Changes in Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

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

Changes in Accumulated Other Comprehensive Income (Loss)

Changes In Accumulated Other Comprehensive Income (Loss)

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, 2021 and 2020 were as follows:

Three Months Ended March 31, 2021 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of December 31, 2020	$	(1,099)
Net translation on investments in foreign operations	(15)
Net hedges of investments in foreign operations	6
Net change in accumulated other comprehensive income (loss)	(9)
Balances as of March 31, 2021	$	(1,108)

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

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
	Three Months Ended March 31,
(Millions)	2021		2020
Net translation on investments in foreign operations	$	—	$	20
Net hedges of investments in foreign operations	2		109
Total tax impact	$	2	$	129

No amounts were reclassified out of AOCI into the Consolidated Statements of Income for the three months ended March 31, 2021 and 2020.