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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT
 
The table below presents the changes in the balances of accumulated other comprehensive income (loss) ("AOCI") by component for the years ended December 31, 2017, 2018 and 2019 (in millions):
 
 
Foreign currency translation adjustments, net of tax
 
Net unrealized gains (losses) on available-for-sale securities, net of tax (1)
 
Total AOCI, net of tax

 
Foreign currency translation
 
Net Investment
Hedges (2)
 
Total, net of tax
 
Before tax
 
Tax (expense) benefit(4)
 
Total, net of tax
 
 
Before tax
 
Tax benefit(3)
 
Before tax
 
Tax (expense) benefit
 
 
 
Balance, December 31, 2016
 
$
(460
)
 
$
—

 
$
258

 
$
(110
)
 
$
(312
)
 
$
186

 
$
(9
)
 
$
177

 
(135
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income
  ("OCI") before
  reclassifications
 
670

 
—

 
(548
)
 
175

 
297

 
158

 
(81
)
 
77

 
374

Amounts reclassified to
  net income (5)
 
—

 
—

 
—

 
—

 
—

 
(1
)
 
—

 
(1
)
 
(1
)
OCI for the period
 
670

 
—

 
(548
)
 
175

 
297

 
157

 
(81
)
 
76

 
373

Balance, December 31, 2017
 
$
210

 
$
—

 
$
(290
)
 
$
65

 
$
(15
)
 
$
343

 
$
(90
)
 
$
253

 
$
238

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCI before reclassifications
 
(319
)
 
41

 
217

 
(53
)
 
(114
)
 
(201
)
 
2

 
(199
)
 
(313
)
OCI for the period
 
(319
)
 
41

 
217

 
(53
)
 
(114
)
 
(201
)
 
2

 
(199
)
 
(313
)
Amounts reclassified to
  retained earnings(2)
 
—

 
—

 
—

 
—

 
—

 
(299
)
 
58

 
(241
)
 
(241
)
Balance, December 31, 2018
 
$
(109
)
 
$
41

 
$
(73
)
 
$
12

 
$
(129
)
 
$
(157
)
 
$
(30
)
 
$
(187
)
 
$
(316
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCI before reclassifications
 
(77
)
 
13

 
71

 
(17
)
 
(10
)
 
161

 
(37
)
 
124

 
114

Amounts reclassified to
  net income (5)
 
—

 
—

 
—

 
—

 
—

 
(11
)
 
22

 
11

 
11

OCI for the period
 
(77
)
 
13

 
71

 
(17
)
 
(10
)
 
150

 
(15
)
 
135

 
125

Balance, December 31, 2019
 
$
(186
)
 
$
54

 
$
(2
)
 
$
(5
)
 
$
(139
)
 
$
(7
)
 
$
(45
)
 
$
(52
)
 
$
(191
)

(1)         Upon the adoption of the accounting update on financial instruments on January 1, 2018, the Company reclassified net unrealized gains, net of tax, of $241 million ($299 million before tax) related to marketable equity securities from AOCI to retained earnings. Changes in fair value of marketable equity securities subsequent to January 1, 2018 are recognized in net income rather than "Accumulated other comprehensive loss" in the Consolidated Balance Sheets (see Note 2).
(2)         Net investment hedges balance, net of tax, at December 31, 2016, 2017, 2018 and 2019 include accumulated net losses from fair value adjustments of $35 million ($53 million before tax) associated with previously settled derivatives that were designated as net investment hedges. The remaining balances relate to foreign currency transaction gains (losses) and related tax benefits (expenses) associated with the Company's Euro-denominated debt that is designated as a hedge against the impact of currency fluctuations on the net assets of a Euro functional currency subsidiary (see Notes 2 and 12).
(3)         The tax benefits relate to foreign currency translation adjustments to the Company's one-time deemed repatriation tax liability recorded at December 31, 2017 and foreign earnings for periods after December 31, 2017 that are subject to U.S. federal and state income tax, resulting from the enactment of the U.S. Tax Cuts and Jobs Act (the "Tax Act"). Prior to January 1, 2018, foreign currency translation adjustments were not subject to U.S. federal and state income taxes as a result of the Company's intention to indefinitely reinvest the earnings of its international subsidiaries outside of the United States.
(4)         The tax expense for the year ended December 31, 2017 includes a U.S. deferred tax expense of $63 million related to net cumulative unrealized gains associated with certain international investments.
(5)         The reclassified net gains on available-for-sale securities, before tax, are included in "Foreign currency transactions and other" and the reclassified tax expenses are included in "Income tax expense" in the Consolidated Statements of Operations. For the year ended December 31, 2019, the reclassified tax expenses includes a tax expense of $21 million related to the maturity in August 2019 of the Company's investment of $500 million in Trip.com Group convertible notes (see Note 5).