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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended
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Jun. 30, 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 six months ended June 30, 2022 and 2021.
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Available-for-sale Debt securities | Total
Gains (losses) |  |  |  |  |
Balance as of December 31, 2021 | $ | (2,907) |  | $ | (347) |  | $ | (126) |  | $ | — |  | $ | (3,380) |
Other comprehensive income (loss) before reclassifications | (432) |  | 19 |  | 13 |  | 2 |  | (398) |
Amounts reclassified from AOCI (a) | — |  | 13 |  | (2) |  | — |  | 11 |
Net other comprehensive income (loss) | (432) |  | 32 |  | 11 |  | 2 |  | (387) |
Balance as of June 30, 2022 | $ | (3,339) |  | $ | (315) |  | $ | (115) |  | $ | 2 |  | $ | (3,767) |
(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) |
(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, 2022 and 2021.
| Amounts reclassified from AOCI (a) |
(in millions) | Three months ended June 30, 2022 | Six months ended June 30, 2022 | Location of impact in income statement
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (8) |  | $ | (17) |  | Other (income) expense, net
Less: Tax effect | 2 |  | 4 |  | Income tax expense
| $ | (6) |  | $ | (13) |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | 3 |  | $ | 5 |  | Cost of sales
Interest rate contracts | (2) |  | (3) |  | Interest expense, net
| 1 |  | 2 |  | Total before tax
Less: Tax effect | — |  | — |  | Income tax expense
| $ | 1 |  | $ | 2 |  | Net of tax
Total reclassifications for the period | $ | (5) |  | $ | (11) |  | Total net of tax
(a) Amounts in parentheses indicate reductions to net income

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