Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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 sheets at December 31, 2022 and December 31, 2021 as follows (in millions):

		December 31, 2022		December 31, 2021
Derivatives designated as	Balance Sheet Location	Fair Value
Cash flow hedging contracts	Other current and noncurrent liabilities	$	—	25

Derivative instruments, gain (loss)

The amount of unrealized losses recognized in accumulated other comprehensive loss consists of the following (in millions):

Derivatives designated as hedging instruments	2022		2021	2020
Cash flow hedging contracts
Years Ended December 31,	$	—	1	115

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

The amount of realized losses reclassified from accumulated other comprehensive loss to the statement of operations consists of the following (in millions):

Derivatives designated as hedging instruments	2022		2021	2020
Cash flow hedging contracts
Years Ended December 31,	$	22	83	62

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

Year Ended December 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	$	121	Other income (expense), net
Prior service cost	(2)		Other income (expense), net
Reclassification of net actuarial loss and prior service credit to gain on the sale of business	539		Gain on sale of businesses
Total before tax	658
Income tax benefit	(165)		Income tax expense
Net of tax	$	493
Reclassification of realized loss on foreign currency translation to gain on the sale of business	$	112	Gain on sale of businesses
Income tax benefit	—		Income tax expense
Net of tax	$	112

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(1)See Note 11—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, 2021:

Year Ended December 31, 2021	(Decrease) Increase in Net Loss		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Interest rate swap	$	83	Interest expense
Income tax benefit	(20)		Income tax expense
Net of tax	$	63
Amortization of pension & post-retirement plans (1)
Net actuarial loss	$	190	Other income (expense), net
Settlement charge	383		Other income (expense), net
Prior service cost	6		Other income (expense), net
Total before tax	579
Income tax benefit	(142)		Income tax expense
Net of tax	$	437

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(1)See Note 11—Employee Benefits for additional information on our net periodic benefit (expense) income related to our pension and post-retirement plans.