Annual report pursuant to Section 13 and 15(d)

Accumulated Other Comprehensive Income/(Loss)

v3.22.4
Accumulated Other Comprehensive Income/(Loss)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income/(Loss) Accumulated Other Comprehensive Income/(Loss)
The components of accumulated other comprehensive income/(loss) are as follows (in millions):
Pretax Foreign Currency Translation Adjustments Unrealized (Losses)/Gains on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive (Loss)/Income
Balance as of December 31, 2019 $ (148) $ (1) $ 1  $ (148)
Other comprehensive income/(loss) 35  —  (1) 34 
Balance as of December 31, 2020 (113) (1) —  (114)
Other comprehensive income/(loss) (32) —  —  (32)
Balance as of December 31, 2021 (145) (1) —  (146)
Other comprehensive income/(loss) (33) 1  —  (32)
Balance as of December 31, 2022 $ (178) $ —  $ —  $ (178)
Tax Foreign Currency Translation Adjustments Unrealized (Losses)/Gains on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive (Loss)/Income
Balance as of December 31, 2019 $ 95  $ 1  $ —  $ 96 
Other comprehensive income/(loss) 2  —  —  2 
Balance as of December 31, 2020 97  1  —  98 
Other comprehensive income/(loss) —  —  —  — 
Balance as of December 31, 2021 97  1  —  98 
Other comprehensive income/(loss) 2  (1) —  1 
Balance as of December 31, 2022 $ 99  $ —  $ —  $ 99 
Net of Tax Foreign Currency Translation Adjustments Unrealized (Losses)/Gains on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive (Loss)/Income
Balance as of December 31, 2019 $ (53) $ —  $ 1  $ (52)
Other comprehensive income/(loss) 37  —  (1) 36 
Balance as of December 31, 2020 (16) —  —  (16)
Other comprehensive income/(loss) (32) —  —  (32)
Balance as of December 31, 2021 (48) —  —  (48)
Other comprehensive income/(loss) (31) —  —  (31)
Balance as of December 31, 2022 $ (79) $ —  $ —  $ (79)

Currency translation adjustments exclude income taxes related to investments in foreign subsidiaries where the Company intends to reinvest the undistributed earnings indefinitely in those foreign operations.
The Company's policy for releasing disproportionate income tax effects from AOCL utilizes the aggregate approach.

There were no reclassifications out of AOCL during 2022 or 2021.