COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

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
	June 30, 2024		December 31, 2023
Net investment hedges
Cross currency swaps	$	96	$	21
FX forwards	29		29
Long-term debt	34		3
Total net investment hedges	$	159	$	53
Cash flow hedges
Interest rate contracts	$	(44)	$	(45)
Cross currency swaps	1		1
Total cash flow hedges	(43)		(44)
Total net gain in AOCL	$	116	$	9

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

	Three Months Ended June 30,
	2024										2023
Gains/(Losses)	Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Total		Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Total
Balance at March 31,	$	(57)	$	(43)	$	(635)	$	127	$	(608)	$	(47)	$	(44)	$	(626)	$	128	$	(589)
Other comprehensive income/(loss) before reclassifications	(1)		—		(39)		32		(8)		—		—		49		(28)		21
Amounts reclassified from AOCL	(1)		—		—		—		(1)		(1)		(1)		—		—		(2)
Other comprehensive income/(loss)	(2)		—		(39)		32		(9)		(1)		(1)		49		(28)		19
Balance at June 30,	$	(59)	$	(43)	$	(674)	$	159	$	(617)	$	(48)	$	(45)	$	(577)	$	100	$	(570)

	Six Months Ended June 30,
	2024										2023
Gains/(Losses)	Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Total		Pension and Other Retirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustments		Net Investment Hedges		Total
Balance at December 31,	$	(56)	$	(44)	$	(520)	$	53	$	(567)	$	(47)	$	(45)	$	(736)	$	185	$	(643)
Other comprehensive (loss)/income before reclassifications	(2)		—		(154)		106		(50)		—		—		159		(85)		74
Amounts reclassified from AOCL	(1)		1		—		—		—		(1)		—		—		—		(1)
Other comprehensive (loss)/income	(3)		1		(154)		106		(50)		(1)		—		159		(85)		73
Balance at June 30,	$	(59)	$	(43)	$	(674)	$	159	$	(617)	$	(48)	$	(45)	$	(577)	$	100	$	(570)