Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Statement of Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income (Loss)

The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2025 and 2024 were as follows:


	December 31, 2024		Increase / (Decrease)		Reclassifications		December 31, 2025
	(in millions)
Foreign currency translation adjustments 1	$	(1,558)	$	524	$	—	$	(1,034)
Translation adjustments on net investment hedges 2	295		(169)		—		126
Cash flow hedges

Foreign exchange contracts 3	(51)		(281)		378		46
Interest rate contracts	(113)		—		6		(107)
Defined benefit pension and other postretirement plans	(6)		(6)		—		(12)
Investment securities available-for-sale	—		—		—		—
Accumulated other comprehensive income (loss)	$	(1,433)	$	68	$	384	$	(981)


	December 31, 2023		Increase / (Decrease)		Reclassifications		December 31, 2024
	(in millions)
Foreign currency translation adjustments 1	$	(1,119)	$	(439)	$	—	$	(1,558)
Translation adjustments on net investment hedges 2	181		114		—		295
Cash flow hedges
Foreign exchange contracts 3	(17)		149		(183)		(51)
Interest rate contracts	(118)		—		5		(113)
Defined benefit pension and other postretirement plans	(25)		19		—		(6)
Investment securities available-for-sale	(1)		1		—		—
Accumulated other comprehensive income (loss)	$	(1,099)	$	(156)	$	(178)	$	(1,433)

1During 2025, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the euro and British pound against the U.S. dollar. During 2024, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro, Brazilian real, and British pound against the U.S. dollar.

2During 2025, the decrease in the accumulated other comprehensive income related to the net investment hedges was driven by the appreciation of the euro against the U.S. dollar. During 2024, the increase in the accumulated other comprehensive income related to the net investment hedges was driven by the depreciation of the euro and British pound against the U.S. dollar. See Note 21 (Derivative and Hedging Instruments) for additional information.

3Certain foreign exchange derivative contracts are designated as cash flow hedging instruments. Gains and losses resulting from changes in the fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statements of operations when the underlying hedged transactions impact earnings. See Note 21 (Derivative and Hedging Instruments) for additional information.