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Accumulated Other Comprehensive Loss | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of income taxes, consisted of the following:
| Three Months Ended March 31, 2023
(In millions) | Cash Flow Hedges |  | Foreign Currency Translation |  | Pension Plans |  | Total
Balance at December 31, 2022 | $ | (103) |  |  | $ | (1,064) |  |  | $ | (22) |  |  | $ | (1,189) |
Other comprehensive income before reclassifications | 5 |  |  | 125 |  |  | 2 |  |  | 132 |
Amounts reclassified from accumulated other comprehensive loss | 3 |  |  | — |  |  | — |  |  | 3 |
Net current-period other comprehensive income | 8 |  |  | 125 |  |  | 2 |  |  | 135 |
Balance at March 31, 2023 | $ | (95) |  |  | $ | (939) |  |  | $ | (20) |  |  | $ | (1,054) |
| Three Months Ended March 31, 2022
(In millions) | Cash Flow Hedges |  | Foreign Currency Translation |  | Pension Plans |  | Total
Balance at December 31, 2021 | $ | (107) |  |  | $ | (676) |  |  | $ | 38 |  |  | $ | (745) |
Other comprehensive income (loss) before reclassifications | (1) |  |  | 104 |  |  | (1) |  |  | 102 |
Amounts reclassified from accumulated other comprehensive loss | 3 |  |  | — |  |  | — |  |  | 3 |
Net current-period other comprehensive income (loss) | 2 |  |  | 104 |  |  | (1) |  |  | 105 |
Balance at March 31, 2022 | $ | (105) |  |  | $ | (572) |  |  | $ | 37 |  |  | $ | (640) |
Cash Flow Hedges The Company maintains forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure (see Note 7) to the Indian Rupee. The notional amount of these derivatives was $356 million and $346 million at March 31, 2023 and December 31, 2022, respectively. Based on the amounts recorded in accumulated other comprehensive loss at March 31, 2023, the Company estimates that it will recognize losses of approximately $2 million in cost of processing and services during the next twelve months as foreign exchange forward contracts settle. The Company previously entered into treasury lock agreements (“Treasury Locks”), designated as cash flow hedges to manage exposure to fluctuations in benchmark interest rates in anticipation of the issuance of fixed rate debt in connection with the acquisition and refinancing of certain indebtedness of First Data Corporation (“First Data”) and its subsidiaries. In 2019, concurrent with the issuance of U.S dollar-denominated senior notes, the Treasury Locks were settled resulting in a loss, net of income taxes, and recorded in accumulated other comprehensive loss that is being amortized to earnings over the terms of the originally forecasted interest payments. The unamortized balance recorded in accumulated other comprehensive loss related to the Treasury Locks was $127 million and $130 million at March 31, 2023 and December 31, 2022, respectively. Based on the amounts recorded in accumulated other comprehensive loss at March 31, 2023, the Company estimates that it will recognize approximately $15 million in net interest expense during the next twelve months related to settled interest rate hedge contracts. Net Investment Hedges To reduce exposure to changes in the value of the Company’s net investments in certain of its foreign currency-denominated subsidiaries due to changes in foreign currency exchange rates, the Company uses its fixed-to-fixed cross-currency rate swap contracts and foreign currency-denominated debt as economic hedges of its net investments in such foreign currency-denominated subsidiaries. At March 31, 2023, aggregate notional cross-currency rate swaps of 400 million Euro were designated as net investment hedges to hedge a portion of the Company’s net investment in certain subsidiaries whose functional currency is the Euro. The Company has designated its Euro- and British Pound-denominated senior notes and Euro commercial paper notes as net investment hedges to hedge a portion of its net investment in certain subsidiaries whose functional currencies are the Euro and the British Pound. The following table outlines the terms of the Company’s cross-currency rate swap contracts at March 31, 2023:
Effective Date of Contract |  | Maturity Date of Contract |  | Notional Amount (EUR) |  | Fixed Rate Paid (EUR) |  | Fixed Rate Received (USD)
September 1, 2022 |  | June 1, 2025 |  | 80 | million |  | 2.096 | % |  | 3.85 | %
September 15, 2022 |  | July 1, 2026 |  | 80 | million |  | 1.635 | % |  | 3.20 | %
October 6, 2022 |  | June 1, 2025 |  | 80 | million |  | 1.922 | % |  | 3.85 | %
October 27, 2022 |  | July 1, 2026 |  | 80 | million |  | 1.458 | % |  | 3.20 | %
November 10, 2022 |  | June 1, 2025 |  | 80 | million |  | 1.816 | % |  | 3.85 | %
Foreign currency transaction gains or losses on the qualifying net investment hedge instruments are recorded as foreign currency translation within other comprehensive income in the consolidated statements of comprehensive income and will remain in accumulated other comprehensive loss in the consolidated balance sheets until the sale or complete liquidation of the underlying foreign subsidiaries. Foreign currency transaction (losses) gains, net of income tax, related to net investment hedges that were recorded in other comprehensive income in the consolidated statements of comprehensive income were as follows:
| Three Months Ended March 31, |  |
(In millions) | 2023 |  | 2022 |  |  |  |
Cross-currency rate swap contracts | $ | (2) |  |  | $ | — |  |  |  |  |
Foreign currency-denominated debt | (64) |  |  | 67 |  |  |  |  |
The Company recorded income tax impacts of $22 million and $(22) million during the three months ended March 31, 2023 and 2022, respectively, in other comprehensive income from the translation of foreign currency-denominated senior notes, commercial paper notes and cross-currency rate swap contracts.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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