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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the six months ended June 30, 2023 and 2022 were as follows:
|  | December 31, 2022 |  | Increase / (Decrease) |  | Reclassifications |  | June 30, 2023
|  | (in millions)
Foreign currency translation adjustments 1 |  | $ | (1,414) |  |  | $ | 133 |  |  | $ | — |  |  | $ | (1,281) |
Translation adjustments on net investment hedges 2 |  | 309 |  |  | (66) |  |  | — |  |  | 243 |
Cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts 3 |  | (8) |  |  | (18) |  |  | 11 |  |  | (15) |
Interest rate contracts |  | (123) |  |  | — |  |  | 2 |  |  | (121) |
Defined benefit pension and other postretirement plans |  | (11) |  |  | — |  |  | — |  |  | (11) |
Investment securities available-for-sale |  | (6) |  |  | 2 |  |  | — |  |  | (4) |
Accumulated other comprehensive income (loss) |  | $ | (1,253) |  |  | $ | 51 |  |  | $ | 13 |  |  | $ | (1,189) |
|  | December 31, 2021 |  | Increase / (Decrease) |  | Reclassifications |  | June 30, 2022
|  | (in millions)
Foreign currency translation adjustments 1 |  | $ | (739) |  |  | $ | (731) |  |  | $ | — |  |  | $ | (1,470) |
Translation adjustments on net investment hedges 2 |  | 34 |  |  | 311 |  |  | — |  |  | 345 |
Cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts 3 |  | 4 |  |  | 5 |  |  | (6) |  |  | 3 |
Interest rate contracts |  | (128) |  |  | — |  |  | 2 |  |  | (126) |
Defined benefit pension and other postretirement plans |  | 21 |  |  | — |  |  | (1) |  |  | 20 |
Investment securities available-for-sale |  | (1) |  |  | (3) |  |  | — |  |  | (4) |
Accumulated other comprehensive income (loss) |  | $ | (809) |  |  | $ | (418) |  |  | $ | (5) |  |  | $ | (1,232) |
1 During the six months ended June 30, 2023, the decrease in th e accumulated other comprehensiv e loss r elated to foreign currency translation adjustm ents was driven primarily by the appreciation of the British pound and euro against the U.S. dollar. Duri ng the six months ended June 30, 2022, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the e uro and British pound agai nst the U.S. dollar. 2 During the six months ended June 30, 2023, the decrease in t he accumulated other comprehensive gain related to the net investment hedges was driven by the appreciation of the euro against the U.S. dollar. During the six months ended June 30, 2022, t he increase in the accumulated other comprehensive gain related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. See Note 17 (Derivative and Hedging Instruments) for additional information. 3 Certain foreign exchange derivative contracts are designated as cash flow hedging instruments. Gains and losses resulting from changes in the fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statement of operations when the underlying hedged transactions impact earnings. See Note 17 (Derivative and Hedging Instruments) for additional information.

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