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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023:
(in millions) |  | June 30, |  | December 31
Balance Sheet Location |  | 2024 |  | 2023
Derivatives designated as cash flow hedges: |  |  |  |
Prepaid and other current assets | Foreign exchange forward contracts | $ | 6 |  |  | $ | 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 | $ | 133 |  |  | $ | — |
Other non-current liabilities | Cross currency swaps | $ | 100 |  |  | $ | 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 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)
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Cash flow hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts | $ | — |  |  | $ | 4 |  |  | Revenue, Selling and general expenses |  | $ | 2 |  |  | $ | 2 |
Interest rate swap contracts | $ | — |  |  | $ | 25 |  |  | Interest expense, net |  | $ | — |  |  | $ | (1) |
Net investment hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | 16 |  |  | $ | (22) |  |  | Interest expense, net |  | $ | (1) |  |  | $ | (1) |
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)
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Cash flow hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts | $ | (1) |  |  | $ | 9 |  |  | Revenue, Selling and general expenses |  | $ | 4 |  |  | $ | 3 |
Interest rate swap contracts | $ | 21 |  |  | $ | (9) |  |  | Interest expense, net |  | $ | — |  |  | $ | (2) |
Net investment hedges - designated as hedging instruments |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | 46 |  |  | $ | (31) |  |  | Interest expense, net |  | $ | (2) |  |  | $ | (2) |
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 periods ended June 30:
(in millions) | Three Months |  | Six Months
| 2024 |  | 2023 |  | 2024 |  | 2023
Cash Flow Hedges |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  |  |  |  |  |
Net unrealized gains on cash flow hedges, net of taxes, beginning of period | $ | 5 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | — |
Change in fair value, net of tax | 2 |  |  | 5 |  |  | 4 |  |  | 10 |
Reclassification into earnings, net of tax | (2) |  |  | (2) |  |  | (4) |  |  | (3) |
Net unrealized gains on cash flow hedges, net of taxes, end of period | $ | 5 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 7 |
Interest rate swap contracts |  |  |  |  |  |  |
Net unrealized gains on cash flow hedges, net of taxes, beginning of period | $ | 100 |  |  | $ | 23 |  |  | $ | 84 |  |  | $ | 48 |
Change in fair value, net of tax | — |  |  | 17 |  |  | 16 |  |  | (9) |
Reclassification into earnings, net of tax | — |  |  | 1 |  |  | — |  |  | 2 |
Net unrealized gains on cash flow hedges, net of taxes, end of period | $ | 100 |  |  | $ | 41 |  |  | $ | 100 |  |  | $ | 41 |
Net Investment Hedges |  |  |  |  |  |  |
Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period | $ | 2 |  |  | $ | 49 |  |  | $ | (21) |  |  | $ | 56 |
Change in fair value, net of tax | 11 |  |  | (18) |  |  | 33 |  |  | (26) |
Reclassification into earnings, net of tax | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Net unrealized gains on net investment hedges, net of taxes, end of period | $ | 14 |  |  | $ | 32 |  |  | $ | 14 |  |  | $ | 32 |

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