COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Reclassifications out of AOCI

The following table provides details about the reclassifications out of AOCL:

	Three Months Ended March 31,				Location in the consolidated statements of operations
Losses on cash flow hedges	2022		2021
Interest rate contract	$	(1)	$	(1)	Other non-operating income, net
Income tax effect of item above	—		—		Provision for income taxes
Total net losses on cash flow hedges	(1)		(1)
Gains on net investment hedges
FX forwards	—		1		Other non-operating income, net
Income tax effect of item above	—		—		Provision for income taxes
Total net gains on net investment hedges	—		1
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income	—		(3)		Other non-operating income, net
Income tax effect of item above	—		1		Provision for income taxes
Total pension and other retirement benefits	—		(2)
Total net losses included in Net Income attributable to reclassifications out of AOCL	$	(1)	$	(2)

Components of Accumulated Other Comprehensive Income

The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:

	Cumulative Gains/(Losses), net of tax
	March 31, 2022		December 31, 2021
Net investment hedges
Cross currency swaps	$	43	$	19
FX forwards	29		29
Long-term debt	(4)		(27)
Total net investment hedges	$	68	$	21
Cash flow hedges
Interest rate contracts	$	(48)	$	(49)
Cross currency swaps	2		2
Total cash flow hedges	(46)		(47)
Total net gain (loss) in AOCL	$	22	$	(26)

The following tables show changes in AOCL by component (net of tax):

	Three Months Ended March 31,
	2022
Gains/(Losses)	Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Total
Balance December 31, 2021	$	(49)	$	(47)	$	(335)	$	21	$	(410)
Other comprehensive income/(loss) before reclassifications	(2)		—		(107)		47		(62)
Amounts reclassified from AOCL	—		1		—		—		1
Other comprehensive income/(loss)	(2)		1		(107)		47		(61)
Balance March 31, 2022	$	(51)	$	(46)	$	(442)	$	68	$	(471)

	Three Months Ended March 31,
	2021
Gains/(Losses)	Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Total
Balance December 31, 2020	$	(118)	$	(49)	$	(45)	$	(220)	$	(432)
Other comprehensive income/(loss) before reclassifications	—		—		(143)		133		(10)
Amounts reclassified from AOCL	2		1		—		(1)		2
Other comprehensive income/(loss)	2		1		(143)		132		(8)
Balance March 31, 2021	$	(116)	$	(48)	$	(188)	$	(88)	$	(440)