ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

9 Months Ended

Sep. 30, 2022

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