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Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2022
Comprehensive Income (Loss) [Abstract]  
Comprehensive Income (Loss)


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(18) Comprehensive Income (Loss):

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting shareholders’ equity (deficit) and pension/postretirement benefit (OPEB) liabilities that, under GAAP, are excluded from net income (loss).

The components of accumulated other comprehensive income (loss), net of tax, are as follows:

($ in millions)

Pension Costs

OPEB Costs

Total

Balance at December 31, 2019 (Predecessor) (1)

$

(684)

$

34

$

(650)

Other comprehensive income (loss)

before reclassifications

(320)

(76)

(396)

Amounts reclassified from accumulated other

comprehensive loss to net loss

305

(14)

291

Net current-period other comprehensive income (loss)

(15)

(90)

(105)

Balance at December 31, 2020 (Predecessor) (1)

$

(699)

$

(56)

$

(755)

Other comprehensive income

before reclassifications

270

74

344

Amounts reclassified from accumulated other

comprehensive loss to net loss

19

(4)

15

Net current-period other comprehensive income

289

70

359

Cancellation of Predecessor equity

(410)

14

(396)

Balance at April 30, 2021 (Predecessor) (1)

-

-

-

Balance at April 30, 2021 (Successor) (1)

$

-

$

-

$

-

Other comprehensive income

before reclassifications

-

64

64

Amounts reclassified from accumulated other

comprehensive income to net loss

-

(4)

(4)

Net current-period other comprehensive income

-

60

60

Balance at December 31, 2021 (Successor) (1)

$

-

$

60

$

60

Other comprehensive income

before reclassifications

-

30

30

Amounts reclassified from accumulated other

comprehensive income to net income

-

(11)

(11)

Net current-period other comprehensive

income

-

19

19

Balance at December 31, 2022 (Successor) (1)

$

-

$

79

$

79

(1)Pension and OPEB amounts are net of deferred tax balances of $23 million, $15 million, $234 million, and $204 million as of December 31, 2022, 2021, 2020, and 2019, respectively.

The significant items reclassified from each component of accumulated other comprehensive loss are as follows:

Amount Reclassified from Accumulated Other Comprehensive Loss (1)

Successor

Predecessor

Details about Accumulated Other

For the year ended

For the eight months

For the four months

For the year ended

Affected line item in the

Comprehensive Loss Components

December 31,

ended December 31,

ended April 30,

December 31,

statement where net

($ in millions)

2022

2021

2021

2020

income (loss) is presented

Amortization of Pension Cost Items(2)

Actuarial gains (losses)

$

-

$

-

$

(24)

$

(99)

Loss on disposal

-

-

-

(81)

Pension settlement costs

-

-

-

(159)

Reclassifications, pretax

-

-

(24)

(339)

Loss before income taxes

Tax Impact

-

-

5

34

Income tax benefit

Reclassifications, net of tax

$

-

$

-

$

(19)

$

(305)

Net loss

Amortization of OPEB Cost Items(2)

Prior-service credits (costs)

$

13

$

5

$

10

$

32

Actuarial gains (losses)

-

-

(5)

(6)

Loss on disposal

-

-

-

(7)

Reclassifications, pretax

13

5

5

19

Income before income taxes

Tax impact

(2)

(1)

(1)

(5)

Income tax expense

Reclassifications, net of tax

$

11

$

4

$

4

$

14

Net gain

(1)Amounts in parentheses indicate losses.

(2)These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (see Note 20 - Retirement Plans for additional details).