Changes in Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Changes In Accumulated Other Comprehensive Income

AOCI is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in Foreign Currency Translation Adjustments for the three months ended March 31, 2020 and 2019 were as follows:


2020 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of December 31, 2019	$	(1,087)
Net translation losses of investments in foreign operations	(483)
Net gains related to hedges of investments in foreign operations	346
Net change in accumulated other comprehensive loss	(137)
Balances as of March 31, 2020	$	(1,224)


2019 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of December 31, 2018	$	(1,060)
Net translation gains of investments in foreign operations	64
Net losses related to hedges of investments in foreign operations	(57)
Net change in accumulated other comprehensive loss	7
Balances as of March 31, 2019	$	(1,053)

The following table shows the tax impact for the three months ended March 31 for the changes in Foreign Currency Translation Adjustments presented above:


	Tax expense (benefit)
	Three Months Ended March 31,
(Millions)	2020		2019
Net translation on investments in foreign operations	$	20	$	3
Net hedges of investments in foreign operations	109		(18)
Total tax impact	$	129	$	(15)

No amounts were reclassified out of AOCI into the Consolidated Statements of Income associated with the sale or liquidation of a business for the three months ended March 31, 2020 and 2019.