ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jun. 30, 2022

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

Accumulated other comprehensive loss consists of:


(in millions)	June 30, 2022		December 31, 2021
Foreign currency translation adjustment	$	(1,990)	$	(1,905)

Pension and postretirement benefit plan adjustments, net of income taxes	(12)		(19)
	$	(2,002)	$	(1,924)

Income taxes are not provided for foreign currency translation adjustments arising on the translation of the Company’s operations having a functional currency other than the U.S. dollar, except to the extent of translation adjustments related to the Company’s retained earnings for foreign jurisdictions in which the Company is not considered to be permanently reinvested.

As a result of the change in the Company’s ownership interest in Bausch + Lomb, the carrying amount of accumulated other comprehensive income was adjusted to reflect the change in the ownership interest in Bausch + Lomb through a corresponding credit of $137 million to equity attributable to the Company.