Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss)

The following table summarizes changes in Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In millions	2022		2021		2022		2021
Beginning balance	$	(1,471)	$	(1,638)	$	(1,502)	$	(1,642)

Foreign currency translation adjustments during the period	(167)		24		(118)		57
Foreign currency translation adjustments reclassified to income	—		2		—		4
Income taxes	(43)		11		(66)		(31)
Total foreign currency translation adjustments, net of tax	(210)		37		(184)		30


Pension and other postretirement benefit adjustments reclassified to income	5		14		11		27
Income taxes	(1)		(3)		(2)		(5)
Total pension and other postretirement benefit adjustments, net of tax	4		11		9		22

Ending balance	$	(1,677)	$	(1,590)	$	(1,677)	$	(1,590)

Foreign currency translation adjustments reclassified to income related to the exit of immaterial foreign operations. Pension and other postretirement benefit adjustments reclassified to income represented the amortization of actuarial gains and losses and prior service cost. Refer to Note 8. Pension and Other Postretirement Benefits for additional information.

The Company designated the €1.0 billion of Euro notes issued in May 2014, the €1.0 billion of Euro notes issued in May 2015 and the €1.6 billion of Euro notes issued in June 2019 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. Changes in the value of this debt resulting from fluctuations in the Euro to U.S. Dollar exchange rate have been recorded as foreign currency translation adjustments within Accumulated other comprehensive income (loss). On February 22, 2022, €500 million of the Euro notes issued in May 2014 were redeemed in full. Refer to Note 9. Debt for additional information regarding the redemption of these notes. The carrying values of the 2019, 2015 and 2014 Euro notes were $1.7 billion, $1.0 billion and $514 million, respectively, as of June 30, 2022. The cumulative unrealized pre-tax gain (loss) recorded in Accumulated other comprehensive income (loss) related to the net investment hedge was a gain of $456 million and $183 million as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022 and 2021, the ending balance of Accumulated other comprehensive income (loss) consisted of after-tax cumulative translation adjustment losses of $1.5 billion and $1.3 billion, respectively, and after-tax unrecognized pension and other postretirement benefits costs of $187 million and $309 million, respectively.