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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended
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Sep. 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 income (loss) (AOCI) by component for the nine months ended September 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 | (816) |  | 29 |  | 33 |  | 2 |  | (752) |
Amounts reclassified from AOCI (a) | 65 |  | 19 |  | (6) |  | — |  | 78 |
Net other comprehensive income (loss) | (751) |  | 48 |  | 27 |  | 2 |  | (674) |
Balance as of September 30, 2022 | $ | (3,658) |  | $ | (299) |  | $ | (99) |  | $ | 2 |  | $ | (4,054) |
(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) |
(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, 2022 and 2021.
| Amounts reclassified from AOCI (a) |
(in millions) | Three months ended September 30, 2022 | Nine months ended September 30, 2022 | Location of impact in income statement
CTA |  |  |
Reclassification of cumulative translation loss to earnings | $ | (65) |  | $ | (65) |  | Other (income) expense, net
Less: Tax effect | — |  | — |  | Income tax expense
| $ | (65) |  | $ | (65) |  | Net of tax
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (8) |  | $ | (25) |  | Other (income) expense, net
Less: Tax effect | 2 |  | 6 |  | Income tax expense
| $ | (6) |  | $ | (19) |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | 6 |  | $ | 11 |  | Cost of sales
Interest rate contracts | (1) |  | (4) |  | Interest expense, net
| 5 |  | 7 |  | Total before tax
Less: Tax effect | (1) |  | (1) |  | Income tax expense
| $ | 4 |  | $ | 6 |  | Net of tax
Total reclassifications for the period | $ | (67) |  | $ | (78) |  | 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, 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 (income) expense, net
Less: Tax effect | 4 |  | 12 |  | Income tax expense
| $ | (17) |  | $ | (50) |  | Net of tax
Gains 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

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