ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table summarizes the activity within accumulated other comprehensive loss:

(in millions)	Foreign currency translation adjustments		Hedge instruments		Defined benefit postretirement plans		Total
Beginning Balance, January 1, 2021	$	(321)	$	—	$	(330)	$	(651)
Comprehensive (loss) income before reclassifications1	(59)		(4)		255		192
Income taxes associated with comprehensive (loss) income before reclassifications	(43)		—		(64)		(107)
Reclassification from accumulated other comprehensive (loss) income	—		4		14		18
Income taxes reclassified into net earnings	—		—		(3)		(3)
Ending Balance December 31, 2021	$	(423)	$	—	$	(128)	$	(551)
Comprehensive (loss) income before reclassifications	(287)		4		(14)		(297)
Income taxes associated with comprehensive (loss) income before reclassifications	(40)		—		7		(33)
Reclassification from accumulated other comprehensive (loss) income	—		—		7		7
Income taxes reclassified into net earnings	—		—		(2)		(2)
Ending Balance December 31, 2022	$	(750)	$	4	$	(130)	$	(876)
Comprehensive (loss) income before reclassifications	27		25		(9)		43
Income taxes associated with comprehensive (loss) income before reclassifications	24		—		(5)		19
Reclassification from accumulated other comprehensive (loss) income	—		—		3		3
Income taxes reclassified into net earnings	—		—		(1)		(1)
Spin-off of PHINIA	(20)		(1)		5		(16)
Ending Balance December 31, 2023	$	(719)	$	28	$	(137)	$	(828)

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1 The increase in the defined benefit postretirement plans comprehensive income before reclassifications is primarily due to actuarial gains during the period.

The change in other comprehensive income for the Company’s noncontrolling interest entities is related to foreign currency translation.