Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022:

	Pension Plans		Post-Retirement Benefit Plans	Foreign Currency Translation Adjustment and Other	Interest Rate Swap	Total
	(Dollars in millions)
Balance at December 31, 2021	$	(1,577)	(164)	(400)	(17)	(2,158)
Other comprehensive income before reclassifications	—		—	67	—	67
Amounts reclassified from accumulated other comprehensive loss	26		1	—	17	44
Net current-period other comprehensive income	26		1	67	17	111
Balance at March 31, 2022	$	(1,551)	(163)	(333)	—	(2,047)

The table below summarizes changes in accumulated other comprehensive loss recorded on our consolidated balance sheets by component for the three months ended March 31, 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	—		—	(86)	—	(86)
Amounts reclassified from accumulated other comprehensive loss	35		4	—	15	54
Net current-period other comprehensive income (loss)	35		4	(86)	15	(32)
Balance at March 31, 2021	$	(2,162)	(268)	(351)	(64)	(2,845)

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	2022		2021
Cash flow hedging contracts
Three Months Ended March 31,	$	22	20

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the three months ended March 31, 2022:

Three Months Ended March 31, 2022	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swaps	$	22	Interest expense
Income tax benefit	(5)		Income tax expense
Net of tax	$	17
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	37	Other income, net
Prior service credit	(1)		Other income, net
Total before tax	36
Income tax benefit	(9)		Income tax expense
Net of tax	$	27

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(1)See Note 8—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 three months ended March 31, 2021:

Three Months Ended March 31, 2021	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swaps	$	20	Interest expense
Income tax benefit	(5)		Income tax expense
Net of tax	$	15
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	50	Other income, net
Prior service cost	2		Other income, net
Total before tax	52
Income tax benefit	(13)		Income tax expense
Net of tax	$	39

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(1)See Note 8—Employee Benefits for additional information on our net periodic benefit income related to our pension and post-retirement plans.