CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT

9 Months Ended

Sep. 30, 2022

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT

The tables below present the changes in the balances of accumulated other comprehensive loss ("AOCI") by component for the three and nine months ended September 30, 2022 and 2021 (in millions):


	Foreign currency translation adjustments										Unrealized losses on cash flow hedges (1)						Net unrealized gains (losses) on available-for-sale securities						Total AOCI, net of tax
	Foreign currency translation				Net investment hedges (2)				Total, net of tax		Before tax		Tax		Total, net of tax		Before tax		Tax		Total, net of tax
	Before tax		Tax (3)		Before tax		Tax

Three Months Ended September 30, 2022
Balance, June 30, 2022	$	(717)	$	112	$	470	$	(119)	$	(254)	$	—	$	—	$	—	$	3	$	(1)	$	2	$	(252)

Other comprehensive (loss) income ("OCI") before reclassifications	(402)		51		293		(69)		(127)		—		—		—		(13)		3		(10)		(137)
Amounts reclassified to net income	—		—		—		—		—		—		—		—		(3)		1		(2)		(2)
OCI for the period	(402)		51		293		(69)		(127)		—		—		—		(16)		4		(12)		(139)

Balance, September 30, 2022	$	(1,119)	$	163	$	763	$	(188)	$	(381)	$	—	$	—	$	—	$	(13)	$	3	$	(10)	$	(391)

Nine Months Ended September 30, 2022
Balance, December 31, 2021	$	(276)	$	67	$	91	$	(28)	$	(146)	$	—	$	—	$	—	$	3	$	(1)	$	2	$	(144)

OCI before reclassifications	(843)		96		672		(160)		(235)		—		—		—		(13)		3		(10)		(245)
Amounts reclassified to net income	—		—		—		—		—		—		—		—		(3)		1		(2)		(2)
OCI for the period	(843)		96		672		(160)		(235)		—		—		—		(16)		4		(12)		(247)

Balance, September 30, 2022	$	(1,119)	$	163	$	763	$	(188)	$	(381)	$	—	$	—	$	—	$	(13)	$	3	$	(10)	$	(391)























	Foreign currency translation adjustments										Unrealized losses on cash flow hedges (1)						Net unrealized gains (losses) on available-for-sale securities						Total AOCI, net of tax
	Foreign currency translation				Net investment hedges (2)				Total, net of tax		Before tax		Tax		Total, net of tax		Before tax		Tax		Total, net of tax
	Before tax		Tax (3)		Before tax		Tax

Three Months Ended September 30, 2021
Balance, June 30, 2021	$	(82)	$	50	$	(95)	$	16	$	(111)	$	—	$	—	$	—	$	130	$	(62)	$	68	$	(43)

Other comprehensive (loss) income ("OCI") before reclassifications	(110)		10		93		(23)		(30)		—		—		—		1		—		1		(29)

OCI for the period	(110)		10		93		(23)		(30)		—		—		—		1		—		1		(29)

Balance, September 30, 2021	$	(192)	$	60	$	(2)	$	(7)	$	(141)	$	—	$	—	$	—	$	131	$	(62)	$	69	$	(72)

Nine Months Ended September 30, 2021
Balance, December 31, 2020	$	11	$	47	$	(184)	$	37	$	(89)	$	—	$	—	$	—	$	3	$	(32)	$	(29)	$	(118)

OCI before reclassifications	(203)		13		182		(44)		(52)		(15)		4		(11)		128		(30)		98		35
Amounts reclassified to net income (1)	—		—		—		—		—		15		(4)		11		—		—		—		11
OCI for the period	(203)		13		182		(44)		(52)		—		—		—		128		(30)		98		46

Balance, September 30, 2021	$	(192)	$	60	$	(2)	$	(7)	$	(141)	$	—	$	—	$	—	$	131	$	(62)	$	69	$	(72)

(1) Relates to the reverse treasury lock agreements with an aggregate notional amount of $1.8 billion entered in March 2021 to hedge the risk of changes in the cash flows related to the planned redemption, in April 2021, of the Senior Notes due April 2025 and the Senior Notes due April 2027. The agreements were designated as cash flow hedges and settled in April 2021. The reclassified losses, before tax, are included in "Other income (expense), net" and the related reclassified tax benefits are included in "Income tax expense" in the Unaudited Consolidated Statements of Operations.

(2) Net investment hedges balance at September 30, 2022 and earlier dates presented above, includes 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 of the foreign currency exposure of the net investment in certain Euro functional currency subsidiaries (see Note 9).

(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").