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Accumulated other comprehensive income (loss) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) The Company reports activity in Accumulated other comprehensive income (loss) (“AOCI”) for foreign currency translation adjustments and unrealized gains and losses on interest rate and foreign currency hedges. Activity within AOCI is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency translation adjustments: |  |  |  |  |  |  |
Balance at beginning of period | $ | (210) |  |  | $ | (196) |  |  | $ | (149) |  |  | $ | (227) |
Foreign currency translation adjustments | (12) |  |  | 19 |  |  | (86) |  |  | 49 |
Amounts allocated to Noncontrolling interests and Redeemable noncontrolling interests | 2 |  |  | (2) |  |  | 10 |  |  | (5) |
Reallocation due to change in Noncontrolling interest ownership percentage | 1 |  |  | (1) |  |  | 6 |  |  | 3 |
Balance at end of period | $ | (219) |  |  | $ | (180) |  |  | $ | (219) |  |  | $ | (180) |
Derivatives: |  |  |  |  |  |  |
Balance at beginning of period | $ | 113 |  |  | $ | 153 |  |  | $ | 115 |  |  | $ | 190 |
Unrealized gain (loss) on foreign currency hedges | 10 |  |  | 50 |  |  | 39 |  |  | 34 |
Net amount reclassified from AOCI to net income (loss) | (23) |  |  | (29) |  |  | (49) |  |  | (54) |
Tax effect | — |  |  | (1) |  |  | — |  |  | 1 |
Amounts allocated to Noncontrolling interests and Redeemable noncontrolling interests | 1 |  |  | (2) |  |  | 1 |  |  | 2 |
Reallocation due to change in Noncontrolling interest ownership percentage | (1) |  |  | 1 |  |  | (6) |  |  | (1) |
Balance at end of period | $ | 100 |  |  | $ | 172 |  |  | $ | 100 |  |  | $ | 172 |
Accumulated other comprehensive income (loss) | $ | (119) |  |  | $ | (8) |  |  | $ | (119) |  |  | $ | (8) |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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