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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

22. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for 2025, 2024 and 2023:

(in millions)

 

2025

 

 

2024

 

 

2023

 

 Beginning balance

 

$

(1,178

)

 

$

(840

)

 

$

(1,101

)

Foreign currency translation adjustments(1)

 

 

606

 

 

 

(338

)

 

 

261

 

Change in BlackRock, Inc.'s ownership interest

 

 

27

 

 

 

—

 

 

 

—

 

 Ending balance

 

$

(545

)

 

$

(1,178

)

 

$

(840

)
(1)
Amount for 2025 includes a loss from a net investment hedge of $96 million (net of tax benefit of $30 million). Amount for 2024 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2023 includes a loss from a net investment hedge of $20 million (net of tax benefit of $6 million).