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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Summary of Changes in AOCI Income (Loss) 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 nine months ended September 30, 2024 and 2023.
Gains (losses)
(in millions)CTAPension and OPEB plansHedging activitiesAvailable-for-sale debt securitiesTotal
Balance as of December 31, 2023
$(2,985)$(452)$(120)$3 $(3,554)
Other comprehensive income (loss) before reclassifications(92)— 2 — (90)
Amounts reclassified from AOCI (a)— (3)— — (3)
Net other comprehensive income (loss) (92)(3)2 — (93)
Balance as of September 30, 2024$(3,077)$(455)$(118)$3 $(3,647)
Gains (losses)
(in millions)CTAPension and OPEB plansHedging activitiesAvailable-for-sale debt securitiesTotal
Balance as of December 31, 2022$(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)
(a)    See table below for details about these reclassifications.
Summary of Reclassification from AOCI to Net Income (Loss)
The following is a summary of the amounts reclassified from AOCI to net income (loss) during the three and nine months ended September 30, 2024 and 2023.
Amounts reclassified from AOCI (a)
(in millions)Three Months Ended September 30, 2024Nine Months Ended September 30, 2024Location of impact in income statement
Pension and OPEB items
Amortization of net losses and prior service costs or credits$1 $4 Other (income) expense, net
Less: Tax effect— (1)Income tax expense
$1 $3 Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts$4 $9 Cost of sales
Interest rate contracts(1)(4)Interest expense, net
Fair value hedges— (5)Other (income) expense, net
3 — Total before tax
Less: Tax effect(1)— Income tax expense
$2 $— Net of tax
Total reclassifications for the period$3 $3 Total net of tax
Amounts reclassified from AOCI (a)
(in millions)Three Months Ended September 30, 2023Nine Months Ended September 30, 2023Location of impact in income statement
CTA
Reclassification of cumulative translation loss to earnings from BPS divestiture$(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 divestiture4 4 Income from discontinued operations, net of tax
9 19 Total before tax
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