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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended
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Jun. 30, 2021
Equity [Abstract] |
Summary of Changes in AOCI by Component | The following table is a net-of-tax summary of the changes in accumulated other comprehensive (loss) income (AOCI) by component for the six months ended June 30, 2021 and 2020.
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Total
Gains (losses) |  |  |  |
Balance as of December 31, 2020 | $ | (2,587) |  | $ | (574) |  | $ | (153) |  | $ | (3,314) |
Other comprehensive income (loss) before reclassifications | (120) |  | 8 |  | 1 |  | (111) |
Amounts reclassified from AOCI (a) | — |  | 33 |  | 16 |  | 49 |
Net other comprehensive income (loss) | (120) |  | 41 |  | 17 |  | (62) |
Balance as of June 30, 2021 | $ | (2,707) |  | $ | (533) |  | $ | (136) |  | $ | (3,376) |
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Total
Gains (losses) |  |  |  |
Balance as of December 31, 2019 | $ | (2,954) |  | $ | (715) |  | $ | (41) |  | $ | (3,710) |
Other comprehensive income (loss) before reclassifications | (170) |  | 2 |  | (131) |  | (299) |
Amounts reclassified from AOCI (a) | — |  | 24 |  | (3) |  | 21 |
Net other comprehensive income (loss) | (170) |  | 26 |  | (134) |  | (278) |
Balance as of June 30, 2020 | $ | (3,124) |  | $ | (689) |  | $ | (175) |  | $ | (3,988) |
(a) See table below for details about these reclassifications.
Summary of Reclassification from AOCI to Net Income | The following is a summary of the amounts reclassified from AOCI to net income during the three and six months ended June 30, 2021 and 2020.
| Amounts reclassified from AOCI (a) |
(in millions) | Three months ended June 30, 2021 | Six months ended June 30, 2021 | Location of impact in income statement
Amortization of pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (20) |  | $ | (41) |  | Other (income) expense, net
Less: Tax effect | 4 |  | 8 |  | Income tax expense
| $ | (16) |  | $ | (33) |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | (8) |  | $ | (18) |  | Cost of sales
Interest rate contracts | $ | (2) |  | (3) |  | Interest expense, net
| (10) |  | (21) |  | Total before tax
Less: Tax effect | 3 |  | 5 |  | Income tax expense
| $ | (7) |  | $ | (16) |  | Net of tax
Total reclassifications for the period | $ | (23) |  | $ | (49) |  | Total net of tax
(a) Amounts in parentheses indicate reductions to net income
| Amounts reclassified from AOCI (a) |
(in millions) | Three months ended June 30, 2020 | Six months ended June 30, 2020 | Location of impact in income statement
Amortization of pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (15) |  | $ | (30) |  | Other (income) expense, net
Less: Tax effect | 3 |  | 6 |  | Income tax expense
| $ | (12) |  | $ | (24) |  | Net of tax
Gains on hedging activities |  |  |
Foreign exchange contracts | $ | 5 |  | $ | 4 |  | Cost of sales
Less: Tax effect | (1) |  | (1) |  | Income tax expense
| $ | 4 |  | $ | 3 |  | Net of tax
Total reclassifications for the period | $ | (8) |  | $ | (21) |  | Total net of tax

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