CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2022

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS

10. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS

The changes in each component of accumulated other comprehensive loss, net of tax effects, are as follows:

			Net Unrealized		Net Unrealized		Foreign		Accumulated
	Net Unrealized		Gains (Losses)		Gains (Losses)		Currency		Other
	Losses on		on Cash		on Net		Translation		Comprehensive
Three Months Ended September 30, 2022	AFS Securities		Flow Hedges		Investment Hedge		Adjustments		Loss
(Millions)
Balance as of June 30, 2022	$	(11)	$	—	$	—	$	(3)	$	(14)
Changes in other comprehensive loss		(7)		—		—		—		(7)
Balance as of September 30, 2022	$	(18)	$	—	$	—	$	(3)	$	(21)

							Foreign		Accumulated
	Net Unrealized		Net Unrealized		Net Unrealized		Currency		Other
	Gains (Losses)		Gains on Cash		Losses on Net		Translation		Comprehensive
Three Months Ended September 30, 2021	on AFS Securities		Flow Hedges		Investment Hedge		Adjustments (1)		Loss
(Millions)
Balance as of June 30, 2021	$	14	$	—	$	(7)	$	(40)	$	(33)
Changes in other comprehensive (loss) income		(4)		1		—		(20)		(23)
Balance as of September 30, 2021	$	10	$	1	$	(7)	$	(60)	$	(56)

			Net Unrealized		Net Unrealized		Foreign		Accumulated
	Net Unrealized		Gains (Losses)		Gains (Losses)		Currency		Other
	Gains (Losses)		on Cash		on Net		Translation		Comprehensive
Nine Months Ended September 30, 2022	on AFS Securities		Flow Hedges		Investment Hedge		Adjustments		Loss
(Millions)
Balance as of December 31, 2021	$	1	$	—	$	—	$	(3)	$	(2)
Changes in other comprehensive loss		(19)		—		—		—		(19)
Balance as of September 30, 2022	$	(18)	$	—	$	—	$	(3)	$	(21)

			Net Unrealized				Foreign		Accumulated
	Net Unrealized		(Losses) Gains		Net Unrealized		Currency		Other
	Gains (Losses)		on Cash		Losses on Net		Translation		Comprehensive
Nine Months Ended September 30, 2021	on AFS Securities		Flow Hedges		Investment Hedge		Adjustments (1)		Loss
(Millions)
Balance as of December 31, 2020	$	23	$	(1)	$	(7)	$	(20)	$	(5)
Changes in other comprehensive (loss) income		(13)		2		—		(40)		(51)
Balance as of September 30, 2021	$	10	$	1	$	(7)	$	(60)	$	(56)

(1) Primarily related to the impact of changes in the Canadian dollar and Euro foreign currency exchange rates from the Company’s LoyaltyOne segment, which was spun off in November 2021.