Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

The components of accumulated other comprehensive loss, net of taxes, were as follows:


	Currency Translation Adjustment⁽¹⁾		Pension Liability Adjustment		Cash Flow Hedge Adjustment		Total
	(in millions)
Balance as of December 31, 2016	$	(738)	$	(251)	$	(12)	$	(1,001)
Other comprehensive income (loss) before reclassifications	161		15		(4)		172
Amounts reclassified from accumulated other comprehensive loss	1		7		17		25
Net current period other comprehensive income	162		22		13		197
Spin-offs of Park and HGV	63		—		—		63
Balance as of December 31, 2017	(513)		(229)		1		(741)
Other comprehensive income (loss) before reclassifications	(70)		(18)		17		(71)
Amounts reclassified from accumulated other comprehensive loss	—		9		5		14
Net current period other comprehensive income (loss)	(70)		(9)		22		(57)
Cumulative effect of the adoption of ASU 2018-02	38		(22)		—		16
Balance as of December 31, 2018	(545)		(260)		23		(782)
Other comprehensive loss before reclassifications	(5)		(17)		(35)		(57)
Amounts reclassified from accumulated other comprehensive loss	1		8		(10)		(1)
Net current period other comprehensive loss	(4)		(9)		(45)		(58)
Balance as of December 31, 2019	$	(549)	$	(269)	$	(22)	$	(840)

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⁽¹⁾Includes net investment hedges and intra-entity foreign currency transactions that are of a long-term investment nature.

The following table presents additional information about reclassifications out of accumulated other comprehensive loss; amounts in parentheses indicate losses in our consolidated statements of operations:


	Year Ended December 31,
	2019		2018		2017
	(in millions)
Currency translation adjustment:
Liquidation of investments in foreign entities⁽¹⁾	$	(1)	$	—	$	(1)
Total currency translation adjustment reclassifications for the period, net of taxes	(1)		—		(1)

Pension liability adjustment:
Amortization of prior service cost⁽²⁾	(4)		(3)		(3)
Amortization of net loss⁽²⁾	(7)		(8)		(7)
Tax benefit⁽³⁾	3		2		3
Total pension liability adjustment reclassifications for the period, net of taxes	(8)		(9)		(7)

Cash flow hedge adjustment:
Interest rate swaps⁽⁴⁾	10		(6)		(26)
Forward contracts⁽⁵⁾	2		—		—
Tax benefit (expense)⁽³⁾	(2)		1		9
Total cash flow hedge adjustment reclassifications for the period, net of taxes	10		(5)		(17)
Total reclassifications for the period, net of taxes	$	1	$	(14)	$	(25)

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⁽¹⁾Amounts are net of gains on the related net investment hedges and were reclassified to gain (loss) on foreign currency transactions in our consolidated statements of operations upon liquidation of the related entities for the years ended December 31, 2019 and 2017. The related tax benefits reclassified to income tax benefit (expense) in our consolidated statements of operations for the years ended December 31, 2019 and 2017 were less than $1 million.

⁽²⁾Reclassified to other non-operating income, net in our consolidated statements of operations.

⁽³⁾Reclassified to income tax benefit (expense) in our consolidated statements of operations.

⁽⁴⁾Reclassified to interest expense in our consolidated statements of operations.

⁽⁵⁾Reclassified to franchise and licensing fees, base and other management fees and other revenues from managed and franchised properties in our consolidated statements of operations. The amounts for the years ended December 31, 2018 and 2017 were less than $1 million.