Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Accumulated Other Comprehensive Income

5. Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income (loss) are as follows (in millions):

	Currency
	Translation
	Adjustments
Balance at December 31, 2013	$	—
Accumulated other comprehensive income (loss) before reclassifications		1
Amounts reclassified from accumulated other comprehensive income (loss)		—
Balance at June 30, 2014	$	1

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in Other Comprehensive Income or Loss in accordance with ASC Topic 830 “Foreign Currency Matters” (“ASC Topic 830”). For the six months ended June 30, 2014 the majority of these local currencies returned closer to year-end 2013 rates against the U.S. dollar resulting in net Other Comprehensive Gain of $1 million upon the translation from local currencies to the U.S. dollar.