Accumulated other comprehensive loss

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated other comprehensive loss

19. Accumulated other comprehensive loss

The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, for the years ended December 31 were:

in $ millions	Currency Translation	Cash Flow Hedges	Pension and Other Postretirement Plans	Total
Balance at December 31, 2020	205	(1)	(548)	(344)
Other comprehensive (loss) income before reclassifications	(338)	48	203	(87)
Amounts reclassified from Accumulated other comprehensive loss (i)	(29)	(29)	29	(29)
Net current-period other comprehensive (loss) income	(367)	19	232	(116)
Other comprehensive loss attributable to noncontrolling interests	35	–	–	35
Balance at December 31, 2021	(127)	18	(316)	(425)
Other comprehensive (loss) income before reclassifications	(664)	23	288	(353)
Amounts reclassified from Accumulated other comprehensive loss (i)	(1)	(60)	6	(55)
Net current-period other comprehensive (loss) income	(665)	(37)	294	(408)
Other comprehensive loss attributable to noncontrolling interests	46	–	–	46
Balance at December 31, 2022	(746)	(19)	(22)	(787)
Other comprehensive income (loss) before reclassifications	310	(37)	(104)	169
Amounts reclassified from Accumulated other comprehensive loss	–	9	(4)	5
Net current-period other comprehensive income (loss)	310	(28)	(108)	174
Other comprehensive (income) attributable to noncontrolling interests	(3)	–	–	(3)
Balance at December 31, 2023	(439)	(47)	(130)	(616)

(i) For the year ended December 31, 2022, $4 million and $(5) million were transferred from currency translation related to gains and (losses) on divestitures that were reclassified from Accumulated other comprehensive loss to Other nonoperating (expense) income, net and Income from discontinued operations, net of income tax expense, respectively. For the year ended December 31, 2021 amounts transferred from currency translation related to losses on divestitures were reclassified from Accumulated other comprehensive loss to Other nonoperating (expense) income, net.

The amounts reclassified from Accumulated other comprehensive loss to income for the years ended December 31 were:

in $ millions	2023	2022	2021
Cash flow hedges
Cost of product revenues	12	(73)	(29)
Income tax (benefit) expense	(3)	13	–
Total	9	(60)	(29)
Pension and other postretirement plans
Other nonoperating (income) expense, net	(7)	8	36
Income tax expense (benefit)	3	(2)	(7)
Total	(4)	6	29
Reclassifications from Accumulated other comprehensive loss to income	5	(54)	–