Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

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

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Information Relating to 2024

The table below summarizes changes in accumulated other comprehensive loss recorded on our consolidated balance sheet by component for the six months ended June 30, 2024:

	Pension Plans		Post-Retirement Benefit Plans	Foreign Currency Translation Adjustment and Other	Total
	(Dollars in millions)
Balance at December 31, 2023	$	(1,045)	276	(41)	(810)
Other comprehensive income (loss) before reclassifications	—		—	(5)	(5)
Amounts reclassified from accumulated other comprehensive loss	38		(9)	—	29
Net current-period other comprehensive income (loss)	38		(9)	(5)	24
Balance at June 30, 2024	$	(1,007)	267	(46)	(786)

The tables below present further information about our reclassifications out of accumulated other comprehensive loss by component for the three and six months ended June 30, 2024:

Three Months Ended June 30, 2024	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	21	Other income (expense), net
Prior service credit	(3)		Other income (expense), net
Total before tax	18
Income tax benefit	(4)		Income tax expense
Net of tax	$	14

Six Months Ended June 30, 2024	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	45	Other income (expense), net
Prior service credit	(7)		Other income (expense), net
Total before tax	38
Income tax benefit	(9)		Income tax expense
Net of tax	$	29

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(1)See Note 7—Employee Benefits for additional information on our net periodic benefit expense (income) related to our pension and post-retirement plans.

Information Relating to 2023

The table below summarizes changes in accumulated other comprehensive loss recorded on our consolidated balance sheets by component for the six months ended June 30, 2023:

	Pension Plans		Post-Retirement Benefit Plans	Foreign Currency Translation Adjustment and Other	Total
	(Dollars in millions)
Balance at December 31, 2022	$	(985)	308	(422)	(1,099)
Other comprehensive income before reclassifications	—		—	20	20
Amounts reclassified from accumulated other comprehensive loss	36		(10)	—	26
Net current-period other comprehensive income (loss)	36		(10)	20	46
Balance at June 30, 2023	$	(949)	298	(402)	(1,053)

The tables below present further information about our reclassifications out of accumulated other comprehensive loss by component for the three and six months ended June 30, 2023:

Three Months Ended June 30, 2023	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	21	Other income (expense), net
Prior service credit	(3)		Other income (expense), net
Total before tax	18
Income tax benefit	(4)		Income tax expense
Net of tax	$	14

Six Months Ended June 30, 2023	Decrease (Increase) in Net Income		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Amortization of pension & post-retirement plans(1)
Net actuarial loss	$	41	Other income (expense), net
Prior service credit	(7)		Other income (expense), net
Total before tax	34
Income tax benefit	(8)		Income tax expense
Net of tax	$	26

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(1)See Note 7—Employee Benefits for additional information on our net periodic benefit income related to our pension and post-retirement plans.