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Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Changes in Accumulated Other Comprehensive Income (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 nine months ended September 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 July 1, 2024 | $ | (2,073) |  |  | $ | (5) |  |  | $ | (237) |  |  | $ | (2,315) |
OCI before reclassifications | 555 |  |  | 2 |  |  | (3) |  |  | 554 |
Amounts reclassified from AOCI | — |  |  | (1) |  |  | 2 |  |  | 1 |
Net current period other comprehensive income (loss) | 555 |  |  | 1 |  |  | (1) |  |  | 555 |
Accumulated other comprehensive (loss), net of tax, as of September 30, 2024 | $ | (1,518) |  |  | $ | (4) |  |  | $ | (238) |  |  | $ | (1,760) |
(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 | 130 |  |  | (4) |  |  | 1 |  |  | 127 |
Reclassifications due to business divestitures | 4 |  |  | — |  |  | — |  |  | 4 |
Amounts reclassified from AOCI | — |  |  | (1) |  |  | 6 |  |  | 5 |
Net current period other comprehensive income (loss) | 134 |  |  | (5) |  |  | 7 |  |  | 136 |
Accumulated other comprehensive (loss), net of tax, as of September 30, 2024 | $ | (1,518) |  |  | $ | (4) |  |  | $ | (238) |  |  | $ | (1,760) |
(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 July 1, 2023 | $ | (1,722) |  |  | $ | 1 |  |  | $ | (136) |  |  | $ | (1,857) |
OCI before reclassifications | (477) |  |  | — |  |  | (2) |  |  | (479) |
Reclassifications due to business divestitures | 1 |  |  | — |  |  | — |  |  | 1 |
Amounts reclassified from AOCI | — |  |  | — |  |  | (1) |  |  | (1) |
Net current period other comprehensive income (loss) | (476) |  |  | — |  |  | (3) |  |  | (479) |
Accumulated other comprehensive (loss), net of tax, as of September 30, 2023 | $ | (2,198) |  |  | $ | 1 |  |  | $ | (139) |  |  | $ | (2,336) |
(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 | (175) |  |  | — |  |  | (2) |  |  | (177) |
Reclassifications due to business divestitures | 43 |  |  | — |  |  | (1) |  |  | 42 |
Amounts reclassified from AOCI | — |  |  | — |  |  | (3) |  |  | (3) |
Net current period other comprehensive income (loss) | (132) |  |  | — |  |  | (6) |  |  | (138) |
Accumulated other comprehensive (loss) income, net of tax, as of September 30, 2023 | $ | (2,198) |  |  | $ | 1 |  |  | $ | (139) |  |  | $ | (2,336) |
Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income | The following table provides details about pension and postretirement liability reclassifications out of Accumulated other comprehensive loss to the Consolidated Statements of Income and Comprehensive Income (Loss):
| Three Months Ended September 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 |  |  | $ | 2 |  |  | (1)
Actuarial losses | (3) |  |  | — |  |  | (1)
Tax | — |  |  | (1) |  |  | Provision for income taxes
Total | $ | (2) |  |  | $ | 1 |  |  | Total, net of income taxes
| Nine Months Ended September 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 | $ | 2 |  |  | $ | 4 |  |  | (1)
Actuarial losses | (8) |  |  | — |  |  | (1)
Tax | — |  |  | (1) |  |  | Provision for income taxes
Total | $ | (6) |  |  | $ | 3 |  |  | 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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