Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

Changes in "Accumulated other comprehensive income (loss)" by component were as follows for the three and six months ended June 30, 2023:


	Three Months						Six Months
(in millions)	Before Tax Amount		Tax Effect		Net of Tax Amount		Before Tax Amount		Tax Effect		Net of Tax Amount
Foreign currency translation adjustments:
Beginning balance	$	(215)	$	10	$	(205)	$	(256)	$	8	$	(248)
Change in foreign currency translation adjustments	55		(4)		51		96		(2)		94
Ending balance	$	(160)	$	6	$	(154)	$	(160)	$	6	$	(154)
Unrealized gains and losses on cash flow hedges:
Beginning balance	$	(23)	$	6	$	(17)	$	(68)	$	17	$	(51)
Unrealized gains arising during the period	35		(9)		26		68		(17)		51
Reclassifications of net losses to:
Cost of revenues	4		—		4		15		(3)		12
SG&A expenses	1		(1)		—		2		(1)		1
Net change	40		(10)		30		85		(21)		64
Ending balance	$	17	$	(4)	$	13	$	17	$	(4)	$	13
Accumulated other comprehensive income (loss):
Beginning balance	$	(238)	$	16	$	(222)	$	(324)	$	25	$	(299)
Other comprehensive income (loss)	95		(14)		81		181		(23)		158
Ending balance	$	(143)	$	2	$	(141)	$	(143)	$	2	$	(141)

Changes in "Accumulated other comprehensive income (loss)" by component were as follows for the three and six months ended June 30, 2022:


	Three Months						Six Months
(in millions)	Before Tax Amount		Tax Effect		Net of Tax Amount		Before Tax Amount		Tax Effect		Net of Tax Amount
Foreign currency translation adjustments:
Beginning balance	$	(60)	$	3	$	(57)	$	(22)	$	2	$	(20)
Change in foreign currency translation adjustments	(197)		4		(193)		(235)		5		(230)
Ending balance	$	(257)	$	7	$	(250)	$	(257)	$	7	$	(250)
Unrealized gains and losses on cash flow hedges:
Beginning balance	$	48	$	(10)	$	38	$	71	$	(14)	$	57
Unrealized (losses) arising during the period	(66)		14		(52)		(76)		16		(60)
Reclassifications of net (gains) to:
Cost of revenues	(5)		1		(4)		(17)		3		(14)
SG&A expenses	(1)		—		(1)		(2)		—		(2)
Net change	(72)		15		(57)		(95)		19		(76)
Ending balance	$	(24)	$	5	$	(19)	$	(24)	$	5	$	(19)
Accumulated other comprehensive income (loss):
Beginning balance	$	(12)	$	(7)	$	(19)	$	49	$	(12)	$	37
Other comprehensive income (loss)	(269)		19		(250)		(330)		24		(306)
Ending balance	$	(281)	$	12	$	(269)	$	(281)	$	12	$	(269)