Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss)

The components of Accumulated Other Comprehensive Income (Loss) are as follows (in millions):


	Foreign Currency Translation		Unrealized Gain (Loss) on Cash Flow Hedges		Unrealized Gain (Loss) on Pension Plans		Other Comprehensive Income (Loss) from Unconsolidated Subsidiaries		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2021	$	(57)	$	(1)	$	(33)	$	(8)	$	(99)
Pretax (loss) income	(64)		3		11		—		(50)
Income tax effect	—		(1)		(3)		—		(4)
Reclassification of unrealized (gain) loss	—		(2)		2		—		—
Reclassification of deferred income taxes	—		1		(1)		—		—


Balance as of December 31, 2021	$	(121)	$	—	$	(24)	$	(8)	$	(153)
Pretax (loss) income	(216)		—		49		—		(167)
Income tax effect	—		—		(14)		—		(14)


Disposal of business	4		—		—		—		4
Other comprehensive income from unconsolidated subsidiaries	—		—		—		7		7
Balance as of December 31, 2022	$	(333)	$	—	$	11	$	(1)	$	(323)
Pretax income (loss)	90		(12)		(4)		—		74
Income tax effect	—		3		1		—		4
Reclassification of unrealized gain	—		(3)		(2)		—		(5)
Reclassification of deferred income taxes	—		1		—		—		1

Other comprehensive income from unconsolidated subsidiaries	—		—		—		9		9
Balance as of December 31, 2023	$	(243)	$	(11)	$	6	$	8	$	(240)

Net unrealized losses and gains related to our pension plans were reclassified to Interest income and other income, net in the Consolidated Statements of Income during each of the years ended December 31, 2023, 2022, and 2021.

Our policy is to reclassify the income tax effect from Accumulated other comprehensive income (loss) to the Provision for income taxes when the related gains and losses are released to the Consolidated Statements of Income.