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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCL”) by component, net of tax, for the six months ended June 30, 2024 (in millions):
| Cumulative Translation Adjustment |  | Pension and Postretirement Costs |  | Derivative Financial Instruments |  | AOCL
Balance at December 31, 2023 | $ | (668) |  |  | $ | (196) |  |  | $ | (26) |  |  | $ | (890) |
Other comprehensive income (loss) before reclassifications | (59) |  |  | 9 |  |  | 7 |  |  | (43) |
Amounts reclassified to earnings | — |  |  | (1) |  |  | 7 |  |  | 6 |
Net current period other comprehensive income (loss) | (59) |  |  | 8 |  |  | 14 |  |  | (37) |
Balance at June 30, 2024 | $ | (727) |  |  | $ | (188) |  |  | $ | (12) |  |  | $ | (927) |
Schedule of Reclassification from AOCL to Results of Operations | Reclassifications from AOCL to the results of operations for the three and six months ended June 30, 2024 and 2023 were pretax (income) expense of (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Pension and postretirement benefit plans (1) | $ | — |  |  | $ | 5 |  |  | $ | (1) |  |  | $ | 5 |
Derivative financial instruments (2) | 5 |  |  | 1 |  |  | 9 |  |  | (8) |
(1)See Footnote 10 for further information. (2)See Footnote 9 for further information.
Schedule of Income Tax Provision (Benefit) Allocated to Components of AOCL | The income tax provision (benefit) allocated to the components of AOCL for the periods indicated are as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency translation adjustments | $ | 4 |  |  | $ | (12) |  |  | $ | 16 |  |  | $ | (18) |
Pension and postretirement benefit costs | (1) |  |  | 1 |  |  | 2 |  |  | 1 |
Derivative financial instruments | 3 |  |  | (2) |  |  | 5 |  |  | (5) |
Income tax provision (benefit) related to AOCL | $ | 6 |  |  | $ | (13) |  |  | $ | 23 |  |  | $ | (22) |

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