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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended
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Jun. 30, 2024
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 six months ended June 30, 2024 and 2023.
| Gains (losses)
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Available-for-sale debt securities | Total
Balance as of December 31, 2023 | $ | (2,985) |  | $ | (452) |  | $ | (120) |  | $ | 3 |  | $ | (3,554) |
Other comprehensive income (loss) before reclassifications | (288) |  | 5 |  | 9 |  | — |  | (274) |
Amounts reclassified from AOCI (a) | — |  | (2) |  | 2 |  | — |  | — |
Net other comprehensive income (loss) | (288) |  | 3 |  | 11 |  | — |  | (274) |
Balance as of June 30, 2024 | $ | (3,273) |  | $ | (449) |  | $ | (109) |  | $ | 3 |  | $ | (3,828) |
| 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 | 25 |  | (4) |  | 8 |  | — |  | 29 |
Amounts reclassified from AOCI (a) | — |  | (7) |  | (3) |  | — |  | (10) |
Net other comprehensive income (loss) | 25 |  | (11) |  | 5 |  | — |  | 19 |
Balance as of June 30, 2023 | $ | (3,361) |  | $ | (342) |  | $ | (114) |  | $ | 3 |  | $ | (3,814) |
(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 (loss) during the three and six months ended June 30, 2024 and 2023.
| Amounts reclassified from AOCI (a) |
(in millions) | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Location of impact in income statement
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | 1 |  | $ | 3 |  | Other (income) expense, net
Less: Tax effect | — |  | (1) |  | Income tax expense
| $ | 1 |  | $ | 2 |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | 3 |  | $ | 5 |  | Cost of sales
Interest rate contracts | (2) |  | (3) |  | Interest expense, net
Fair value hedges | (2) |  | (5) |  | Other (income) expense, net
| (1) |  | (3) |  | Total before tax
Less: Tax effect | 1 |  | 1 |  | Income tax expense
| $ | — |  | $ | (2) |  | Net of tax
Total reclassifications for the period | $ | 1 |  | $ | — |  | Total net of tax
| Amounts reclassified from AOCI (a) |
(in millions) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | Location of impact in income statement
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | 5 |  | $ | 10 |  | Other (income) expense, net
Less: Tax effect | (1) |  | (3) |  | Income tax expense
| $ | 4 |  | $ | 7 |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | 3 |  | $ | 7 |  | Cost of sales
Interest rate contracts | (2) |  | (3) |  | Interest expense, net
| 1 |  | 4 |  | Total before tax
Less: Tax effect | — |  | (1) |  | Income tax expense
| $ | 1 |  | $ | 3 |  | Net of tax
Total reclassifications for the period | $ | 5 |  | $ | 10 |  | Total net of tax
(a) Amounts in parentheses indicate reductions to net income

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