Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2021

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

Summary of the Entity's Accumulated Other Comprehensive Income (Loss) by Component

The table below summarizes changes in accumulated other comprehensive loss recorded on our consolidated balance sheet by component for the nine months ended September 30, 2021:

	Pension Plans		Post-Retirement Benefit Plans	Foreign Currency Translation Adjustment and Other	Interest Rate Swap	Total
	(Dollars in millions)
Balance at December 31, 2020	$	(2,197)	(272)	(265)	(79)	(2,813)
Other comprehensive loss before reclassifications	133		—	(103)	(1)	29
Amounts reclassified from accumulated other comprehensive loss	149		11	—	47	207
Net current-period other comprehensive income (loss)	282		11	(103)	46	236
Balance at September 30, 2021	$	(1,915)	(261)	(368)	(33)	(2,577)

The table below summarizes changes in accumulated other comprehensive loss recorded on our consolidated balance sheets by component for the three and nine months ended September 30, 2020:

	Pension Plans		Post-Retirement Benefit Plans	Foreign Currency Translation Adjustment and Other	Interest Rate Swap	Total
	(Dollars in millions)
Balance at December 31, 2019	$	(2,229)	(184)	(228)	(39)	(2,680)
Other comprehensive loss before reclassifications	—		—	(181)	(87)	(268)
Amounts reclassified from accumulated other comprehensive loss	110		12	—	31	153
Net current-period other comprehensive income (loss)	110		12	(181)	(56)	(115)
Balance at September 30, 2020	$	(2,119)	(172)	(409)	(95)	(2,795)

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component

The amount of realized losses reclassified from AOCI to the statement of operations consists of the following

(in millions):

Derivatives designated as hedging instruments	2021		2020
Cash flow hedging contracts
Three Months Ended September 30,	$	21	20
Nine Months Ended September 30,	$	62	41

The tables below present further information about our reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended September 30, 2021:

Three Months Ended September 30, 2021	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swaps	$	21	Interest expense
Income tax benefit	(5)		Income tax expense
Net of tax	$	16
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	108	Other (expense) income, net
Prior service cost	1		Other (expense) income, net
Total before tax	109
Income tax benefit	(27)		Income tax expense
Net of tax	$	82

Nine Months Ended September 30, 2021	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swaps	$	62	Interest expense
Income tax benefit	(15)		Income tax expense
Net of tax	$	47
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	208	Other (expense) income, net
Prior service cost	4		Other (expense) income, net
Total before tax	212
Income tax benefit	(52)		Income tax expense
Net of tax	$	160

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

The tables below present further information about our reclassifications out of accumulated other comprehensive loss by component for the nine months ended September 30, 2020:

Three Months Ended September 30, 2020	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swaps	$	20	Interest expense
Income tax expense	(5)		Income tax expense
Net of tax	$	15
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	50	Other (expense) income, net
Prior service cost	1		Other (expense) income, net
Curtailment loss	4		Other (expense) income, net
Total before tax	55
Income tax benefit	(13)		Income tax expense
Net of tax	$	42

Nine Months Ended September 30, 2020	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swaps	$	41	Interest expense
Income tax expense	(10)		Income tax expense
Net of tax	$	31
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	152	Other (expense) income, net
Prior service cost	5		Other (expense) income, net
Curtailment loss	4		Other (expense) income, net
Total before tax	161
Income tax benefit	(39)		Income tax expense
Net of tax	$	122

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