Equity (Tables)

6 Months Ended

Jun. 30, 2020

Components of Other Comprehensive Income (Loss)

The table below presents the tax effects related to each component of other comprehensive income (loss) and reclassifications made in the consolidated statements of operations (in millions).


	Three Months Ended June 30, 2020										Three Months Ended June 30, 2019
	Pretax		Tax benefit (expense)		Net-of-tax		Pretax		Tax benefit		Net-of-tax
Currency translation adjustments:
Unrealized gains (losses):
Foreign currency	$	145	$	10	$	155	$	7	$	(3)	$	4
Net investment hedges	(38)		(1)		(39)		—		—		—
Reclassifications:
Loss on disposition	—		—		—		6		—		6
Total currency translation adjustments	107		9		116		13		(3)		10

Derivative adjustments:
Unrealized gains (losses)	(7)		4		(3)		(32)		6		(26)
Reclassifications from other comprehensive income to net income	(14)		2		(12)		(4)		2		(2)
Total derivative adjustments	(21)		6		(15)		(36)		8		(28)
Other comprehensive income (loss) adjustments	$	86	$	15	$	101	$	(23)	$	5	$	(18)


	Six Months Ended June 30, 2020										Six Months Ended June 30, 2019
	Pretax		Tax benefit (expense)		Net-of-tax		Pretax		Tax benefit		Net-of-tax
Currency translation adjustments:
Unrealized gains (losses):
Foreign currency	$	(164)	$	57	$	(107)	$	(91)	$	(1)	$	(92)
Net investment hedges	129		(47)		82		27		—		27
Reclassifications:
Loss on disposition	—		—		—		6		—		6
Total currency translation adjustments	(35)		10		(25)		(58)		(1)		(59)

Derivative adjustments:
Unrealized gains (losses)	(203)		49		(154)		(44)		10		(34)
Reclassifications from other comprehensive income to net income	(24)		4		(20)		(7)		2		(5)
Total derivative adjustments	(227)		53		(174)		(51)		12		(39)
Other comprehensive income (loss) adjustments	$	(262)	$	63	$	(199)	$	(109)	$	11	$	(98)

Schedule of Accumulated Other Comprehensive Loss

The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).


	Three Months Ended June 30, 2020
	Currency Translation		Derivatives		Pension Plan and SERP Liability		Accumulated Other Comprehensive Loss
Beginning balance	$	(988)	$	(127)	$	(7)	$	(1,122)
Other comprehensive income (loss) before reclassifications	116		(3)		—		113
Reclassifications from accumulated other comprehensive loss to net income	—		(12)		—		(12)
Other comprehensive income (loss)	116		(15)		—		101


Ending balance	$	(872)	$	(142)	$	(7)	$	(1,021)


	Three Months Ended June 30, 2019
	Currency Translation		Derivatives		Pension Plan and SERP Liability		Accumulated Other Comprehensive Loss
Beginning balance	$	(901)	$	3	$	3	$	(895)
Other comprehensive income (loss) before reclassifications	4		(26)		—		(22)
Reclassifications from accumulated other comprehensive loss to net income	6		(2)		—		4

Other comprehensive income (loss)	10		(28)		—		(18)

Ending balance	$	(891)	$	(25)	$	3	$	(913)


	Six Months Ended June 30, 2020
	Currency Translation		Derivatives		Pension Plan and SERP Liability		Accumulated Other Comprehensive Loss
Beginning balance	$	(847)	$	32	$	(7)	$	(822)
Other comprehensive income (loss) before reclassifications	(25)		(154)		—		(179)
Reclassifications from accumulated other comprehensive loss to net income	—		(20)		—		(20)

Other comprehensive income (loss)	(25)		(174)		—		(199)

Ending balance	$	(872)	$	(142)	$	(7)	$	(1,021)


	Six Months Ended June 30, 2019
	Currency Translation		Derivatives		Pension Plan and SERP Liability		Accumulated Other Comprehensive Loss
Beginning balance	$	(804)	$	16	$	3	$	(785)
Other comprehensive income (loss) before reclassifications	(65)		(34)		—		(99)
Reclassifications from accumulated other comprehensive loss to net income	6		(5)		—		1
Other comprehensive income (loss)	(59)		(39)		—		(98)
Reclassifications to retained earnings resulting from the adoption of ASU 2018-02	(28)		(2)		—		(30)
Ending balance	$	(891)	$	(25)	$	3	$	(913)