Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2024

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

Accumulated Other Comprehensive Loss

Note 21—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 year ended December 31, 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 (loss) income before reclassifications	(34)		63	1	30
Amounts reclassified from accumulated other comprehensive income (loss)	76		(19)	—	57
Net current-period other comprehensive income	42		44	1	87
Balance at December 31, 2024	$	(1,003)	320	(40)	(723)

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the year ended December 31, 2024:

Year Ended December 31, 2024	(Decrease) Increase in Net Loss		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Amortization of pension & post-retirement plans (1)
Net actuarial loss	$	91	Other income (expense), net
Prior service cost	(15)		Other income (expense), net
Total before tax	76
Income tax benefit	(19)		Income tax (benefit) expense
Net of tax	$	57

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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.

Information Relating to 2023

The table below summarizes changes in accumulated other comprehensive loss recorded on our consolidated balance sheet by component for the year ended December 31, 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 loss before reclassifications	(110)		(11)	(1)	(122)
Amounts reclassified from accumulated other comprehensive income (loss)	50		(21)	382	411
Net current-period other comprehensive (loss) income	(60)		(32)	381	289
Balance at December 31, 2023	$	(1,045)	276	(41)	(810)

The table below presents further information about our reclassifications out of accumulated other comprehensive loss by component for the year ended December 31, 2023:

Year Ended December 31, 2023	(Decrease) Increase in Net Loss		Affected Line Item in Consolidated Statement of Operations
	(Dollars in millions)
Amortization of pension & post-retirement plans (1)
Net actuarial loss	$	82	Other income (expense), net
Prior service cost	(15)		Other income (expense), net
Total before tax	67
Income tax benefit	(16)		Income tax (benefit) expense
Net of tax	$	51
Year Ended December 31, 2023	Reclassification out of Accumulated Other Comprehensive Loss		Affected line item in Consolidated Balance Sheets and Consolidated Statement of Operations
Reclassification of realized loss on foreign currency translation to valuation allowance within assets held for sale(2)	$	389	Assets held for sale
Reclassification of realized loss on foreign currency translation to loss on sale of business(3)	(7)		Net loss (gain) on sale of businesses
Subtotal reclassification of realized loss on foreign currency	382
Reclassification of net actuarial loss to valuation allowance within assets held for sale(2)	(24)		Assets held for sale
Reclassification of net actuarial gain to loss on sale of business(3)	2		Net loss (gain) on sale of businesses
Subtotal reclassification of net actuarial loss	(22)
Income tax benefit	—		Income tax expense
Net of tax	$	360

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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.

(2)Recognized in net income through net loss (gain) on sale of business for the year ended December 31, 2022 and included in our valuation allowance in assets held for sale as of December 31, 2022.

(3)(Decrease) increase to net loss for the year ended December 31, 2023.