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COMPREHENSIVE (LOSS) INCOME | 12 Months Ended
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Dec. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract] |
COMPREHENSIVE (LOSS) INCOME | COMPREHENSIVE (LOSS) INCOME AOCI includes cumulative foreign currency translation adjustments related to consolidation of the Company’s foreign subsidiaries, fair value adjustments related to the Company’s derivative financial instruments, and actuarial gains and losses related to the Company’s pension plans. These changes are recorded in AOCI net of tax. For the years ended December 31, 2023, 2022 and 2021, these tax adjustments were $166 million, $100 million and $168 million, respectively, primarily related to foreign currency translation adjustments. The cumulative foreign currency translation adjustments included translation losses of $360 million and $438 million at December 31, 2023 and 2022, respectively, and included losses of $113 million and $84 million, at December 31, 2023 and 2022, respectively, on loans designated as hedges of net investments. Changes in AOCI, net of tax, by component for the years ended December 31, 2023 and 2022 were as follows:
(in millions) |  | Foreign Currency Translation Gain (Loss) |  | Gain (Loss) on Cash Flow Hedges |  | Gain (Loss) on Net Investment and Fair Value Hedges |  |  |  | Pension Liability Gain (Loss) |  | Total
Balance, net of tax, at December 31, 2022 |  | $ | (522) |  |  | $ | (17) |  |  | $ | (73) |  |  |  |  | $ | (16) |  |  | $ | (628) |
Other comprehensive income (loss) before reclassifications and tax impact |  | 2 |  |  | — |  |  | (45) |  |  |  |  | (34) |  |  | (77) |
Tax benefit |  | 47 |  |  | — |  |  | 11 |  |  |  |  | 8 |  |  | 66 |
Other comprehensive income (loss), net of tax, before reclassifications |  | $ | 49 |  |  | $ | — |  |  | $ | (34) |  |  |  |  | $ | (26) |  |  | $ | (11) |
Amounts reclassified from accumulated other comprehensive income, net of tax |  | — |  |  | 4 |  |  | — |  |  |  |  | (1) |  |  | 3 |
Net increase (decrease) in other comprehensive income |  | 49 |  |  | 4 |  |  | (34) |  |  |  |  | (27) |  |  | (8) |
Balance, net of tax, at December 31, 2023 |  | $ | (473) |  |  | $ | (13) |  |  | $ | (107) |  |  |  |  | $ | (43) |  |  | $ | (636) |
(in millions) |  | Foreign Currency Translation Gain (Loss) |  | Gain (Loss) on Cash Flow Hedges |  | Gain (Loss) on Net Investment and Fair Value Hedges |  |  |  | Pension Liability Gain (Loss) |  | Total
Balance, net of tax, at December 31, 2021 |  | $ | (366) |  |  | $ | (16) |  |  | $ | (103) |  |  |  |  | $ | (107) |  |  | $ | (592) |
Other comprehensive (loss) income before reclassifications and tax impact |  | (127) |  |  | (1) |  |  | 39 |  |  |  |  | 116 |  |  | 27 |
Tax expense |  | (29) |  |  | — |  |  | (9) |  |  |  |  | (30) |  |  | (68) |
Other comprehensive (loss) income, net of tax, before reclassifications |  | $ | (156) |  |  | $ | (1) |  |  | $ | 30 |  |  |  |  | $ | 86 |  |  | $ | (41) |
Amounts reclassified from accumulated other comprehensive income, net of tax |  | — |  |  | — |  |  | — |  |  |  |  | 5 |  |  | 5 |
Net (decrease) increase in other comprehensive income |  | (156) |  |  | (1) |  |  | 30 |  |  |  |  | 91 |  |  | (36) |
Balance, net of tax, at December 31, 2022 |  | $ | (522) |  |  | $ | (17) |  |  | $ | (73) |  |  |  |  | $ | (16) |  |  | $ | (628) |
Reclassification out of AOCI to the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 were as follows:
|  | Amounts Reclassified from AOCI | Affected Line Item in the Consolidated Statements of Operations
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Gain (Loss) on derivative financial instruments:
Interest rate swaps |  | $ | (3) |  |  | $ | (3) |  |  | $ | (4) |  | Interest expense, net
Foreign exchange forward contracts |  | (1) |  |  | 3 |  |  | (3) |  | Cost of products sold
Net loss before tax |  | $ | (4) |  |  | $ | — |  |  | $ | (7) |  |
Tax impact |  | — |  |  | — |  |  | — |  | (Benefit) provision for income taxes
Net loss after tax |  | $ | (4) |  |  | $ | — |  |  | $ | (7) |  |  |  |
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  | (a)
Amortization of net actuarial losses |  | — |  |  | (8) |  |  | (12) |  | (a)
Net income (loss) before tax |  | $ | 1 |  |  | $ | (7) |  |  | $ | (11) |  |
Tax impact |  | — |  |  | 2 |  |  | 3 |  | (Benefit) provision for income taxes
Net income (loss) after tax |  | $ | 1 |  |  | $ | (5) |  |  | $ | (8) |  |
Total reclassifications for the period |  | $ | (3) |  |  | $ | (5) |  |  | $ | (15) |  |  |  |
(a) These AOCI components are included in the computation of net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021, respectively.

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