v3.22.2.2
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Note 7–Accumulated Other Comprehensive Income (Loss)
Changes in the components of Accumulated Other Comprehensive Income (Loss) ("AOCI") were as follows:
Foreign currency translation adjustmentsUnrecognized gain (loss) on derivative instrumentsPension adjustmentsTotal AOCI
(in millions)
Balance at January 1, 2021$30 $(70)$(6)$(46)
Other comprehensive income (loss)(3)18 17 32 
Taxes
(5)(8)(4)(17)
Reclassification from AOCI
— 19 — 19 
Balance at December 31, 202122 (41)7 (12)
Other comprehensive income (loss)(184)57 (25)(152)
Taxes26 (16)6 16 
Reclassification from AOCI— 13 — 13 
Balance at September 30, 2022$(136)$13 $(12)$(135)
Reclassifications from unrecognized loss on derivative instruments are recorded in "Interest expense, net" in the condensed consolidated statements of income.
We sponsor a frozen defined benefit pension plan in the United Kingdom for former employees on an expired customer contract. On May 20, 2022, the trustee of our defined benefit pension plan (the “Plan”) invested the assets of the Plan in a bulk purchase annuity policy to fully insure the benefits payable to the members of the Plan. As the buy-in transaction insured the defined benefit obligation, we do not anticipate material future contributions.
The bulk purchase annuity policy is structured to enable the Plan to move to a full buy-out, at which time the insurer would become directly responsible for all pension payments and we would be relieved of our obligations under the Plan. At this future date, a settlement loss will be recognized for an amount equal to any unamortized loss associated with the Plan recorded within AOCI and any remaining net plan assets of the Plan will be remitted to the Company. As of September 30, 2022, the unamortized loss within AOCI related to the Plan was $19 million and the Plan had net assets of $6 million.