Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020


($ in millions)	Unrealized Foreign Currency Translation Adjustments		Pension and Other Postretirement Benefit Adjustments, net of tax (c)		Unrealized Gain/(Loss) on Derivatives, net of tax (d)		Accumulated Other Comprehensive Loss
January 1, 2018		($1,567)		($493)		$3		($2,057)
Current year deferrals to AOCI (a)	(292)		—		—		(292)
Current year deferrals to AOCI, net of tax (b)	148		(12)		(7)		129
Reclassifications from AOCI to net income	—		21		6		27
Period change		($144)		$9		($1)		($136)
Reclassification from AOCI to Retained earnings - Adoption of ASU 2018-02		($23)		($84)		$—		($107)
December 31, 2018		($1,734)		($568)		$2		($2,300)
Current year deferrals to AOCI (a)	71		—		—		71
Current year deferrals to AOCI, net of tax (b)	36		(167)		1		(130)
Reclassifications from AOCI to net income	—		11		(2)		9
Period change		$107		($156)		($1)		($50)
December 31, 2019		($1,627)		($724)		$1		($2,350)
Current year deferrals to AOCI (a)	(249)		—		—		(249)
Current year deferrals to AOCI, net of tax (b)	213		(237)		—		(24)
Reclassifications from AOCI to net income			24		—		24
Period change		($36)		($213)		$—		($249)
December 31, 2020		($1,663)		($937)		$1		($2,599)

(a) Except for income taxes of $5 million, $7 million, and $9 million as of December 31, 2020, 2019, and 2018 respectively, related to foreign currency impacts of certain unasserted earnings, unrealized foreign currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred U.S. income taxes have been provided on undistributed earnings of non-U.S. subsidiaries because they are deemed to be reinvested for an indefinite period of time.

(b) The tax benefit/(cost) related to unrealized foreign currency translation adjustments on tax inter-branch transactions and net investment hedges as of December 31, 2020, 2019 and 2018 was $6 million, $(19) million and $4 million, respectively.

(c) The tax benefit/(cost) related to the adjustment for pension and other postretirement benefits as of December 31, 2020, 2019 and 2018 was $70 million, $57 million and $(34) million, respectively. Reclassifications from AOCI are included in the computation of net periodic benefit costs (See Note 14, “Employee Benefit Plans”). The cumulative tax benefit related to the adjustment for pension and other postretirement benefits as of December 31, 2020 and 2019 was $336 million and $266 million, respectively.

(d) The tax cost related to the change in the unrealized loss on derivatives as of December 31, 2020 was not significant. The tax cost related to the change in the unrealized loss on derivatives as of December 31, 2019 and 2018 was $1 million, and $2 million, respectively. Reclassifications from AOCI are included in the gain or loss recognized on cash flow hedges (See Note 11 “Financial Instruments, Hedging Activities and Fair Value Measurements”).