Axalta Coating Systems Ltd
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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(19) ACCUMULATED OTHER COMPREHENSIVE LOSS
| UnrealizedCurrencyTranslationAdjustments | PensionAdjustments | UnrealizedLoss onDerivatives | AccumulatedOtherComprehensive (Loss) Income | |
|---|---|---|---|---|
| Balance, December 31, 2023 | $(374) | $(70) | $— | $(444) |
| Current year deferrals to AOCI | (41) | — | — | (41) |
| Reclassifications from AOCI to Net income | (4) | 1 | — | (3) |
| Net Change | (45) | 1 | — | (44) |
| Balance, March 31, 2024 | (419) | (69) | — | (488) |
| Current year deferrals to AOCI | (26) | — | — | (26) |
| Reclassifications from AOCI to Net income | (4) | 1 | — | (3) |
| Net Change | (30) | 1 | — | (29) |
| Balance, June 30, 2024 | (449) | (68) | — | (517) |
| Current year deferrals to AOCI | 80 | — | (2) | 78 |
| Reclassifications from AOCI to Net income | (3) | — | — | (3) |
| Net Change | 77 | — | (2) | 75 |
| Balance, September 30, 2024 | $(372) | $(68) | $(2) | $(442) |
The cumulative income tax benefit related to the adjustments for foreign exchange at September 30, 2024 was $3 million. The cumulative income tax benefit related to the adjustments for pension benefits at September 30, 2024 was $29 million. The cumulative income tax expense related to the adjustments for the unrealized gain on derivatives at September 30, 2024 wasimmaterial. See Note 17 for classification within the condensed consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.
| UnrealizedCurrencyTranslationAdjustments | PensionAdjustments | UnrealizedGain (Loss) onDerivatives | AccumulatedOtherComprehensive(Loss) Income | |
|---|---|---|---|---|
| Balance, December 31, 2022 | $(434) | $(36) | $3 | $(467) |
| Current year deferrals to AOCI | 50 | — | 1 | 51 |
| Reclassifications from AOCI to Net income | (4) | — | (3) | (7) |
| Net Change | 46 | — | (2) | 44 |
| Balance, March 31, 2023 | (388) | (36) | 1 | (423) |
| Current year deferrals to AOCI | 4 | 1 | 1 | 6 |
| Reclassifications from AOCI to Net income | (2) | — | (1) | (3) |
| Net Change | 2 | 1 | — | 3 |
| Balance, June 30, 2023 | (386) | (35) | 1 | (420) |
| Current year deferrals to AOCI | (65) | — | — | (65) |
| Reclassifications from AOCI to Net income | (2) | — | — | (2) |
| Net Change | (67) | — | — | (67) |
| Balance, September 30, 2023 | $(453) | $(35) | $1 | $(487) |
The cumulative income tax benefit related to the adjustments for foreign exchange at September 30, 2023 was $1 million. The cumulative income tax benefit related to the adjustments for pension benefits at September 30, 2023 was $14 million. The cumulative income tax expense related to the adjustments for the unrealized gain on derivatives at September 30, 2023 wasimmaterial. See Note 17 for classification within the condensed consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.
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