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RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended
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Jun. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Reclassifications From Accumulated Other Comprehensive Loss | RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME The reclassifications from accumulated other comprehensive income to the condensed consolidated statements of operations were as follows, in millions:
| Amounts Reclassified |  |
Accumulated Other Comprehensive Income | Three Months Ended June 30, |  | Six Months Ended June 30, |  | Statement of Operations Line Item
2022 |  | 2021 |  | 2022 |  | 2021 |
Settlement and amortization of defined-benefit pension and other post-retirement benefits (A): |  |  |  |  |  |  |  |  |
Actuarial losses, net | $ | 1 |  |  | $ | 9 |  |  | $ | 3 |  |  | $ | 16 |  |  | Other, net
Settlement loss | — |  |  | 447 |  |  | — |  |  | 447 |  |  | Other, net
Tax (benefit) | — |  |  | (98) |  |  | (1) |  |  | (100) |  |  |
Net of tax | $ | 1 |  |  | $ | 358 |  |  | $ | 2 |  |  | $ | 363 |  |  |
Interest rate swaps (B) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | Interest expense
Tax expense | — |  |  | — |  |  | — |  |  | 5 |  |  |
Net of tax | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  |
(A) In the second quarter of 2021, we settled our qualified domestic defined-benefit pension plans and recognized $447 million of pre-tax actuarial losses from accumulated other comprehensive income and $96 million of income tax benefit, which included $11 million of related disproportionate tax expense. Additionally, the amortization of defined-benefit pension and other post-retirement benefits included $3 million, net of tax, due to the disposition of pension plans in connection with the divestiture of Hüppe. (B) Upon full repayment and retirement of the 5.950% Notes due March 15, 2022 in the first quarter of 2021, we recognized the remaining interest rate swap loss and related disproportionate tax expense. In addition to the above amounts, we reclassified $23 million of currency translation losses from accumulated other comprehensive income to the condensed consolidated statements of operations in conjunction with the divestiture of Hüppe in the second quarter of 2021.

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- Definition The entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 + Details
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