Changes in Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

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

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 and six months ended June 30, 2021 and 2020 were as follows:


Three Months Ended June 30, 2021 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of March 31, 2021	$	(1,108)
Net translation on investments in foreign operations	29
Net hedges of investments in foreign operations	(27)
Net change in accumulated other comprehensive income (loss)	2
Balances as of June 30, 2021	$	(1,106)


Six Months Ended June 30, 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	14
Net hedges of investments in foreign operations	(21)
Net change in accumulated other comprehensive income (loss)	(7)
Balances as of June 30, 2021	$	(1,106)


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 on investments in foreign operations	275
Net hedges of investments in foreign operations	(216)
Net change in accumulated other comprehensive income (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 on investments in foreign operations	(208)
Net hedges of investments in foreign operations	130
Net change in accumulated other comprehensive income (loss)	(78)
Balances as of June 30, 2020	$	(1,165)

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)	2021		2020		2021		2020
Net translation on investments in foreign operations	$	—	$	—	$	—	$	20
Net hedges of investments in foreign operations	(8)		(68)		(6)		41
Total tax impact	$	(8)	$	(68)	$	(6)	$	61

No amounts were reclassified out of AOCI into the Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020.