ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2020

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, 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 (loss) income before reclassifications	367		59		(117)		309
Amounts reclassified from AOCI (a)	—		82		5		87
Net other comprehensive (loss) income	367		141		(112)		396
Balance as of December 31, 2020	$	(2,587)	$	(574)	$	(153)	$	(3,314)

(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	(95)		(184)		(36)		(315)
Amounts reclassified from AOCI (a)	—		592		(3)		589
Net other comprehensive (loss) income	(95)		408		(39)		274
Balance as of December 31, 2019	$	(2,954)	$	(715)	$	(41)	$	(3,710)

(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 during the years ended December 31, 2020 and 2019.

	Amounts reclassified from AOCI (a)
(in millions)	2020		2019		Location of impact in income statement
Pension and OPEB items
Amortization of net losses and prior service costs or credits	$	(59)	$	(31)	Other (income) expense, net
Settlement charges	(46)		(755)		Other (income) expense, net
	(105)		(786)		Total before tax
Less: Tax effect	23		194		Income tax expense
	$	(82)	$	(592)	Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts	$	(5)	$	4	Cost of sales
Interest rate contracts	(1)		—		Interest expense, net
	(6)		4		Total before tax
Less: Tax effect	1		(1)		Income tax expense
	$	(5)	$	3	Net of tax
Total reclassification for the period	$	(87)	$	(589)	Total net of tax

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