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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Summary of Changes in AOCI by Component | The following table is a net-of-tax summary of the changes in AOCI by component for the years ended December 31, 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 (loss) income before reclassifications | (320) |  | 160 |  | 4 |  | (156) |
Amounts reclassified from AOCI (a) | — |  | 67 |  | 23 |  | 90 |
Net other comprehensive (loss) income | (320) |  | 227 |  | 27 |  | (66) |
Balance as of December 31, 2021 | $ | (2,907) |  | $ | (347) |  | $ | (126) |  | $ | (3,380) |
(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 | 367 |  | 59 |  | (117) |  | 309 |
Amounts reclassified from AOCI (a) | — |  | 82 |  | 5 |  | 87 |
Net other comprehensive (loss) income | 367 |  | 141 |  | (112) |  | 396 |
Balance as of December 31, 2020 | $ | (2,587) |  | $ | (574) |  | $ | (153) |  | $ | (3,314) |
(a) See table below for details about these reclassifications.
Summary of Reclassification from AOCI to Net Income | The following table is a summary of the amounts reclassified from AOCI to net income during the years ended December 31, 2021 and 2020.
| Amounts reclassified from AOCI (a) |
(in millions) | 2021 | 2020 | Location of impact in income statement
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (82) |  | $ | (59) |  | Other expense, net
Settlement charges | (2) |  | (46) |  | Other expense, net
| (84) |  | (105) |  | Total before tax
Less: Tax effect | 17 |  | 23 |  | Income tax expense
| $ | (67) |  | $ | (82) |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | (23) |  | $ | (5) |  | Cost of sales
Interest rate contracts | (6) |  | (1) |  | Interest expense, net
| (29) |  | (6) |  | Total before tax
Less: Tax effect | 6 |  | 1 |  | Income tax expense
| $ | (23) |  | $ | (5) |  | Net of tax
Total reclassification for the period | $ | (90) |  | $ | (87) |  | Total net of tax
(a)Amounts in parentheses indicate reductions to net income.

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