ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 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	(288)		5		9		—		(274)
Amounts reclassified from AOCI (a)	—		(2)		2		—		—
Net other comprehensive income (loss)	(288)		3		11		—		(274)
Balance as of June 30, 2024	$	(3,273)	$	(449)	$	(109)	$	3	$	(3,828)

	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	25		(4)		8		—		29
Amounts reclassified from AOCI (a)	—		(7)		(3)		—		(10)
Net other comprehensive income (loss)	25		(11)		5		—		19
Balance as of June 30, 2023	$	(3,361)	$	(342)	$	(114)	$	3	$	(3,814)

(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 (loss) during the three and six months ended June 30, 2024 and 2023.

	Amounts reclassified from AOCI (a)
(in millions)	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024		Location of impact in income statement
Pension and OPEB items
Amortization of net losses and prior service costs or credits	$	1	$	3	Other (income) expense, net
Less: Tax effect	—		(1)		Income tax expense
	$	1	$	2	Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts	$	3	$	5	Cost of sales
Interest rate contracts	(2)		(3)		Interest expense, net
Fair value hedges	(2)		(5)		Other (income) expense, net
	(1)		(3)		Total before tax
Less: Tax effect	1		1		Income tax expense
	$	—	$	(2)	Net of tax
Total reclassifications for the period	$	1	$	—	Total net of tax

	Amounts reclassified from AOCI (a)
(in millions)	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023		Location of impact in income statement
Pension and OPEB items
Amortization of net losses and prior service costs or credits	$	5	$	10	Other (income) expense, net
Less: Tax effect	(1)		(3)		Income tax expense
	$	4	$	7	Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts	$	3	$	7	Cost of sales
Interest rate contracts	(2)		(3)		Interest expense, net
	1		4		Total before tax
Less: Tax effect	—		(1)		Income tax expense
	$	1	$	3	Net of tax
Total reclassifications for the period	$	5	$	10	Total net of tax

(a)    Amounts in parentheses indicate reductions to net income