COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2021

Changes in Accumulated other comprehensive income (loss) ("AOCI"), net of tax, by component for the three months ended March 31, 2021 and 2020 were as follows:



(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2020	$	(187)	$	(25)	$	(119)	$	(133)	$	(464)
Other comprehensive (loss) income before reclassifications and tax impact	(74)		(6)		9		3		(68)
Tax (expense) benefit	(25)		2		(2)		(1)		(26)
Other comprehensive (loss) income, net of tax, before reclassifications	(99)		(4)		7		2		(94)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		2		—		2		4
Net (decrease) increase in other comprehensive loss	(99)		(2)		7		4		(90)


Balance, net of tax, at March 31, 2021	$	(286)	$	(27)	$	(112)	$	(129)	$	(554)


(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2019	$	(368)	$	(11)	$	(101)	$	(120)	$	(600)
Other comprehensive (loss) income before reclassifications and tax impact	(117)		(16)		25		—		(108)
Tax (expense) benefit	(2)		4		(8)		—		(6)
Other comprehensive (loss) income, net of tax, before reclassifications	(119)		(12)		17		—		(114)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		—		—		2		2
Net (decrease) increase in other comprehensive loss	(119)		(12)		17		2		(112)

Balance, net of tax, at March 31, 2020	$	(487)	$	(23)	$	(84)	$	(118)	$	(712)

These amounts are recorded in AOCI, net of any related tax adjustments. At March 31, 2021 and December 31, 2020, the cumulative tax adjustments were $190 million and $216 million, respectively, primarily related to foreign currency translation gains and losses.

The cumulative foreign currency translation adjustments included translation losses of $159 million and $25 million at March 31, 2021 and December 31, 2020, respectively, and cumulative losses on loans designated as hedges of net investments of $127 million and $162 million, respectively. These foreign currency translation losses were partially offset by movements on derivative financial instruments.

Reclassifications out of AOCI to the Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 were insignificant.