Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 were as follows:


	December 31, 2023		Increase / (Decrease)		Reclassifications		September 30, 2024
	(in millions)
Foreign currency translation adjustments 1	$	(1,119)	$	67	$	—	$	(1,052)
Translation adjustments on net investment hedges 2	181		(105)		—		76
Cash flow hedges
Foreign exchange contracts 3	(17)		1		56		40
Interest rate contracts	(118)		—		3		(115)
Defined benefit pension and other postretirement plans	(25)		2		—		(23)
Investment securities available-for-sale	(1)		2		—		1
Accumulated other comprehensive income (loss)	$	(1,099)	$	(33)	$	59	$	(1,073)


	December 31, 2022		Increase / (Decrease)		Reclassifications		September 30, 2023
	(in millions)
Foreign currency translation adjustments 1	$	(1,414)	$	(105)	$	—	$	(1,519)
Translation adjustments on net investment hedges 2	309		41		—		350
Cash flow hedges
Foreign exchange contracts 3	(8)		(5)		18		5
Interest rate contracts	(123)		—		4		(119)
Defined benefit pension and other postretirement plans	(11)		—		—		(11)
Investment securities available-for-sale	(6)		3		—		(3)
Accumulated other comprehensive income (loss)	$	(1,253)	$	(66)	$	22	$	(1,297)

1During the nine months ended September 30, 2024, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the British pound against the U.S. dollar, partially offset by the depreciation of the Brazilian real against the U.S. dollar. During the nine months ended September 30, 2023, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro against the U.S. dollar.

2During the nine months ended September 30, 2024, the decrease in the accumulated other comprehensive gain related to the net investment hedges was driven primarily by the appreciation of the British pound against the U.S. dollar. During the nine months ended September 30, 2023, 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. See Note 17 (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 17 (Derivative and Hedging Instruments) for additional information.