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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023:
(in millions) |  | March 31, |  | December 31,
Balance Sheet Location |  | 2024 |  | 2023
Derivatives designated as cash flow hedges: |  |  |  |
Prepaid and other current assets | Foreign exchange forward contracts | $ | 7 |  |  | $ | 9 |
Other current liabilities | Foreign exchange forward contracts | $ | — |  |  | $ | 2 |
Other non-current assets | Interest rate swap contracts | $ | — |  |  | $ | 134 |
Derivatives designated as net investment hedges: |  |  |  |
Other non-current assets | Cross currency swaps | $ | 126 |  |  | $ | — |
Other non-current liabilities | Cross currency swaps | $ | 109 |  |  | $ | 14 |
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 three months ended March 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)
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Cash flow hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts | $ | — |  |  | $ | 6 |  |  | Revenue, Selling and general expenses |  | $ | 2 |  |  | $ | — |
Interest rate swap contracts | $ | 21 |  |  | $ | (34) |  |  | Interest expense, net |  | $ | — |  |  | $ | (1) |
Net investment hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | 30 |  |  | $ | (9) |  |  | Interest expense, net |  | $ | (1) |  |  | $ | (1) |
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 three months ended March 31:
(in millions) | 2024 |  | 2023 |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  |  |  |  |  |
Net unrealized gains on cash flow hedges, net of taxes, beginning of period | $ | 5 |  |  | $ | — |  |  |  |  |
Change in fair value, net of tax | 2 |  |  | 4 |  |  |  |  |
Reclassification into earnings, net of tax | (2) |  |  | — |  |  |  |  |
Net unrealized gains on cash flow hedges, net of taxes, end of period | $ | 5 |  |  | $ | 4 |  |  |  |  |
Interest rate swap contracts |  |  |  |  |  |  |
Net unrealized gains on cash flow hedges, net of taxes, beginning of period | $ | 84 |  |  | $ | 48 |  |  |  |  |
Change in fair value, net of tax | 16 |  |  | (26) |  |  |  |  |
Reclassification into earnings, net of tax | — |  |  | 1 |  |  |  |  |
Net unrealized gains on cash flow hedges, net of taxes, end of period | $ | 100 |  |  | $ | 23 |  |  |  |  |
Net Investment Hedges |  |  |  |  |  |  |
Net unrealized (losses) gains on net investment hedges, net of taxes, beginning of period | $ | (21) |  |  | $ | 56 |  |  |  |  |
Change in fair value, net of tax | 21 |  |  | (8) |  |  |  |  |
Reclassification into earnings, net of tax | 1 |  |  | 1 |  |  |  |  |
Net unrealized gains on net investment hedges, net of taxes, end of period | $ | 1 |  |  | $ | 49 |  |  |  |  |

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