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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive income includes all changes in stockholders’ equity that do not arise from transactions with stockholders, and consists of net income (loss), cumulative translation adjustments (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 accumulated other comprehensive income (loss) (AOCI) by component for the nine months ended September 30, 2023 and 2022.
| Gains (losses)
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Available-for-sale debt securities | Total
Balance as of December 31, 2022 | $ | (3,386) |  | $ | (331) |  | $ | (119) |  | $ | 3 |  | $ | (3,833) |
Other comprehensive income (loss) before reclassifications | (62) |  | — |  | 15 |  | — |  | (47) |
Amounts reclassified from AOCI (a) | 185 |  | (16) |  | (5) |  | — |  | 164 |
Net other comprehensive income (loss) | 123 |  | (16) |  | 10 |  | — |  | 117 |
Balance as of September 30, 2023 | $ | (3,263) |  | $ | (347) |  | $ | (109) |  | $ | 3 |  | $ | (3,716) |
| Gains (losses)
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Available-for-sale debt securities | Total
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) |
(a) See table below for details about these reclassifications. The following is a summary of the amounts reclassified from AOCI to net income during the three and nine months ended September 30, 2023 and 2022.
| Amounts reclassified from AOCI (a) |
(in millions) | Three months ended September 30, 2023 | Nine months ended September 30, 2023 | Location of impact in income statement
CTA |  |  |
Reclassification of cumulative translation loss to earnings from BPS divestiture | $ | (185) |  | $ | (185) |  | Income from discontinued operations, net of tax
Less: Tax effect | — |  | — |  | Income from discontinued operations, net of tax
| $ | (185) |  | $ | (185) |  | Net of tax
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | 5 |  | $ | 15 |  | Other (income) expense, net
Pension settlement from BPS divestiture | 4 |  | 4 |  | Income from discontinued operations, net of tax
| 9 |  | 19 |  |
Less: Tax effect | — |  | (3) |  | Income tax expense
| $ | 9 |  | $ | 16 |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | 3 |  | $ | 10 |  | Cost of sales
Interest rate contracts | (1) |  | (4) |  | Interest expense, net
| 2 |  | 6 |  | Total before tax
Less: Tax effect | — |  | (1) |  | Income tax expense
| $ | 2 |  | $ | 5 |  | Net of tax
Total reclassifications for the period | $ | (174) |  | $ | (164) |  | 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, 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
Amortization of 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 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
Refer to Note 11 for additional information regarding the amortization of pension and OPEB items and Note 14 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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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