COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2025

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the nine months ended September 30, 2025 and 2024 were as follows:



(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2024	$	(619)	$	(10)	$	(70)	$	(31)	$	(730)
Other comprehensive income (loss) before reclassifications and tax impact	75		—		(21)		—		54
Tax benefit	12		—		5		—		17
Other comprehensive income (loss), net of tax, before reclassifications	87		—		(16)		—		71
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net increase (decrease) in other comprehensive loss	87		—		(16)		—		71


Balance, net of tax, at March 31, 2025	$	(532)	$	(10)	$	(86)	$	(31)	$	(659)
Other comprehensive income (loss) before reclassifications and tax impact	75		—		(115)		—		(40)
Tax benefit	31		—		27		—		58
Other comprehensive income (loss) before reclassifications and tax impact	106		—		(88)		—		18
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net increase (decrease) in other comprehensive loss	106		—		(88)		—		18


Balance, net of tax, at June 30, 2025	$	(426)	$	(10)	$	(174)	$	(31)	$	(641)
Other comprehensive loss before reclassifications and tax impact	(6)		—		(29)		—		(35)
Tax (expense) benefit	(2)		—		6		—		4
Other comprehensive loss, net of tax, before reclassifications	(8)		—		(23)		—		(31)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net decrease in other comprehensive income	(8)		—		(23)		—		(31)

Foreign currency translation related to acquisition of noncontrolling interests									—
Balance, net of tax, at September 30, 2025	$	(434)	$	(10)	$	(197)	$	(31)	$	(672)


(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2023	$	(473)	$	(13)	$	(107)	$	(43)	$	(636)
Other comprehensive (loss) income before reclassifications and tax impact	(34)		—		42		—		8
Tax expense	(28)		—		(10)		—		(38)
Other comprehensive (loss) income, net of tax, before reclassifications	(62)		—		32		—		(30)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net (decrease) increase in other comprehensive loss	(62)		—		32		—		(30)
Balance, net of tax, at March 31, 2024	$	(535)	$	(13)	$	(75)	$	(43)	$	(666)
Other comprehensive loss before reclassifications and tax impact	(14)		—		(2)		—		(16)
Tax benefit	4		—		1		—		5
Other comprehensive loss, net of tax, before reclassifications	(10)		—		(1)		—		(11)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net decrease in other comprehensive loss	(10)		—		(1)		—		(11)

Balance, net of tax, at June 30, 2024	$	(545)	$	(13)	$	(76)	$	(43)	$	(677)
Other comprehensive income (loss) before reclassifications and tax impact	58		—		(46)		—		12
Tax benefit	17		—		10		—		27
Other comprehensive income (loss), net of tax, before reclassifications	75		—		(36)		—		39
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net decrease in other comprehensive income	75		—		(36)		—		39
Balance, net of tax, at September 30, 2024	$	(470)	$	(13)	$	(112)	$	(43)	$	(638)

At September 30, 2025 and December 31, 2024, the cumulative tax adjustments were $197 million and $118 million, respectively, primarily related to foreign currency translation adjustments.

The cumulative foreign currency translation adjustments included translation losses of $290 million and $552 million at September 30, 2025 and December 31, 2024, respectively, and cumulative losses on loans designated as hedges of net investments of $144 million and $67 million at September 30, 2025 and December 31, 2024, respectively.

Reclassifications out of AOCI to the Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 were not significant.