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Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024 and 2023 were as follows:
December 31, 2023Increase / (Decrease)ReclassificationsJune 30, 2024
(in millions)
Foreign currency translation adjustments 1
$(1,119)$(187)$— $(1,306)
Translation adjustments on net investment hedges 2
181 38 — 219 
Cash flow hedges
Foreign exchange contracts 3
(17)105 (66)22 
Interest rate contracts(118)— 2 (116)
Defined benefit pension and other postretirement plans(25)2 — (23)
Investment securities available-for-sale(1)— — (1)
Accumulated other comprehensive income (loss)$(1,099)$(42)$(64)$(1,205)
December 31, 2022Increase / (Decrease)ReclassificationsJune 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)
1During the six months ended June 30, 2024, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro and Brazilian real against the U.S. dollar. During the six months ended June 30, 2023, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the British pound and euro against the U.S. dollar.
2During the six months ended June 30, 2024, the 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. During the six months ended June 30, 2023, the decrease in the accumulated other comprehensive gain related to the net investment hedges was driven by the appreciation of the euro against the U.S. dollar. See Note 16 (Derivative and Hedging Instruments) for additional information.
3Certain 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 16 (Derivative and Hedging Instruments) for additional information.