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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 and December 31, 2021:

(in millions)						December 31,						December 31,
Balance Sheet Location						2022						2021
Derivatives designated as cash flow hedges:
Prepaid and other current assets			Foreign exchange forward contracts			$	3					$	7
Other current liabilities			Foreign exchange forward contracts			$	7					$	—
Other non-current assets			Interest rate swap contracts			$	145					$	—
Other non-current liabilities			Interest rate swap contracts			$	—					$	270
Derivative designated as net investment hedges:
Other non-current assets			Cross currency swap			$	84					$	—
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 years ended December 31:

(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						2020												2022						2021						2020
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts			$	(8)					$	(11)					$	17					Revenue, Selling and general expenses						$	(6)					$	19					$	2
Interest rate swap contracts			$	333					$	(270)					$	—					Interest expense, net						$	(4)					$	—					$	—
Net investment hedges- designated as hedging instruments
Cross currency swaps			$	98					$	84					$	(97)					Interest expense, net						$	(4)					$	(5)					$	—

Schedule of Cash Flow Hedges included in AOCI

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the years ended December 31:

(in millions)			Year ended December 31,
			2022						2021						2020
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			$	6					$	14					$	2
Change in fair value, net of tax			(11)						11						14
Reclassification into earnings, net of tax			5						(19)						(2)
Net unrealized gains on cash flow hedges, net of taxes, end of period			$	—					$	6					$	14
Interest rate swap contracts
Net unrealized losses on cash flow hedges, net of taxes, beginning of period			$	(203)					$	—					$	—
Change in fair value, net of tax			247						(203)						—
Reclassification into earnings, net of tax			4						—						—
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period			$	48					$	(203)					$	—
Net Investment Hedges
Net unrealized losses on net investment hedges, net of taxes, beginning of period			$	(17)					$	(81)					$	(8)
Change in fair value, net of tax			69						59						(73)
Reclassification into earnings, net of tax			4						5						—
Net unrealized gains (losses) on net investment hedges, net of taxes, end of period			$	56					$	(17)					$	(81)

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ 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 (c)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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