ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2024

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, 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.

Summary of Reclassification from AOCI to Net Income

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.