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Derivative Financial Instruments (Tables)
6 Months Ended
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 EndedSix Months Ended
 June 30,June 30,
(in millions)2022202120222021
Cash Flow Hedges
Foreign Exchange Contracts
Amount of gain (loss) recognized in OCI$(13)$$(19)$(7)
Amount of (gain) loss reclassified from OCI into Revenue2 4 (1)
Amount of (gain) loss reclassified from OCI into Cost of revenue1 — 1 (1)
Net Investment Hedges
Cross-Currency Swaps
Amount of gain recognized in OCI$93 $$94 $32 
Amount of income recognized in Interest expense7 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 $
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$(8)$—