The following table presents changes in AOCI for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2026			2025			2026			2025
Beginning balance	$	(678	)	$	(951	)	$	(545	)	$	(1,178	)
Foreign currency translation adjustments(1)		28			436			(111	)		663
Change in BlackRock, Inc.'s ownership interest		(3	)		—			3			—
Ending balance	$	(653	)	$	(515	)	$	(653	)	$	(515	)

(1)

Amounts for the three months ended June 30, 2026 and 2025 include a gain from a net investment hedge of $7 million (net of tax expense of $2 million) and a loss from a net investment hedge of $62 million (net of tax benefit of $19 million), respectively. Amounts for the six months ended June 30, 2026 and 2025 include a gain from a net investment hedge of $24 million (net of tax expense of $7 million) and a loss from a net investment hedge of $96 million (net of tax benefit of $30 million), respectively.