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ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOMEComprehensive income includes all changes in stockholders’ equity that do not arise from transactions with stockholders, and consists of net income, currency translation adjustments (CTA), certain gains and losses from pension and other postretirement employee benefit (OPEB) plans and gains and losses on cash flow hedges. The following table is a net-of-tax summary of the changes in accumulated other comprehensive (loss) income (AOCI) by component for the nine months ended September 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 | (257) |  | 13 |  | 5 |  | (239) |
Amounts reclassified from AOCI (a) | — |  | 50 |  | 21 |  | 71 |
Net other comprehensive income (loss) | (257) |  | 63 |  | 26 |  | (168) |
Balance as of September 30, 2021 | $ | (2,844) |  | $ | (511) |  | $ | (127) |  | $ | (3,482) |
(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 | (43) |  | (9) |  | (110) |  | (162) |
Amounts reclassified from AOCI (a) | — |  | 35 |  | (2) |  | 33 |
Net other comprehensive income (loss) | (43) |  | 26 |  | (112) |  | (129) |
Balance as of September 30, 2020 | $ | (2,997) |  | $ | (689) |  | $ | (153) |  | $ | (3,839) |
(a) See table below for details about these reclassifications. The following is a summary of the amounts reclassified from AOCI to net income during the three and nine months ended September 30, 2021 and 2020.
| Amounts reclassified from AOCI (a) |
(in millions) | Three months ended September 30, 2021 | Nine months ended September 30, 2021 | Location of impact in income statement
Amortization of pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (21) |  | $ | (62) |  | Other expense, net
Less: Tax effect | 4 |  | 12 |  | Income tax expense
| $ | (17) |  | $ | (50) |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | (5) |  | $ | (23) |  | Cost of sales
Interest rate contracts | (1) |  | (4) |  | Interest expense, net
| (6) |  | (27) |  | Total before tax
Less: Tax effect | 1 |  | 6 |  | Income tax expense
| $ | (5) |  | $ | (21) |  | Net of tax
Total reclassifications for the period | $ | (22) |  | $ | (71) |  | Total net of tax
(a) Amounts in parentheses indicate reductions to net income
| Amounts reclassified from AOCI (a) |
(in millions) | Three months ended September 30, 2020 | Nine months ended September 30, 2020 | Location of impact in income statement
Amortization of pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (14) |  | $ | (44) |  | Other expense, net
Less: Tax effect | 3 |  | 9 |  | Income tax expense
| $ | (11) |  | $ | (35) |  | Net of tax
Gains on hedging activities |  |  |
Foreign exchange contracts | $ | (2) |  | $ | 2 |  | Cost of sales
Less: Tax effect | 1 |  | — |  | Income tax expense
| $ | (1) |  | $ | 2 |  | Net of tax
Total reclassifications for the period | $ | (12) |  | $ | (33) |  | Total net of tax
(a) Amounts in parentheses indicate reductions to net income Refer to Note 11 for additional information regarding the amortization of pension and OPEB items and Note 14 for additional information regarding hedging activity.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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