ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Tax Effects on Components of Other Comprehensive Income (Loss)

The tax effect for each component of other comprehensive income (loss) consisted of the following (in millions):


	Three Months Ended September 30, 2022
	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	(23)	$	13	$	(10)
Changes in retirement plans’ funded status	(21)		7		(14)
Foreign currency translation	96		—		96
Share of other comprehensive income (loss) of entities using the equity method	(13)		—		(13)
Other comprehensive income (loss)	$	39	$	20	$	59


	Nine Months Ended September 30, 2022
	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	(103)	$	14	$	(89)
Changes in retirement plans’ funded status	(89)		25		(64)
Foreign currency translation	427		—		427
Share of other comprehensive income (loss) of entities using the equity method	(42)		—		(42)
Other comprehensive income (loss)	$	193	$	39	$	232


	Three Months Ended September 30, 2021
	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	41	$	(1)	$	40
Changes in retirement plans’ funded status	15		(2)		13
Foreign currency translation	(34)		—		(34)
Share of other comprehensive income (loss) of entities using the equity method	(46)		—		(46)
Other comprehensive income (loss)	$	(24)	$	(3)	$	(27)


	Nine Months Ended September 30, 2021
	Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	(29)	$	(4)	$	(33)
Changes in retirement plans’ funded status	(34)		13		(21)
Foreign currency translation	172		—		172
Share of other comprehensive income (loss) of entities using the equity method	(67)		—		(67)
Other comprehensive income (loss)	$	42	$	9	$	51

Summary of Changes in Other Comprehensive Income (Loss)

The changes, net of tax, in each component of accumulated other comprehensive income (loss) consisted of the following (in millions):


	Unrealized Gain (Loss) on Cash Flow Hedges		Change in Retirement Plans’ Funded Status		Foreign Currency Translation		Share of Other Comprehensive Income (Loss) of Entities Using the Equity Method		Total
Balance, January 1, 2021	$	(6)	$	(653)	$	(1,884)	$	(133)	$	(2,676)
Other comprehensive income (loss), before reclassifications	(25)		82		169		(67)		159
Amounts reclassified from other comprehensive income	(8)		(103)		—		—		(111)
Other comprehensive income (loss)*	(33)		(21)		169		(67)		48
Balance, September 30, 2021	$	(39)	$	(674)	$	(1,715)	$	(200)	$	(2,628)

Balance, January 1, 2022	$	2	$	(324)	$	(1,951)	$	(224)	$	(2,497)
Other comprehensive income (loss), before reclassifications	(180)		36		428		(42)		242
Amounts reclassified from other comprehensive income	91		(100)		—		—		(9)
Other comprehensive income (loss)*	(89)		(64)		428		(42)		233
Balance, September 30, 2022	$	(87)	$	(388)	$	(1,523)	$	(266)	$	(2,264)

(*)Excluded from the table above is other comprehensive income (loss) allocated to noncontrolling interests of $1 million and $3 million for the nine months ended September 30, 2022 and 2021, respectively.

Summary of Reclassification of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges recognized in accumulated other comprehensive income (loss) and net income (loss) during the three and nine months ended September 30, 2022 and 2021 (in millions):


			Recognized in Net Income
For the Three Months Ended September 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2022
Foreign exchange contracts	$	(87)
			Net sales	—
			Cost of goods sold	(77)
			Other, net	8
Interest rate contracts	1		Interest expense	8
Total	$	(86)		$	(61)
2021
Foreign exchange contracts	$	27
			Net sales	1
			Cost of goods sold	(9)
			Other, net	—
Interest rate contracts	8		Interest expense	1
Total	$	35		$	(7)


			Recognized in Net Income
For the Nine Months Ended September 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2022
Foreign exchange contracts	$	(248)
			Net sales	2
			Cost of goods sold	(135)
			Other, net	4
Interest rate contracts	41		Interest expense	25
Total	$	(207)		$	(104)
2021
Foreign exchange contracts	$	(54)
			Net sales	(2)
			Cost of goods sold	18
			Other, net	(6)
Interest rate contracts	33		Interest expense	(2)
Total	$	(21)		$	8

Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in the three and nine months ended September 30, 2022 and 2021 consisted of the following:


	Amounts Reclassified from Other Comprehensive Income (Loss)				Amount Reclassified from Other Comprehensive Income (Loss)				Consolidated Statement of Operations Line
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in millions)				(in millions)
Cash flow hedges	$	—	$	(1)	$	(2)	$	2	Net sales
	77		9		135		(18)		Cost of goods sold
	(8)		—		(4)		6		Other, net
	(8)		(1)		(25)		2		Interest expense
	(5)		(1)		(13)		—		Income taxes
	$	56	$	6	$	91	$	(8)
Change in retirement plans’ funded status:
Amortization of actuarial losses	$	5	$	8	$	16	$	23	*
Amortization of prior service cost	(31)		(34)		(94)		(102)		*
	(8)		(16)		(22)		(24)		Income taxes
	$	(34)	$	(42)	$	(100)	$	(103)
Total reclassifications, net of tax	$	22	$	(36)	$	(9)	$	(111)

(*) These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 6: Employee Benefit Plans and Postretirement Benefits” for additional information.