Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

11. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss) are as follows (in millions):


				Derivative			Employee
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
Balance at December 31, 2020	$	(1,481	)	$	19		$	(47	)	$	(1,509	)
Accumulated other comprehensive income (loss) before reclassifications		(34	)		(5	)		10			(29	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(7	)		(1	)		(8	)
Balance at December 31, 2021	$	(1,515	)	$	7		$	(38	)	$	(1,546	)
Accumulated other comprehensive income (loss) before reclassifications		(30	)		(17	)		(4	)		(51	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			6			(2	)		4
Balance at December 31, 2022	$	(1,545	)	$	(4	)	$	(44	)	$	(1,593	)
Accumulated other comprehensive income (loss) before reclassifications		101			(21	)		(13	)		67
Amounts reclassified from accumulated other comprehensive income (loss)		12			20			1			33
Balance at December 31, 2023	$	(1,432	)	$	(5	)	$	(56	)	$	(1,493	)

The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions):


	Year Ended December 31,
	2023								2022											2021
	Currency		Derivative		Employee				Currency		Derivative			Employee						Currency		Derivative			Employee
	Translation		Financial		Benefit				Translation		Financial			Benefit						Translation		Financial			Benefit
	Adjustments		Instruments		Plans		Total		Adjustments		Instruments			Plans			Total			Adjustments		Instruments			Plans			Total
Revenue	$	—	$	11	$	—	$	11	$	—	$	3		$	—		$	3		$	—	$	(1	)	$	—		$	(1	)
Cost of revenue		—		9		—		9		—		6			—			6			—		(8	)		—			(8	)
Other expense		12		—		—		12		—		—			—			—			—		—			—			—
Selling, general, and administrative		—		—		1		1		—		—			(2	)		(2	)		—		—			(1	)		(1	)
Tax effect		—		—		—		—		—		(3	)		—			(3	)		—		2			—			2
	$	12	$	20	$	1	$	33	$	—	$	6		$	(2	)	$	4		$	—	$	(7	)	$	(1	)	$	(8	)

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income or (loss). The Company recorded other comprehensive income (loss) of $113 million, $(30) million and $(34) million for the years ended December 31, 2023, 2022 and 2021, respectively.

The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income (loss), net of tax, until the underlying transactions are realized. The movement in other comprehensive income (loss) from period to period will be the result of the combination of changes in fair value of open derivatives and the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period. The accumulated effect was other comprehensive income (loss) of $(1) million (net of $3 million tax), $(11) million (net of $(3) million tax) and $(12) million (net of $2 million tax) for the years ended December 31, 2023, 2022 and 2021.