The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2022 and 2021 were as follows:


	December 31, 2021		Increase / (Decrease)		Reclassifications		December 31, 2022
	(in millions)
Foreign currency translation adjustments 1	$	(739)	$	(675)	$	—	$	(1,414)
Translation adjustments on net investment hedges 2	34		275		—		309
Cash flow hedges

Foreign exchange contracts 3	4		1		(13)		(8)
Interest rate contracts	(128)		—		5		(123)
Defined benefit pension and other postretirement plans 4	21		(31)		(1)		(11)
Investment securities available-for-sale	(1)		(5)		—		(6)
Accumulated other comprehensive income (loss)	$	(809)	$	(435)	$	(9)	$	(1,253)


	December 31, 2020		Increase / (Decrease)		Reclassifications		December 31, 2021
	(in millions)
Foreign currency translation adjustments 1	$	(352)	$	(387)	$	—	$	(739)
Translation adjustments on net investment hedges 2	(175)		209		—		34
Cash flow hedges
Foreign exchange contracts 3	—		5		(1)		4
Interest rate contracts	(133)		—		5		(128)
Defined benefit pension and other postretirement plans 4	(20)		43		(2)		21
Investment securities available-for-sale	—		(1)		—		(1)
Accumulated other comprehensive income (loss)	$	(680)	$	(131)	$	2	$	(809)

1During 2022, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro and British pound against the U.S. dollar. During 2021, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro against the U.S. dollar.

2During 2022 and 2021, the increase in the accumulated other comprehensive income related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. See Note 23 (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 statement of operations when the underlying hedged transactions impact earnings. See Note 23 (Derivative and Hedging Instruments) for additional information.