Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the three months ended March 31, 2025 and 2024 were as follows:



(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2024	$	(619)	$	(10)	$	(70)	$	(31)	$	(730)
Other comprehensive (loss) income before reclassifications and tax impact	75		—		(21)		—		54
Tax expense	12		—		5		—		17
Other comprehensive (loss) income, net of tax, before reclassifications	87		—		(16)		—		71
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net (decrease) increase in other comprehensive income	87		—		(16)		—		71


Balance, net of tax, at March 31, 2025	$	(532)	$	(10)	$	(86)	$	(31)	$	(659)


(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2023	$	(473)	$	(13)	$	(107)	$	(43)	$	(636)
Other comprehensive income (loss) before reclassifications and tax impact	(34)		—		42		—		8
Tax benefit	(28)		—		(10)		—		(38)
Other comprehensive income (loss), net of tax, before reclassifications	(62)		—		32		—		(30)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net increase (decrease) in other comprehensive income	(62)		—		32		—		(30)
Balance, net of tax, at March 31, 2024	$	(535)	$	(13)	$	(75)	$	(43)	$	(666)

At March 31, 2025 and December 31, 2024, the cumulative tax adjustments were $135 million and $118 million, respectively, primarily related to foreign currency translation adjustments.

The cumulative foreign currency translation adjustments included translation losses of $443 million and $552 million at March 31, 2025 and December 31, 2024, respectively, and cumulative losses on loans designated as hedges of net investments of $89 million and $67 million at March 31, 2025 and December 31, 2024, respectively.

Reclassifications out of AOCI to the Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 were not significant.