ACCUMULATED OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2020

Comprehensive income includes all changes in stockholders’ equity that do not arise from transactions with stockholders, and consists of net income, currency translation adjustments (CTA), certain gains and losses from pension and other postretirement employee benefit (OPEB) plans and gains and losses on cash flow hedges.

The following table is a net-of-tax summary of the changes in AOCI by component for the three months ended March 31, 2020 and 2019.


(in millions)	CTA		Pension and OPEB plans		Hedging activities		Total
Gains (losses)
Balance as of December 31, 2019	$	(2,954)	$	(715)	$	(41)	$	(3,710)
Other comprehensive income (loss) before reclassifications	(359)		10		(131)		(480)
Amounts reclassified from AOCI (a)	—		12		1		13
Net other comprehensive income (loss)	(359)		22		(130)		(467)
Balance as of March 31, 2020	$	(3,313)	$	(693)	$	(171)	$	(4,177)


	As Restated
(in millions)	CTA		Pension and OPEB plans		Hedging activities		Total
Gains (losses)
Balance as of December 31, 2018	$	(2,868)	$	(954)	$	(1)	$	(3,823)
Adoption of new accounting standard	9		(169)		(1)		(161)
Other comprehensive income (loss) before reclassifications	(97)		7		(15)		(105)
Amounts reclassified from AOCI (a)	—		7		—		7
Net other comprehensive income (loss)	(97)		14		(15)		(98)
Balance as of March 31, 2019	$	(2,956)	$	(1,109)	$	(17)	$	(4,082)

(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 months ended March 31, 2020 and 2019.


	Amounts reclassified from AOCI (a)
			As Restated
(in millions)	Three months ended March 31, 2020		Three months ended March 31, 2019		Location of impact in income statement
Amortization of pension and OPEB items
Amortization of net losses and prior service costs or credits	$	(15)	$	(8)	Other (income) expense, net
Less: Tax effect	3		1		Income tax expense
	$	(12)	$	(7)	Net of tax
Gains on hedging activities
Foreign exchange contracts	$	(1)	$	—	Cost of sales
Less: Tax effect	—		—		Income tax expense
	$	(1)	$	—	Net of tax
Total reclassifications for the period	$	(13)	$	(7)	Total net of tax

(a) Amounts in parentheses indicate reductions to net income.

Refer to Note 12 for additional information regarding the amortization of pension and OPEB items and Note 15 for additional information regarding hedging activity.