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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2024 and 2023 were as follows:
December 31, 2023Increase / (Decrease)ReclassificationsMarch 31, 2024
(in millions)
Foreign currency translation adjustments 1
$(1,119)$(159)$— $(1,278)
Translation adjustments on net investment hedges 2
181 36 — 217 
Cash flow hedges
Foreign exchange contracts 3
(17)17 2 2 
Interest rate contracts(118)— 1 (117)
Defined benefit pension and other postretirement plans(25)— — (25)
Investment securities available-for-sale(1)— — (1)
Accumulated other comprehensive income (loss)$(1,099)$(106)$3 $(1,202)
December 31, 2022Increase / (Decrease)ReclassificationsMarch 31, 2023
(in millions)
Foreign currency translation adjustments 1
$(1,414)$80 $— $(1,334)
Translation adjustments on net investment hedges 2
309 (57)— 252 
Cash flow hedges
Foreign exchange contracts 3
(8)(10)8 (10)
Interest rate contracts(123)— 1 (122)
Defined benefit pension and other postretirement plans(11)— — (11)
Investment securities available-for-sale(6)2 — (4)
Accumulated other comprehensive income (loss)$(1,253)$15 $9 $(1,229)
1During the three months ended March 31, 2024, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro and British pound against the U.S. dollar. During the three months ended March 31, 2023, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the euro and British pound against the U.S. dollar.
2During the three months ended March 31, 2024, the increase in the accumulated other comprehensive gain related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. During the three months ended March 31, 2023, the decrease in the accumulated other comprehensive gain related to the net investment hedges was driven by the appreciation of the euro against the U.S. dollar. See Note 15 (Derivative and Hedging Instruments) for additional information.
3Certain foreign exchange derivative contracts are designated as cash flow hedging instruments. Gains and losses resulting from changes in the fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statement of operations when the underlying hedged transactions impact earnings. See Note 15 (Derivative and Hedging Instruments) for additional information.