Annual report pursuant to Section 13 and 15(d)

Other Comprehensive Income

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Other Comprehensive Income
 12 Months Ended
Dec. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Comprehensive (Loss) Income Other Comprehensive (Loss) Income
The change in the component of accumulated other comprehensive loss, net of taxes ("AOCL"), is summarized as follows:
(in millions) Comprehensive earnings attributable to debt credit risk adjustments Recognition of previously unrealized losses on debt, net Foreign currency translation adjustments AOCL
Balance as of January 1, 2019 $ —  —  (144) (144)
Other comprehensive income attributable to QVC, Inc. stockholder —  —  —  — 
Balance as of December 31, 2019 —  —  (144) (144)
Other comprehensive income attributable to QVC, Inc. stockholder —  —  111  111 
Common control transaction with Qurate Retail 16  —  —  16 
Balance as of December 31, 2020 16  —  (33) (17)
Other comprehensive income attributable to QVC, Inc. stockholder (19) 3  (113) (129)
Balance as of December 31, 2021 $ (3) 3  (146) (146)
As part of the December 2020 common control transaction with Qurate Retail (see note 2(s)), the Company assumed the balance of accumulated other comprehensive income attributable to the debt credit risk adjustments associated with the MSI Exchangeables. All MSI Exchangeables not surrendered for exchange were redeemed on December 13, 2021 and the balance of accumulated other comprehensive income associated with the MSI Exchangeables was recognized (see note 8).
The component of other comprehensive income (loss) is reflected in QVC's consolidated statements of comprehensive income, net of taxes. The following table summarizes the tax effects related to the component of other comprehensive income:
(in millions) Before-tax amount Tax benefit (expense) Net-of-tax amount
Year ended December 31, 2021:
Foreign currency translation adjustments $ (124) (4) (128)
Recognition of previously unrealized losses on debt, net 3  —  3 
Comprehensive loss attributable to debt credit risk adjustments (19) —  (19)
Other comprehensive loss (140) (4) (144)
Year ended December 31, 2020:
Foreign currency translation adjustments $ 115  3  118 
Other comprehensive income 115  3  118 
Year ended December 31, 2019:
Foreign currency translation adjustments $ —  1  1 
Other comprehensive income —  1  1