (136) |  |  | $ | (1,857) |
(DOLLARS IN MILLIONS) | Foreign Currency Translation Adjustments |  | Gains (Losses) on Derivatives Qualifying as Hedges |  | Pension and Postretirement Liability Adjustment |  | Total
Accumulated other comprehensive (loss) income, net of tax, as of January 1, 2023 | $ | (2,066) |  |  | $ | 1 |  |  | $ | (133) |  |  | $ | (2,198) |
OCI before reclassifications | 302 |  |  | — |  |  | — |  |  | 302 |
Reclassifications due to business divestitures | 42 |  |  | — |  |  | (1) |  |  | 41 |
Amounts reclassified from AOCI | — |  |  | — |  |  | (2) |  |  | (2) |
Net current period other comprehensive income (loss) | 344 |  |  | — |  |  | (3) |  |  | 341 |
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2023 | $ | (1,722) |  |  | $ | 1 |  |  | $ | (136) |  |  | $ | (1,857) |
The following table provides details about reclassifications out of Accumulated other comprehensive loss to the Consolidated Statements of Income and Comprehensive Income (Loss):
| Three Months Ended June 30, |  | Affected Line Item in the Consolidated Statements of Income and Comprehensive (Loss) Income
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |
Gains (losses) on pension and postretirement liability adjustments |  |  |  |  |
Prior service cost | $ | — |  |  | $ | 1 |  |  | (1)
Actuarial losses | (2) |  |  | — |  |  | (1)
Tax | — |  |  | — |  |  | Provision for income taxes
Total | $ | (2) |  |  | $ | 1 |  |  | Total, net of income taxes
| Six Months Ended June 30, |  | Affected Line Item in the Consolidated Statements of Income and Comprehensive Income (Loss)
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |
Gains (losses) on pension and postretirement liability adjustments |  |  |  |  |
Prior service cost | $ | 1 |  |  | $ | 2 |  |  | (1)
Actuarial losses | (5) |  |  | — |  |  | (1)
Tax | — |  |  | — |  |  | Provision for income taxes
Total | $ | (4) |  |  | $ | 2 |  |  | Total, net of income taxes
_______________________ (1)The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 15 of the Company’s 2023 Form 10-K for additional information regarding net periodic benefit cost.

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