ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2024

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) includes all changes in stockholders’ equity that do not arise from transactions with stockholders, and consists of net income (loss), CTA, certain gains and losses from pension and other postretirement employee benefit (OPEB) plans, certain gains and losses from hedging activities and unrealized gains and losses on available-for-sale debt securities.

The following table is a net-of-tax summary of the changes in AOCI by component for the years ended December 31, 2024, 2023, and 2022.


(in millions)	CTA		Pension and OPEB plans		Hedging activities		Available-for-sale debt securities		Total
Gains (losses)
Balance as of December 31, 2023	$	(2,985)	$	(452)	$	(120)	$	3	$	(3,554)
Other comprehensive income (loss) before reclassifications	(445)		(19)		10		—		(454)
Amounts reclassified from AOCI (a)	—		(4)		2		—		(2)
Net other comprehensive income (loss)	(445)		(23)		12		—		(456)
Balance as of December 31, 2024	$	(3,430)	$	(475)	$	(108)	$	3	$	(4,010)


(in millions)	CTA		Pension and OPEB plans		Hedging activities		Available-for-sale debt securities		Total
Gains (losses)
Balance as of December 31, 2022	$	(3,386)	$	(331)	$	(119)	$	3	$	(3,833)

Other comprehensive income (loss) before reclassifications	216		(106)		5		—		115
Amounts reclassified from AOCI (a)	185		(15)		(6)		—		164
Net other comprehensive income (loss)	401		(121)		(1)		—		279
Balance as of December 31, 2023	$	(2,985)	$	(452)	$	(120)	$	3	$	(3,554)


(in millions)	CTA		Pension and OPEB plans		Hedging activities		Available-for-sale debt securities		Total
Gains (losses)
Balance as of December 31, 2021	$	(2,907)	$	(347)	$	(126)	$	—	$	(3,380)

Other comprehensive income (loss) before reclassifications	(544)		(9)		22		3		(528)
Amounts reclassified from AOCI (a)	65		25		(15)		—		75
Net other comprehensive income (loss)	(479)		16		7		3		(453)
Balance as of December 31, 2022	$	(3,386)	$	(331)	$	(119)	$	3	$	(3,833)

(a) See table below for details about these reclassifications.

The following table is a summary of the amounts reclassified from AOCI to net income (loss) during the years ended December 31, 2024 and 2023.


	Amounts reclassified from AOCI (a)
(in millions)	2024		2023		2022		Location of impact in income statement
CTA
Reclassification of cumulative translation loss to earnings	$	—	$	—	$	(65)	Other (income) expense, net
Reclassification of cumulative translation loss to earnings from BPS divestiture	—		(185)		$	—	Income (loss) from discontinued operations, net of tax
	—		(185)		(65)		Total before tax
Less: Tax effect	—		—		—		Income tax expense (benefit)
	$	—	$	(185)	$	(65)	Net of tax
Pension and OPEB items
Amortization of net losses and prior service costs or credits	$	6	$	18	$	(30)	Other (income) expense, net
Settlement charges	—		(2)		(1)		Other (income) expense, net
Pension settlement from BPS divestiture	—		4		—		Income (loss) from discontinued operations, net of tax
	6		20		(31)		Total before tax
Less: Tax effect	(2)		(5)		6		Income tax expense (benefit)
	$	4	$	15	$	(25)	Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts	$	8	$	16	$	26	Cost of sales
Interest rate contracts	(6)		(6)		(6)		Interest expense, net
Fair value hedges	(5)		(3)		—		Other (income) expense, net
	(3)		7		20		Total before tax
Less: Tax effect	1		(1)		(5)		Income tax expense (benefit)
	$	(2)	$	6	$	15	Net of tax
Total reclassifications for the period	$	2	$	(164)	$	(75)	Total net of tax

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

Refer to Note 4 for additional information regarding the reclassification of a cumulative translation loss to earnings, Note 13 for additional information regarding the amortization of pension and OPEB items and Note 16 for additional information regarding hedging activity.