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Derivative instruments (Tables) | 9 Months Ended
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Sep. 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
| September 30, 2023 |  | December 31, 2022
| (In millions)
Designated as hedging instrument |  |  |
Foreign exchange contracts | $ | 62 |  |  | $ | 109 |
Interest rate swap contracts | — |  |  | 229 |
Cross currency swap contracts | 244 |  |  | 133 |
Not designated as hedging instrument |  |  |
Foreign exchange contracts | $ | 39 |  |  | $ | 110 |
Interest rate swap contracts | 249 |  |  | 480 |
Summary of Outstanding Derivative Instruments | The fair values of the Company’s outstanding derivative instruments as of September 30, 2023 and December 31, 2022 were as follows:
| Balance sheet location |  | September 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 fair value hedge | Other current assets |  | 5 |  |  | — |
Interest rate swap contracts not designated as hedging instruments | Other non-current assets |  | 11 |  |  | — |
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 |  | 4 |  |  | 2 |
Interest rate swap contracts not designated as hedging instruments | Other current liabilities |  | 7 |  |  | 1 |
Foreign exchange contracts not designated as hedging instruments | Other current liabilities |  | 2 |  |  | 2 |
Foreign exchange contracts designated as cash flow hedges | Other current liabilities |  | 1 |  |  | 2 |
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 unaudited interim condensed consolidated statement of comprehensive income as of September 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 |  | September 30, 2023
| (In millions)
Foreign exchange contracts designated as cash flow hedges | $ | (2) |  |  | $ | (9) |  |  | $ | 9 |  |  | $ | (2) |
Interest swap contracts designated as cash flow hedges | (2) |  |  | 8 |  |  | (6) |  |  | — |
Cross currency swap contracts designated as net investment hedge | (1) |  |  | (7) |  |  | 5 |  |  | (3) |
| $ | (5) |  |  | $ | (8) |  |  | $ | 8 |  |  | $ | (5) |
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 nine and three-month periods ended September 30, 2023 and 2022 were as follows:
| Nine Months Ended September 30, |  | Three Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In millions) |  | (In millions)
Foreign exchange contracts not designated as hedging instruments recognized in Foreign currency losses, net | $ | (10) |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Currency swap contracts not designated as hedging instruments recognized in Foreign currency losses, net | — |  |  | (23) |  |  | — |  |  | (1) |
Interest rate contracts not designated as hedging instruments recognized in Interest expense and other financial losses | 1 |  |  | (5) |  |  | (4) |  |  | (5) |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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