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 and six months ended June 30, 2020 and 2019 were as follows:


Three Months Ended June 30, 2020 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of March 31, 2020	$	(1,224)
Net translation gains of investments in foreign operations	275
Net losses related to hedges of investments in foreign operations	(216)
Net change in accumulated other comprehensive loss	59
Balances as of June 30, 2020	$	(1,165)


Six Months Ended June 30, 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	(208)
Net gains related to hedges of investments in foreign operations	130
Net change in accumulated other comprehensive loss	(78)
Balances as of June 30, 2020	$	(1,165)


Three Months Ended June 30, 2019 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of March 31, 2019	$	(1,053)
Net translation losses of investments in foreign operations	(58)
Net gains related to hedges of investments in foreign operations	36
Net change in accumulated other comprehensive loss	(22)
Balances as of June 30, 2019	$	(1,075)


Six Months Ended June 30, 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	6
Net losses related to hedges of investments in foreign operations	(21)
Net change in accumulated other comprehensive loss	(15)
Balances as of June 30, 2019	$	(1,075)

The following table shows the tax impact for the three and six months ended June 30 for the changes in Foreign Currency Translation Adjustments presented above:


	Tax expense (benefit)
	Three Months Ended June 30,						Six Months Ended June 30,
(Millions)	2020		2019		2020		2019
Net translation on investments in foreign operations	$	—	$	—	$	20	$	3
Net hedges of investments in foreign operations	(68)		12		41		(6)
Total tax impact	$	(68)	$	12	$	61	$	(3)

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 and six months ended June 30, 2020 and 2019.