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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Effect of derivative financial instruments | The table below presents the effect of our derivative financial instruments on the Condensed Consolidated Income Statements and Statements of Comprehensive Income:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Cash Flow Hedges |  |  |  |  |  |  |
Foreign Exchange Contracts |  |  |  |  |  |  |
Amount of gain (loss) recognized in OCI | $ | (13) |  |  | $ | 4 |  |  | $ | (19) |  |  | $ | (7) |
Amount of (gain) loss reclassified from OCI into Revenue | 2 |  |  | 1 |  |  | 4 |  |  | (1) |
Amount of (gain) loss reclassified from OCI into Cost of revenue | 1 |  |  | — |  |  | 1 |  |  | (1) |
Net Investment Hedges |  |  |  |  |  |  |
Cross-Currency Swaps |  |  |  |  |  |  |
Amount of gain recognized in OCI | $ | 93 |  |  | $ | 2 |  |  | $ | 94 |  |  | $ | 32 |
Amount of income recognized in Interest expense | 7 |  |  | 5 |  |  | 13 |  |  | 10 |
Foreign Currency Denominated Debt |  |  |  |  |  |  |
Amount of gain (loss) recognized in OCI | $ | 23 |  |  | $ | (6) |  |  | $ | 31 |  |  | $ | 20 |
Fair Value Hedges |  |  |  |  |  |  |
Foreign Exchange Contracts |  |  |  |  |  |  |
Amount of gain recognized in OCI | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
Amount of (loss) recognized in Selling, general and administrative expenses | $ | (11) |  |  | $ | — |  |  | $ | (11) |  |  | $ | — |
Amount recognized in Interest expense | $ | (1) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |
Fair values of foreign exchange contracts | The fair values of our derivative contracts currently included in our hedging program were as follows:
(in millions) | June 30, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments |  |  |
Assets |  |  |
Cash Flow Hedges |  |  |
Prepaid and other current assets | $ | 1 |  |  | $ | — |
Net Investment Hedges |  |  |
Other non-current assets | $ | 77 |  |  | $ | 8 |
Liabilities |  |  |
Cash Flow Hedges |  |  |
Accrued and other current liabilities | $ | (14) |  |  | $ | (1) |
Net Investment Hedges |  |  |
Other non-current accrued liabilities | $ | (1) |  |  | $ | (26) |
Fair Value Hedges |  |  |
Accrued and other current liabilities | $ | (8) |  |  | $ | — |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of derivative assets at fair value. + References No definition available. + Details
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