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

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020 were as follows:

Three Months Ended September 30, 2021 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of June 30, 2021	$	(1,106)
Net translation on investments in foreign operations	(125)
Net hedges of investments in foreign operations	88
Net change in accumulated other comprehensive income (loss)	(37)
Balances as of September 30, 2021	$	(1,143)

Nine Months Ended September 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	(111)
Net hedges of investments in foreign operations	67
Net change in accumulated other comprehensive income (loss)	(44)
Balances as of September 30, 2021	$	(1,143)

Three Months Ended September 30, 2020 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of June 30, 2020	$	(1,165)
Net translation on investments in foreign operations	69
Net hedges of investments in foreign operations	(59)
Net change in accumulated other comprehensive income (loss)	10
Balances as of September 30, 2020	$	(1,155)

Nine Months Ended September 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	(139)
Net hedges of investments in foreign operations	71
Net change in accumulated other comprehensive income (loss)	(68)
Balances as of September 30, 2020	$	(1,155)

Foreign currency translation adjustments, tax effect

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

	Tax expense (benefit)
	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2021		2020		2021		2020
Net translation on investments in foreign operations	$	—	$	(1)	$	—	$	19
Net hedges of investments in foreign operations	27		(19)		21		22
Total tax impact	$	27	$	(20)	$	21	$	41