Changes in Accumulated Other Comprehensive Income by Component (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Changes in Accumulated Other Comprehensive Income by Component

The following table presents the changes in Accumulated other comprehensive income by component⁽¹⁾ for the three months ended March 31, 2022 and the year predecessor period ended November 30, 2021 and successor period ended December 31, 2021:

	Net derivative gains (losses) on cash flow hedges			Pension items⁽²⁾			Post-retirement benefit items⁽²⁾			Foreign currency items			Total
Predecessor	$			$			$			$			$
Balance at December 31, 2020		34			(207	)		8			(139	)		(304	)
Natural gas swap contracts		22		N/A			N/A			N/A				22
Foreign exchange forward contracts		2		N/A			N/A			N/A				2
Net gain	N/A				85			5		N/A				90
Foreign currency items	N/A			N/A			N/A				57			57
Other comprehensive income before reclassifications		24			85			5			57			171
Amounts reclassified from Accumulated other comprehensive loss		(31	)		10			(1	)		—			(22	)
Net current period other comprehensive (loss) income		(7	)		95			4			57			149
Balance at November 30, 2021		27			(112	)		12			(82	)		(155	)
Elimination of Predecessor's Accumulated other comprehensive loss		(27	)		112			(12	)		82			155
Balance at November 30, 2021		—			—			—			—			—

	Net derivative gains (losses) on cash flow hedges			Pension items⁽²⁾		Post-retirement benefit items⁽²⁾			Foreign currency items		Total
Successor	$			$		$			$		$
Balance at November 30, 2021		—			—		—			—		—
Natural gas swap contracts		(3	)	N/A		N/A			N/A			(3	)
Foreign exchange forward contracts		3		N/A		N/A			N/A			3
Net gain (loss)	N/A				17		(1	)	N/A			16
Foreign currency items	N/A			N/A		N/A				8		8
Other comprehensive income (loss) before reclassifications		—			17		(1	)		8		24
Amounts reclassified from Accumulated other comprehensive income		—			—		—			—		—
Net current period other comprehensive income (loss)		—			17		(1	)		8		24
Balance at December 31, 2021		—			17		(1	)		8		24
Natural gas swap contracts		11		N/A		N/A			N/A			11
Currency options		1		N/A		N/A			N/A			1
Foreign exchange forward contracts		5		N/A		N/A			N/A			5
Foreign currency items	N/A			N/A		N/A				13		13
Other comprehensive income before reclassifications		17			—		—			13		30
Amounts reclassified from Accumulated other comprehensive income		(2	)		—		—			—		(2	)
Net current period other comprehensive income		15			—		—			13		28
Balance at March 31, 2022		15			17		(1	)		21		52

⁽¹⁾	All amounts are after tax. Amounts in parentheses indicate losses.

⁽²⁾	The projected benefit obligation is actuarially determined on an annual basis as of December 31.

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of Accumulated other comprehensive income:

Details about Accumulated other comprehensive income components	Amounts reclassified from Accumulated other comprehensive income
	Successor		Predecessor
	For the three months ended
	March 31,		March 31,
	2022		2021
	$		$
Net derivative gains (losses) on cash flow hedge
Natural gas swap contracts ⁽¹⁾		1		—
Currency options and forwards ⁽¹⁾		1		10
Net investment hedge ⁽²⁾		—		(9	)
Total before tax		2		1
Tax benefit		—		1
Net of tax		2		2

Amortization of defined benefit pension items
Amortization of net actuarial loss ⁽³⁾		—		(2	)
Discontinued operations		—		(4	)
Total before tax		—		(6	)
Tax benefit		—		1
Net of tax		—		(5	)

⁽¹⁾	These amounts are included in Cost of sales in the Consolidated Statements of Earnings (Loss) and Comprehensive Income.

⁽²⁾	These amounts are included in Earnings (loss) from discontinued operations, net of taxes in the Consolidated Statements of Earnings (Loss) and Comprehensive Income.

⁽³⁾	These amounts are included in the computation of net periodic benefit cost (see Note 6 “Pension Plans and Other Post-Retirement Benefit Plans” for more details).