Accumulated Other Comprehensive Income (Loss)

The following table summarizes changes in Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2017 and 2016:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
In millions	2017			2016			2017			2016
Beginning balance	$	(1,643	)	$	(1,332	)	$	(1,807	)	$	(1,504	)

Foreign currency translation adjustments during the period	60			(124		)	204			—
Foreign currency translation adjustments reclassified to income	—			—			—			1
Income taxes	57			(20		)	67			19
Total foreign currency translation adjustments, net of tax	117			(144		)	271			20

Pension and other postretirement benefit adjustments during the period	—			—			—			1
Pension and other postretirement benefit adjustments reclassified to income	13			9			27			20
Income taxes	(3		)	(3		)	(7		)	(7		)
Total pension and other postretirement benefit adjustments, net of tax	10			6			20			14

Ending balance	$	(1,516	)	$	(1,470	)	$	(1,516	)	$	(1,470	)

Pension and other postretirement benefit adjustments reclassified to income relate primarily to the amortization of actuarial losses. Refer to Note 5. Pension and Other Postretirement Benefits for additional information.

The Company designated the €1.0 billion of Euro notes issued in May 2015 and the €1.0 billion of Euro notes issued in May 2014 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. The carrying values of the 2015 and 2014 Euro notes were $1.1 billion and $1.1 billion, respectively, as of June 30, 2017. Changes in the value of this debt resulting from fluctuations in the Euro to U.S. dollar exchange rate have been recorded as foreign currency translation adjustments within Accumulated other comprehensive income (loss). The unrealized pre-tax gain recorded in Accumulated other comprehensive income (loss) related to the net investment hedge was $195 million and $375 million as of June 30, 2017 and December 31, 2016, respectively.

The ending balance of Accumulated other comprehensive income (loss) as of June 30, 2017 and 2016 consisted of cumulative translation adjustment losses, net of tax, of $1.1 billion and $1.1 billion, respectively, and unrecognized pension and other postretirement benefits costs, net of tax, of $385 million and $365 million, respectively.