ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2023

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

Accumulated other comprehensive loss consists of:


(in millions)	September 30, 2023		December 31, 2022
Foreign currency translation adjustment	$	(2,031)	$	(2,038)
Pension adjustment, net of tax	(20)		(18)
	$	(2,051)	$	(2,056)

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, in the second quarter of 2022, 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.