Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the three months ended March 31, 2026 and 2025 were as follows:



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

Balance, net of tax, at December 31, 2025	$	(434)	$	(7)	$	(188)	$	(10)	$	(639)
Other comprehensive (loss) income before reclassifications and tax impact	(15)		—		8		—		(7)
Tax expense	(2)		—		(8)		—		(10)
Other comprehensive loss, net of tax, before reclassifications	(17)		—		—		—		(17)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		1		—		—		1
Net (decrease) increase in other comprehensive loss	(17)		1		—		—		(16)


Balance, net of tax, at March 31, 2026	$	(451)	$	(6)	$	(188)	$	(10)	$	(655)


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

Balance, net of tax, at December 31, 2024	$	(619)	$	(10)	$	(70)	$	(31)	$	(730)
Other comprehensive income (loss) before reclassifications and tax impact	75		—		(21)		—		54
Tax benefit	12		—		5		—		17
Other comprehensive income (loss), net of tax, before reclassifications	87		—		(16)		—		71
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net increase (decrease) in other comprehensive loss	87		—		(16)		—		71
Balance, net of tax, at March 31, 2025	$	(532)	$	(10)	$	(86)	$	(31)	$	(659)

At March 31, 2026 and December 31, 2025, the cumulative tax adjustments were $168 million and $178 million, respectively, primarily related to foreign currency translation adjustments.

The cumulative foreign currency translation adjustments included translation losses of $312 million and $289 million at March 31, 2026 and December 31, 2025, respectively, and cumulative losses on loans designated as hedges of net investments of $139 million and $145 million at March 31, 2026 and December 31, 2025, respectively.

Reclassifications out of AOCI to the Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 were not significant.