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Derivative instruments (Tables)

6 Months Ended

Jun. 30, 2023

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
			June 30, 2023						December 31, 2022
			(In millions)
Designated as hedging instrument
Foreign exchange contracts			$	68					$	109
Interest rate swap contracts			—						229
Cross currency swap contracts			161						133
Not designated as hedging instrument
Foreign exchange contracts			$	72					$	110
Interest rate swap contracts			311						480

Summary of Outstanding Derivative Instruments

The fair values of the Company’s outstanding derivative instruments as of June 30, 2023 and December 31, 2022 were as follows:

			Balance sheet location						June 30, 2023						December 31, 2022
									(In millions)
Derivative Instruments
Foreign exchange contracts designated as cash flow hedges			Other current assets						$	—					$	1
Cross currency swap contracts designated as net investment hedge			Other current liabilities						4						2
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						17						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						7						2
Foreign exchange contracts designated as cash flow hedges			Other current liabilities						7						2
Interest rate swap contracts not designated as hedging instruments			Other non-current liabilities						1						6
Cross currency swap contracts designated as net investment hedge			Other non-current liabilities						5						1

Effect of Derivative Contracts on Comprehensive Income

The effects of derivative contracts on the unaudited interim condensed consolidated statement of comprehensive income as of June 30, 2023 were as follows:

			December 31, 2022						Amount of gain (loss) recognized in other comprehensive income						Amount of (gain) loss reclassified from accumulated other comprehensive income						June 30, 2023
			(In millions)
Foreign exchange contracts designated as cash flow hedges			$	(2)					$	(10)					$	4					$	(8)
Interest swap contracts designated as cash flow hedges			(2)						8						(6)						—
Cross currency swap contracts designated as net investment hedge			(1)						(8)						4						(5)
			$	(5)					$	(10)					$	2					$	(13)

Effect of Derivative Contracts on Income Statement

The effects of derivative contracts not designated as hedging instruments on the unaudited interim condensed consolidated statements of income for the six and three-month periods ended June 30, 2023 and 2022 were as follows:

			Six Months Ended June 30,												Three Months Ended June 30,
			2023						2022						2023						2022
			(In millions)												(In millions)
Foreign exchange contracts not designated as hedging instruments recognized in Foreign currency losses, net			$	(11)					$	—					$	(5)					$	5
Currency swap contracts not designated as hedging instruments recognized in Foreign currency losses, net			—						(22)						—						10
Interest rate contracts not designated as hedging instruments recognized in Interest expense and other financial losses			5						—						3						—

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Schedule Of Derivative Instruments, Effect On Comprehensive Income

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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