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COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Components of Accumulated Other Comprehensive Income | The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
| Cumulative Gains/(Losses), net of tax
| June 30, 2024 |  | December 31, 2023
Net investment hedges |  |  |
Cross currency swaps | $ | 96 |  |  | $ | 21 |
FX forwards | 29 |  |  | 29 |
Long-term debt | 34 |  |  | 3 |
Total net investment hedges | $ | 159 |  |  | $ | 53 |
Cash flow hedges |  |  |
Interest rate contracts | $ | (44) |  |  | $ | (45) |
Cross currency swaps | 1 |  |  | 1 |
Total cash flow hedges | (43) |  |  | (44) |
Total net gain in AOCL | $ | 116 |  |  | $ | 9 |
The following tables show changes in AOCL by component (net of tax):
| Three Months Ended June 30,
| 2024 |  | 2023
Gains/(Losses) | Pension and Other Retirement Benefits | Cash Flow Hedges | Foreign Currency Translation Adjustments | Net Investment Hedges | Total |  | Pension and Other Retirement Benefits | Cash Flow Hedges | Foreign Currency Translation Adjustments | Net Investment Hedges | Total
Balance at March 31, | $ | (57) |  | $ | (43) |  | $ | (635) |  | $ | 127 |  | $ | (608) |  |  | $ | (47) |  | $ | (44) |  | $ | (626) |  | $ | 128 |  | $ | (589) |
Other comprehensive income/(loss) before reclassifications | (1) |  | — |  | (39) |  | 32 |  | (8) |  |  | — |  | — |  | 49 |  | (28) |  | 21 |
Amounts reclassified from AOCL | (1) |  | — |  | — |  | — |  | (1) |  |  | (1) |  | (1) |  | — |  | — |  | (2) |
Other comprehensive income/(loss) | (2) |  | — |  | (39) |  | 32 |  | (9) |  |  | (1) |  | (1) |  | 49 |  | (28) |  | 19 |
Balance at June 30, | $ | (59) |  | $ | (43) |  | $ | (674) |  | $ | 159 |  | $ | (617) |  |  | $ | (48) |  | $ | (45) |  | $ | (577) |  | $ | 100 |  | $ | (570) |
| Six Months Ended June 30,
| 2024 |  | 2023
Gains/(Losses) | Pension and Other Retirement Benefits | Cash Flow Hedges | Foreign Currency Translation Adjustments | Net Investment Hedges | Total |  | Pension and Other Retirement Benefits | Cash Flow Hedges | Foreign Currency Translation Adjustments | Net Investment Hedges | Total
Balance at December 31, | $ | (56) |  | $ | (44) |  | $ | (520) |  | $ | 53 |  | $ | (567) |  |  | $ | (47) |  | $ | (45) |  | $ | (736) |  | $ | 185 |  | $ | (643) |
Other comprehensive (loss)/income before reclassifications | (2) |  | — |  | (154) |  | 106 |  | (50) |  |  | — |  | — |  | 159 |  | (85) |  | 74 |
Amounts reclassified from AOCL | (1) |  | 1 |  | — |  | — |  | — |  |  | (1) |  | — |  | — |  | — |  | (1) |
Other comprehensive (loss)/income | (3) |  | 1 |  | (154) |  | 106 |  | (50) |  |  | (1) |  | — |  | 159 |  | (85) |  | 73 |
Balance at June 30, | $ | (59) |  | $ | (43) |  | $ | (674) |  | $ | 159 |  | $ | (617) |  |  | $ | (48) |  | $ | (45) |  | $ | (577) |  | $ | 100 |  | $ | (570) |

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