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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended
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Mar. 31, 2025
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 three months ended March 31, 2025 and 2024.
| Gains (losses)
(in millions) | CTA | Pension and OPEB plans | Hedging activities | Available-for-sale debt securities | Total
Balance as of December 31, 2024 | $ | (3,430) |  | $ | (475) |  | $ | (108) |  | $ | 3 |  | $ | (4,010) |
Other comprehensive income (loss) before reclassifications | (57) |  | 14 |  | — |  | — |  | (43) |
Amounts reclassified from AOCI (a) | 126 |  | (13) |  | (2) |  | — |  | 111 |
Net other comprehensive income (loss) | 69 |  | 1 |  | (2) |  | — |  | 68 |
Balance as of March 31, 2025 | $ | (3,361) |  | $ | (474) |  | $ | (110) |  | $ | 3 |  | $ | (3,942) |
| 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 | (180) |  | 5 |  | 6 |  | — |  | (169) |
Amounts reclassified from AOCI (a) | — |  | (1) |  | 2 |  | — |  | 1 |
Net other comprehensive income (loss) | (180) |  | 4 |  | 8 |  | — |  | (168) |
Balance as of March 31, 2024 | $ | (3,165) |  | $ | (448) |  | $ | (112) |  | $ | 3 |  | $ | (3,722) |
(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 months ended March 31, 2025 and 2024.
| Amounts reclassified from AOCI (a) |
(in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Location of impact in income statement
CTA |  |  |
Reclassification of cumulative translation loss to earnings from Kidney Care separation | $ | (126) |  | $ | — |  | Income from discontinued operations, net of tax
Less: Tax effect | — |  | — |  | Income from discontinued operations, net of tax
| $ | (126) |  | $ | — |  | Net of tax
Pension and OPEB items |  |  |
Amortization of net losses and prior service costs or credits | $ | 3 |  | $ | 2 |  | Other (income) expense, net
Pension settlement from Kidney Care separation | 14 |  | — |  | Income from discontinued operations, net of tax
| 17 |  | 2 |  | Total before tax
Less: Tax effect | (1) |  | (1) |  | Income tax expense
Less: Tax effect on pension settlement from Kidney Care separation | (3) |  | — |  | Income from discontinued operations, net of tax
| $ | 13 |  | $ | 1 |  | Net of tax
Gains (losses) on hedging activities |  |  |
Foreign exchange contracts | $ | (1) |  | $ | 2 |  | Cost of sales
Interest rate contracts | 4 |  | (1) |  | Interest expense, net
Fair value hedges | — |  | (3) |  | Other (income) expense, net
| 3 |  | (2) |  | Total before tax
Less: Tax effect | (1) |  | — |  | Income tax expense
| $ | 2 |  | $ | (2) |  | Net of tax
Total reclassifications for the period | $ | (111) |  | $ | (1) |  | Total net of tax
(a) Amounts in parentheses indicate reductions to net income

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