ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Accumulated Other Comprehensive Income (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.