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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Summary of Changes in AOCI by Component | The following table is a net-of-tax summary of the changes in AOCI by component for the years ended December 31, 2023 and 2022.
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Available-for-sale debt securities | Total
Gains (losses) |  |  |  |  |
Balance as of December 31, 2022 | $ | (3,386) |  | $ | (331) |  | $ | (119) |  | $ | 3 |  | $ | (3,833) |
Other comprehensive income (loss) before reclassifications | 216 |  | (106) |  | 5 |  | — |  | 115 |
Amounts reclassified from AOCI (a) | 185 |  | (15) |  | (6) |  | — |  | 164 |
Net other comprehensive income (loss) | 401 |  | (121) |  | (1) |  | — |  | 279 |
Balance as of December 31, 2023 | $ | (2,985) |  | $ | (452) |  | $ | (120) |  | $ | 3 |  | $ | (3,554) |
(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) |
(a) See table below for details about these reclassifications.
Summary of Reclassification from AOCI to Net Income | The following table is a summary of the amounts reclassified from AOCI to net income (loss) during the years ended December 31, 2023 and 2022.
| Amounts reclassified from AOCI (a) |
(in millions) | 2023 | 2022 | Location of impact in income statement
CTA |  |  |
Reclassification of cumulative translation loss to earnings | $ | — |  | $ | (65) |  | Other (income) expense, net
Reclassification of cumulative translation loss to earnings from BPS divestiture | (185) |  | — |  | Income from discontinued operations, net of tax
| (185) |  | (65) |  |
Less: Tax effect | — |  | — |  | Income tax expense (benefit)
| $ | (185) |  | $ | (65) |  |
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | 18 |  | $ | (30) |  | Other (income) expense, net
Settlement charges | (2) |  | (1) |  | Other (income) expense, net
Pension settlement from BPS divestiture | 4 |  | — |  | Income from discontinued operations, net of tax
| 20 |  | (31) |  | Total before tax
Less: Tax effect | (5) |  | 6 |  | Income tax expense (benefit)
| $ | 15 |  | $ | (25) |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | 16 |  | $ | 26 |  | Cost of sales
Interest rate contracts | (6) |  | (6) |  | Interest expense, net
Fair value hedges | (3) |  | — |  | Other (income) expense, net
| 7 |  | 20 |  | Total before tax
Less: Tax effect | (1) |  | (5) |  | Income tax expense (benefit)
| $ | 6 |  | $ | 15 |  | Net of tax
Total reclassifications for the period | $ | (164) |  | $ | (75) |  | Total net of tax
(a)Amounts in parentheses indicate reductions to net income.

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