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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary Of Notional Amounts

The following table presents the notional amounts of the Company’s outstanding derivative instruments

			Notional Amount as of December 31,
			2022			2021
			(In millions)
Designated as hedging instrument
Foreign exchange contracts			109			89
Interest rate swap contracts			229			—
Cross currency swap contracts			133			94
Not designated as hedging instrument
Foreign exchange contracts			110			—
Interest rate swap contracts			480			249
Cross currency swap contracts			—			160

Summary Of Outstanding Derivative Instruments

The fair values of the Company’s outstanding derivative instruments as of December 31, 2022 and December 31, 2021 were as follows:

									December 31,
			Balance sheet location						2022						2021
									(In millions)
Derivative Instruments
Cross currency swap contracts not designated as hedging instruments			Other current assets						—						8
Foreign exchange contracts designated as cash flow hedges			Other current assets						1						2
Cross currency swap contracts designated as net investment hedge			Other non-current assets						—						7
Cross currency swap contracts designated as net investment hedge			Other current liabilities						2						—
Cross currency swap contracts not designated as hedging instruments			Other current liabilities						—						5
Interest rate swap contracts designated as cash flow hedges			Other current liabilities						8						—
Cross currency swap contracts designated as fair value hedge			Other current liabilities						2						—
Interest rate swap contracts not designated as hedging instruments			Other current liabilities						1						—
Foreign exchange contracts not designated as hedging instruments			Other current liabilities						2						—
Foreign exchange contracts designated as cash flow hedges			Other current liabilities						2						1
Interest rate swap contracts not designated as hedging instruments			Other non-current liabilities						6						—
Cross currency swap contracts designated as net investment hedge			Other non-current liabilities						1						—

Effect Of Derivative Contracts On Comprehensive Income

The effects of derivative contracts on the Consolidated Statement of Comprehensive Income as of December 31, 2022 and December 2021 were as follows:

			December 31, 2021						Amount of loss recognized in other comprehensive loss						Amount of loss reclassified from accumulated other comprehensive loss (income)						December 31, 2022
			(In millions)
Foreign exchange contracts designated as cash flow hedges			1						(12)						9						(2)
Interest swap contracts designated as cash flow hedges			—						(9)						7						(2)
Cross currency swap contracts designated as net investment hedge			7						(12)						4						(1)
			8						(33)						20						(5)

Effect Of Derivative Contracts On Income Statement

The effects of derivative contracts not designated as hedging instruments on the Consolidated Statement of Income during the years ended December 31, 2022, 2021 and 2020 were as follows:

			Years ended December 31,
			2022						2021						2020
			(In millions)
Foreign exchange contracts not designated as hedging instruments recognized in foreign exchange, net			(10)						(2)						2
Currency swap contracts not designated as hedging instruments recognized in foreign exchange, net			(29)						2						—
Interest rate contracts not designated as hedging instruments recognized in interest and other, net			(7)						—						—

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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.

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