Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2022

Note 13. Accumulated Other Comprehensive Loss

The following table summarizes the changes in our balances of each component of accumulated other comprehensive loss (“AOCL”):

	For the Three Months Ended March 31,
	2022			2021
Currency translation adjustments:
Balance as of beginning of period	$	(207	)	$	(189	)
Currency translation adjustments		4			(9	)
Amounts reclassified from AOCL⁽¹⁾		—			(11	)
Other comprehensive income (loss)		4			(20	)
Balance as of end of period	$	(203	)	$	(209	)
Defined benefit plans:
Balance as of beginning of period	$	108		$	(160	)
Net actuarial loss arising during year⁽²⁾		(126	)		—
Deferred tax expense on net actuarial loss		31			—
Gain reclassified from AOCL
Defined benefit plan settlement gain		(10	)		—
Deferred tax expense on reclassification		2			—
Other comprehensive loss		(103	)		—
Balance as of end of period	$	5		$	(160	)
AOCL
Balance as of beginning of period	$	(99	)	$	(349	)
Other comprehensive loss		(99	)		(20	)
Balance as of end of period	$	(198	)	$	(369	)

⁽¹⁾	The reclassification of currency translation adjustment amounts to earnings during the three months ended March 31, 2021 relates to the sale of the South American closures businesses. Refer to Note 2, Acquisitions and Dispositions, for additional details.

⁽²⁾

Net actuarial loss arising during the three months ended March 31, 2022 relates to the interim remeasurement of the PEPP due to the pension partial settlement transaction. The net actuarial loss for the three months ended March 31, 2022 was primarily due to asset returns, partially offset by an increase in the discount rate utilized in measuring plan obligations, reflecting changes in market rates. Refer to Note 10, Employee Benefits, for additional details.