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COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
COMPREHENSIVE INCOME (LOSS) COMPREHENSIVE INCOME (LOSS)

Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the nine months ended September 30, 2021 and 2020 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, 2020
$ (187)

$ (25)

$ (119)

$ (133)

$ (464)
Other comprehensive (loss) income before reclassifications and tax impact
(74)

(6)

9 

3 

(68)
Tax (expense) benefit
(25)

2 

(2)

(1)

(26)
Other comprehensive (loss) income, net of tax, before reclassifications
(99)

(4)

7 

2 

(94)
Amounts reclassified from accumulated other comprehensive income, net of tax
— 

2 

— 

2 

4 
Net (decrease) increase in other comprehensive loss
(99)

(2)

7 

4 

(90)
Balance, net of tax, at March 31, 2021
$ (286)

$ (27)

$ (112)

$ (129)

$ (554)
Other comprehensive income before reclassifications and tax impact
31 

3 

1 

— 

35 
Tax benefit (expense)
6 

(2)

(1)

— 

3 
Other comprehensive income, net of tax, before reclassifications
37 

1 

— 

— 

38 
Amounts reclassified from accumulated other comprehensive income, net of tax
— 

3 

— 

2 

5 
Net increase in other comprehensive income
37 

4 

— 

2 

43 
Balance, net of tax, at June 30, 2021
$ (249)

$ (23)

$ (112)

$ (127)

$ (511)
Other comprehensive (loss) income before reclassifications and tax impact
(59)

6 

3 

— 

(50)
Tax expense
(9)

(1)

(1)

— 

(11)
Other comprehensive (loss) benefit, net of tax, before reclassifications
(68)

5 

2 

— 

(61)
Amounts reclassified from accumulated other comprehensive income, net of tax
— 

3 

— 

2 

5 
Net increase in other comprehensive (loss) income
(68)

8 

2 

2 

(56)
Balance, net of tax, at September 30, 2021
$ (317)

$ (15)

$ (110)

$ (125)

$ (567)

































(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, 2019
$ (370)

$ (11)

$ (101)

$ (120)

$ (602)
Other comprehensive (loss) income before reclassifications and tax impact
(117)

(16)

25 

— 

(108)
Tax (expense) benefit
(2)

4 

(8)

— 

(6)
Other comprehensive (loss) income, net of tax, before reclassifications
(119)

(12)

17 

— 

(114)
Amounts reclassified from accumulated other comprehensive income, net of tax
— 

— 

— 

2 

2 
Net (decrease) increase in other comprehensive income
(119)

(12)

17 

2 

(112)
Balance, net of tax, at March 31, 2020
$ (489)

$ (23)

$ (84)

$ (118)

$ (714)
Other comprehensive income (loss) before reclassifications and tax impact
77 

— 

(15)

— 

62 
Tax (expense) benefit
(2)

— 

7 

— 

5 
Other comprehensive income (loss), net of tax, before reclassifications
75 

— 

(8)

— 

67 
Amounts reclassified from accumulated other comprehensive income, net of tax
— 

— 

— 

1 

1 
Net increase (decrease) in other comprehensive income
75 

— 

(8)

1 

68 
Balance, net of tax, at June 30, 2020
$ (414)

$ (23)

$ (92)

$ (117)

$ (646)
Other comprehensive income (loss) before reclassifications and tax impact
67 

(3)

(17)

— 

47 
Tax benefit (expense)
17 

(2)

2 

— 

17 
Other comprehensive income (loss), net of tax, before reclassifications
84 

(5)

(15)

— 

64 
Amounts reclassified from accumulated other comprehensive income, net of tax
— 

1 

— 

2 

3 
Net increase (decrease) in other comprehensive income
84 

(4)

(15)

2 

67 
Balance, net of tax, at September 30, 2020
$ (330)

$ (27)

$ (107)

$ (115)

$ (579)



At September 30, 2021 and December 31, 2020, the cumulative tax adjustments were $182 million and $216 million, respectively, primarily related to foreign currency translation gains and losses.



The cumulative foreign currency translation adjustments included translation losses of $113 million and $25 million at September 30, 2021 and December 31, 2020, respectively, and cumulative losses on loans designated as hedges of net investments of $204 million and $162 million, respectively. These foreign currency translation losses were partially offset by movements on derivative financial instruments.



Reclassifications out of AOCI to the Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 were insignificant.