The components of the changes in the cumulative translation adjustment, derivatives and hedges, minimum pension liability, and marketable securities for the fiscal years ended June 30, 2022, 2021, and 2020 consists of: | | | | | | | | | | | | | | | | | | | Fiscal Year Ended June 30, | | (Dollars in millions) | 2022 | | 2021 | | 2020 | | Foreign currency translation adjustments: | | | | | | | Net investment hedge | $ | 121 | | | $ | (56) | | | $ | 3 | | | Long-term inter-company loans | (37) | | | 39 | | | (9) | | | Translation adjustments | (169) | | | 72 | | | (25) | | | Total foreign currency translation adjustments, pretax | (85) | | | 55 | | | (31) | | | Tax expense (benefit) | 25 | | | (12) | | | — | | | Total foreign currency translation adjustments, net of tax | $ | (110) | | | $ | 67 | | | $ | (31) | | | | | | | | | Net change in derivatives and hedges: | | | | | | | Net gain (loss) recognized during the year, pretax | $ | 36 | | | $ | 4 | | | $ | (4) | | | | | | | | | | | | | | | | | | | | | Tax expense (benefit) | 9 | | | 1 | | | (1) | | | Net change in derivatives and hedges, net of tax | $ | 27 | | | $ | 3 | | | $ | (3) | | | | | | | | | Net change in minimum pension liability: | | | | | | | Net gain recognized during the year, pretax | $ | 13 | | | $ | — | | | $ | 4 | | | | | | | | | | | | | | | | | | | | | | | | | | | Tax expense | 4 | | | — | | | 2 | | | Net change in minimum pension liability, net of tax | $ | 9 | | | $ | — | | | $ | 2 | | | | | | | | | Net change in marketable securities: | | | | | | | Net loss recognized during the year, pretax | $ | (3) | | | $ | (1) | | | $ | — | | | | | | | | | | | | | | | | | | | | | Tax expense (benefit) | — | | | — | | | — | | | Net change in marketable securities, net of tax | $ | (3) | | | $ | (1) | | | $ | — | |
Accumulated Other Comprehensive Loss Accumulated other comprehensive loss by component and changes for the fiscal years ended June 30, 2022, 2021, and 2020 consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | Foreign Currency Translation Adjustment | | Pension Liability Adjustments | | Derivatives and Hedges | | Marketable Securities | | Other | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at June 30, 2019 | $ | (304) | | | $ | (49) | | | $ | — | | | $ | — | | | $ | (1) | | | $ | (354) | | | Other comprehensive loss before reclassifications | (31) | | | — | | | (3) | | | — | | | — | | | (34) | | | Amounts reclassified from other comprehensive loss | — | | | 2 | | | — | | | — | | | — | | | 2 | | | Balance at June 30, 2020 | (335) | | | (47) | | | (3) | | | — | | | (1) | | | (386) | | | Other comprehensive loss before reclassifications | 67 | | | — | | | 3 | | | (1) | | | — | | | 69 | | | | | | | | | | | | | | | Balance at June 30, 2021 | (268) | | | (47) | | | — | | | (1) | | | (1) | | | (317) | | | Other comprehensive income (loss) before reclassifications | (110) | | | 8 | | | 27 | | | (3) | | | — | | | (78) | | | Amounts reclassified from other comprehensive loss | — | | | 1 | | | — | | | — | | | — | | | 1 | | | Balance at June 30, 2022 | $ | (378) | | | $ | (38) | | | $ | 27 | | | $ | (4) | | | $ | (1) | | | $ | (394) | |
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