Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The changes in AOCI by component are shown below:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Foreign Exchange Translation Adjustment
Balance at beginning of year	$	(57)	$	(44)	$	(43)
Other comprehensive income (loss) before reclassifications	35		(13)		(1)
Amounts reclassified from AOCI	(5)		—		—
Balance at end of year	(27)		(57)		(44)
Pension Adjustments
Balance at beginning of year	(20)		(18)		(9)
Other comprehensive income (loss) before reclassifications, net (1)	14		1		18
Amounts reclassified from AOCI, net	(9)		(3)		(27)
Balance at end of year	(15)		(20)		(18)
Changes in Fair Value of Effective Cash Flow Hedges
Balance at beginning of year	(2)		13		7
Other comprehensive income (loss) before reclassifications, net (2)	21		(2)		24
Amounts reclassified from AOCI, net	(29)		(13)		(18)
Balance at end of year	(10)		(2)		13
Changes in Fair Value of Net Investment Hedges
Balance at beginning of year	76		85		41
Other comprehensive income (loss) before reclassifications, net (3)	49		(9)		44
Balance at end of year	125		76		85
Accumulated other comprehensive income (loss), end of year	$	73	$	(3)	$	36

(1)    Net of tax expense (benefit) of $1 million, $(1) million, and $2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amounts are included in the computation of net periodic benefit cost. See Note 26, Defined Benefit Pension Plans.

(2)    Net of tax expense (benefit) of $(1) million, $3 million, and $(2) million for the years ended December 31, 2024, 2023 and 2022, respectively.

(3)    Net of tax expense (benefit) of $14 million, $1 million, and $(13) million for the years ended December 31, 2024, 2023 and 2022, respectively.

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications from accumulated other comprehensive income (loss) to income were as follows:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Foreign Exchange Translation Adjustment
Reclassification adjustments recognized in income (1)	$	(5)	$	—	$	—
Amounts reclassified from AOCI	(5)		—		—
Pension Adjustments
Reclassification to Non-operating (income) expense	$	(10)	$	(3)	$	(31)
Tax effect on reclassification to income	1		—		4
Amounts reclassified from AOCI, net	(9)		(3)		(27)
Changes in Fair Value of Effective Cash Flow Hedges
Reclassification forward currency exchange contracts to Cost of goods sold	$	(3)	$	(23)	$	(21)
Reclassification cross-currency swaps to Interest expense	(4)		(3)		—
Reclassification cross-currency swaps to Non-operating expense (income)	(26)		10		—
Tax effect on reclassification to income	4		3		3
Amounts reclassified from AOCI, net	(29)		(13)		(18)
Total reclassifications for the year	$	(43)	$	(16)	$	(45)

(1)     Cumulative translation losses reclassified to Net income related to the sale of an equity interest in an unconsolidated joint venture. See Note 28, Acquisitions and Divestitures for discussion.