ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 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 three months ended March 31, 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	(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)

	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	102		(3)		—		—		99
Amounts reclassified from AOCI (a)	—		(3)		(2)		—		(5)
Net other comprehensive income (loss)	102		(6)		(2)		—		94
Balance as of March 31, 2023	$	(3,284)	$	(337)	$	(121)	$	3	$	(3,739)

(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 during the three months ended March 31, 2024 and 2023.

	Amounts reclassified from AOCI (a)
(in millions)	Three months ended March 31, 2024		Three months ended March 31, 2023		Location of impact in income statement
Pension and OPEB items
Amortization of net losses and prior service costs or credits	$	2	$	5	Other income, net
Less: Tax effect	(1)		(2)		Income tax expense
	$	1	$	3	Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts	$	2	$	4	Cost of sales
Interest rate contracts	(1)		(1)		Interest expense, net
Fair value hedges	(3)		—		Other income, net
	(2)		3		Total before tax
Less: Tax effect	—		(1)		Income tax expense
	$	(2)	$	2	Net of tax
Total reclassifications for the period	$	(1)	$	5	Total net of tax

(a)    Amounts in parentheses indicate reductions to net income