Changes in Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

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

Components of comprehensive income (loss), net of tax

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)

Foreign currency translation adjustments, tax effect

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