Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheet at December 31, 2020 as follows (in millions):

		December 31, 2020		December 31, 2019
Derivatives designated as	Balance Sheet Location	Fair Value
Cash flow hedging contracts	Other current and noncurrent liabilities	$	107	51

Derivative instruments, gain (loss)

The amount of unrealized (gains) losses recognized in AOCI consists of the following (in millions):

Derivatives designated as hedging instruments	2020		2019
Cash flow hedging contracts
Years Ended December 31,	$	115	53

Schedule of reclassifications out of accumulated other comprehensive income (loss) by component

The amount of realized losses reclassified in AOCI to the statement of operations consists of the following (in millions):

Derivatives designated as hedging instruments	2020		2019
Cash flow hedging contracts
Years Ended December 31,	$	62	2

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the year ended December 31, 2020:

Year Ended December 31, 2020	(Decrease) Increase in Net Loss		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swaps	$	62	Interest expense
Income tax expense	(16)		Income tax expense
Net of tax	$	46
Amortization of pension & post-retirement plans (1)
Net actuarial loss	$	203	Other (expense) income, net
Prior service cost	7		Other (expense) income, net
Curtailment loss	4		Other (expense) income, net
Total before tax	214
Income tax benefit	(52)		Income tax expense
Net of tax	$	162

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(1)See Note 10—Employee Benefits for additional information on our net periodic benefit (expense) income related to our pension and post-retirement plans.

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the year ended December 31, 2019:

Year Ended December 31, 2019	(Decrease) Increase in Net Loss		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Amortization of pension & post-retirement plans(1)
Interest rate swap	$	2	Interest expense
Net actuarial loss	224		Other (expense) income, net
Prior service cost	8		Other (expense) income, net
Total before tax	234
Income tax benefit	(57)		Income tax expense
Net of tax	$	177

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(1)See Note 10—Employee Benefits for additional information on our net periodic benefit (expense) income related to our pension and post-retirement plans.