Accumulated Other Comprehensive Income (Loss) ("AOCI")

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI")

6. Accumulated Other Comprehensive Income (Loss) ("AOCI")

The components of AOCI are as follows (in millions):

	Foreign Currency Translation Adjustments
	Six Months Ended June 30,
	2022			2021
Beginning balance	$	(147	)	$	(145	)
Other comprehensive income (loss) before reclassifications		(7	)		3
Amounts reclassified from accumulated other comprehensive income (loss)		10			—
Net current-period other comprehensive income (loss)		3			3
Ending balance	$	(144	)	$	(142	)

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, foreign currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income or loss in accordance with ASC Topic 830, “Foreign Currency Matters.”

As of June 30, 2022, the Company substantially completed the liquidation of certain foreign subsidiaries in its International segment. As a result, the Company reclassified $10 million of foreign currency translation losses from the component of AOCI into earnings, reflected in impairment and other charges in the consolidated statement of operations.