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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended
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Sep. 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 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.
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 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

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