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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended
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Mar. 31, 2022
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 three months ended March 31, 2022 and 2021.
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Debt securities | Total
Gains (losses) |  |  |  |  |
Balance as of December 31, 2021 | $ | (2,907) |  | $ | (347) |  | $ | (126) |  | $ | — |  | $ | (3,380) |
Other comprehensive income (loss) before reclassifications | (15) |  | 2 |  | (1) |  | 1 |  | (13) |
Amounts reclassified from AOCI (a) | — |  | 7 |  | (1) |  | — |  | 6 |
Net other comprehensive income (loss) | (15) |  | 9 |  | (2) |  | 1 |  | (7) |
Balance as of March 31, 2022 | $ | (2,922) |  | $ | (338) |  | $ | (128) |  | $ | 1 |  | $ | (3,387) |
(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 | (208) |  | 13 |  | 3 |  | (192) |
Amounts reclassified from AOCI (a) | — |  | 17 |  | 9 |  | 26 |
Net other comprehensive income (loss) | (208) |  | 30 |  | 12 |  | (166) |
Balance as of March 31, 2021 | $ | (2,795) |  | $ | (544) |  | $ | (141) |  | $ | (3,480) |
(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 months ended March 31, 2022 and 2021.
| Amounts reclassified from AOCI (a) |
(in millions) | Three months ended March 31, 2022 | Three months ended March 31, 2021 | Location of impact in income statement
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (9) |  | $ | (21) |  | Other (income) expense, net
Less: Tax effect | 2 |  | 4 |  | Income tax expense
| $ | (7) |  | $ | (17) |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | 2 |  | $ | (10) |  | Cost of sales
Interest rate contracts | (1) |  | (1) |  | Interest expense, net
| 1 |  | (11) |  | Total before tax
Less: Tax effect | — |  | 2 |  | Income tax expense
| $ | 1 |  | $ | (9) |  | Net of tax
Total reclassifications for the period | $ | (6) |  | $ | (26) |  | Total net of tax
(a) Amounts in parentheses indicate reductions to net income

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