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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of location and fair value amounts of cash flow hedges | The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2022 and December 31, 2021:
(in millions) |  | June 30, |  | December 31,
Balance Sheet Location |  | 2022 |  | 2021
Derivatives designated as cash flow hedges: |  |  |  |
Prepaid and other current assets | Foreign exchange forward contracts | $ | 6 |  |  | $ | 7 |
Other current liabilities | Foreign exchange forward contracts | $ | 18 |  |  | $ | — |
Other non-current assets | Interest rate swap contracts | $ | 62 |  |  |
Other non-current liabilities | Interest rate swap contracts | $ | — |  |  | $ | 270 |
Derivatives designated as net investment hedges: |  |  |  |
Other non-current assets | Cross currency swaps | $ | 93 |  |  | $ | — |
Other non-current liabilities | Cross currency swaps | $ | — |  |  | $ | 17 |
Schedule of pre-tax gains (losses) on cash flow hedges | The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30: Three Months
(in millions) | Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) |  | Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) |  | Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
| 2022 |  | 2021 |  |  |  | 2022 |  | 2021
Cash flow hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts | $ | (12) |  |  | $ | (6) |  |  | Revenue, Selling and general expenses |  | $ | (1) |  |  | $ | 5 |
Interest rate swap contracts | $ | 135 |  |  | $ | (208) |  |  | Interest expense, net |  | $ | (1) |  |  | $ | — |
Net investment hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | 80 |  |  | $ | 11 |  |  | Interest expense, net |  | $ | (1) |  |  | $ | (3) |
Six Months
(in millions) | Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) |  | Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) |  | Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
| 2022 |  | 2021 |  |  |  | 2022 |  | 2021
Cash flow hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts | $ | (18) |  |  | $ | (6) |  |  | Revenue, Selling and general expenses |  | $ | 1 |  |  | $ | 10 |
Interest rate swap contracts | $ | 248 |  |  | $ | (206) |  |  | Interest expense, net |  | $ | (2) |  |  | $ | — |
Net investment hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | 106 |  |  | $ | 26 |  |  | Interest expense, net |  | $ | (2) |  |  | $ | (3) |
Schedule of cash flow hedges included in unrealized gains (losses) in AOCI | The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:
(in millions) | Three Months |  | Six Months
| 2022 |  | 2021 |  | 2022 |  | 2021
Cash Flow Hedges |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  |  |  |  |  |
Net unrealized gains on cash flow hedges, net of taxes, beginning of period | $ | 1 |  |  | $ | 14 |  |  | $ | 6 |  |  | $ | 14 |
Change in fair value, net of tax | (11) |  |  | 3 |  |  | (14) |  |  | 8 |
Reclassification into earnings, net of tax | 1 |  |  | (5) |  |  | (1) |  |  | (10) |
Net unrealized (losses) gains on cash flow hedges, net of taxes, end of period | $ | (9) |  |  | $ | 12 |  |  | $ | (9) |  |  | $ | 12 |
Interest rate swap contracts |  |  |  |  |  |  |
Net unrealized losses (gains) on cash flow hedges, net of taxes, beginning of period | $ | (118) |  |  | $ | 2 |  |  | $ | (203) |  |  | $ | — |
Change in fair value, net of tax | 101 |  |  | (157) |  |  | 185 |  |  | (155) |
Reclassification into earnings, net of tax | 1 |  |  | — |  |  | 2 |  |  | — |
Net unrealized losses on cash flow hedges, net of taxes, end of period | $ | (16) |  |  | $ | (155) |  |  | $ | (16) |  |  | $ | (155) |
Net Investment Hedges |  |  |  |  |  |  |
Net unrealized losses on net investment hedges, net of taxes, beginning of period | $ | (2) |  |  | $ | (70) |  |  | $ | (17) |  |  | $ | (81) |
Change in fair value, net of tax | 63 |  |  | 8 |  |  | 77 |  |  | 19 |
Reclassification into earnings, net of tax | 1 |  |  | 3 |  |  | 2 |  |  | 3 |
Net unrealized gains (losses) on net investment hedges, net of taxes, end of period | $ | 62 |  |  | $ | (59) |  |  | $ | 62 |  |  | $ | (59) |

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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