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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Comprehensive income (loss) includes all changes in stockholders’ equity that do not arise from transactions with stockholders, and consists of net income (loss), CTA, certain gains and losses from pension and other postretirement employee benefit (OPEB) plans, gains and losses on cash flow hedges and unrealized gains and losses on available-for-sale debt securities. The following table is a net-of-tax summary of the changes in AOCI by component for the years ended December 31, 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 | (544) |  | (9) |  | 22 |  | 3 |  | (528) |
Amounts reclassified from AOCI (a) | 65 |  | 25 |  | (15) |  | — |  | 75 |
Net other comprehensive income (loss) | (479) |  | 16 |  | 7 |  | 3 |  | (453) |
Balance as of December 31, 2022 | $ | (3,386) |  | $ | (331) |  | $ | (119) |  | $ | 3 |  | $ | (3,833) |
(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 | (320) |  | 160 |  | 4 |  | (156) |
Amounts reclassified from AOCI (a) | — |  | 67 |  | 23 |  | 90 |
Net other comprehensive income (loss) | (320) |  | 227 |  | 27 |  | (66) |
Balance as of December 31, 2021 | $ | (2,907) |  | $ | (347) |  | $ | (126) |  | $ | (3,380) |
(a) See table below for details about these reclassifications. The following table is a summary of the amounts reclassified from AOCI to net income (loss) during the years ended December 31, 2022 and 2021.
| Amounts reclassified from AOCI (a) |
(in millions) | 2022 | 2021 | Location of impact in income statement
CTA |  |  |
Reclassification of cumulative translation loss to earnings | $ | (65) |  | $ | — |  | Other (income) expense, net
| (65) |  | — |  |
Less: Tax effect | — |  | — |  | Income tax expense (benefit)
| $ | (65) |  | $ | — |  |
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | (30) |  | $ | (82) |  | Other (income) expense, net
Settlement charges | (1) |  | (2) |  | Other (income) expense, net
| (31) |  | (84) |  | Total before tax
Less: Tax effect | 6 |  | 17 |  | Income tax expense (benefit)
| $ | (25) |  | $ | (67) |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | 26 |  | $ | (23) |  | Cost of sales
Interest rate contracts | (6) |  | (6) |  | Interest expense, net
| 20 |  | (29) |  | Total before tax
Less: Tax effect | (5) |  | 6 |  | Income tax expense (benefit)
| $ | 15 |  | $ | (23) |  | Net of tax
Total reclassifications for the period | $ | (75) |  | $ | (90) |  | Total net of tax
(a)Amounts in parentheses indicate reductions to net income. Refer to Note 3 for additional information regarding the reclassification of a cumulative translation loss to earnings, Note 12 for additional information regarding the amortization of pension and OPEB items and Note 15 for additional information regarding hedging activity.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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