| | | 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, gains and losses on cash flow hedges 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, 2022 and 2021. | | | | | | | | | | | | | | | | | | | (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) | |
| | | | | | | | | | | | | | | | (in millions) | CTA | Pension and OPEB plans | Hedging
activities | Total | | Gains (losses) | | | | | | Balance as of December 31, 2020 | $ | (2,587) | | $ | (574) | | $ | (153) | | $ | (3,314) | | | | | | | | Other comprehensive income (loss) before reclassifications | (320) | | 160 | | 4 | | (156) | | | Amounts reclassified from AOCI (a) | — | | 67 | | 23 | | 90 | | | Net other comprehensive income (loss) | (320) | | 227 | | 27 | | (66) | | | Balance as of December 31, 2021 | $ | (2,907) | | $ | (347) | | $ | (126) | | $ | (3,380) | |
(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, 2022 and 2021. | | | | | | | | | | | | | Amounts reclassified from AOCI (a) | | | (in millions) | 2022 | 2021 | Location of impact
in income statement | | CTA | | | | | Reclassification of cumulative translation loss to earnings | $ | (65) | | $ | — | | Other (income) expense, net | | (65) | | — | | | | Less: Tax effect | — | | — | | Income tax expense (benefit) | | $ | (65) | | $ | — | | | | Pension and OPEB items | | | | | Amortization of net losses and prior service costs or credits | $ | (30) | | $ | (82) | | Other (income) expense, net | | Settlement charges | (1) | | (2) | | Other (income) expense, net | | (31) | | (84) | | Total before tax | | Less: Tax effect | 6 | | 17 | | Income tax expense (benefit) | | $ | (25) | | $ | (67) | | Net of tax | | Gains (losses) on hedging activities | | | | | Foreign exchange contracts | $ | 26 | | $ | (23) | | Cost of sales | | Interest rate contracts | (6) | | (6) | | Interest expense, net | | 20 | | (29) | | Total before tax | | Less: Tax effect | (5) | | 6 | | Income tax expense (benefit) | | $ | 15 | | $ | (23) | | Net of tax | | Total reclassifications for the period | $ | (75) | | $ | (90) | | Total net of tax |
(a)Amounts in parentheses indicate reductions to net income. Refer to Note 3 for additional information regarding the reclassification of a cumulative translation loss to earnings, Note 12 for additional information regarding the amortization of pension and OPEB items and Note 15 for additional information regarding hedging activity.
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