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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 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 Consolidated Income Statements and Consolidated Statements of Comprehensive Income:
|  | Year Ended December 31,
(in millions) |  | 2022 |  | 2021 |  | 2020
Derivatives in Cash Flow Hedges |  |  |  |  |  |
Foreign Exchange Contracts |  |  |  |  |  |
Amount of gain (loss) recognized in OCI/L |  | $ | (24) |  |  | $ | (10) |  |  | $ | 9 |
Amount of (gain) loss reclassified from OCI/L into revenue |  | 19 |  |  | 4 |  |  | (4) |
Amount of loss reclassified from OCI/L into cost of revenue |  | 2 |  |  | — |  |  | 1 |
Derivatives in Net Investment Hedges |  |  |  |  |  |
Cross-Currency Swaps |  |  |  |  |  |
Amount of (loss) gain recognized in OCI/L |  | $ | 94 |  |  | $ | 94 |  |  | $ | (103) |
Amount of income recognized in Interest Expense |  | 29 |  |  | 21 |  |  | 19 |
Foreign Currency Denominated Debt |  |  |  |  |  |
Amount of (loss) gain recognized in OCI/L |  | $ | 31 |  |  | $ | 48 |  |  | $ | (55) |
Fair Value Hedges |  |  |  |  |  |
Foreign Exchange Contracts |  |  |  |  |  |
Amount of (loss) recognized in Selling, general and administrative expenses |  | $ | (7) |  |  | $ | — |  |  | $ | — |
Amount recognized in Interest expense |  | (3) |  |  | — |  |  | — |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | The fair values of our derivative contracts currently included in our hedging program were as follows:
| December 31,
(in millions) | 2022 |  | 2021
Derivatives designated as hedging instruments |  |  |
Assets |  |  |
Net Investment Hedges |  |  |
Other non-current assets | 79 |  |  | 8 |
Liabilities |  |  |
Cash Flow Hedges |  |  |
Other current liabilities | — |  |  | (1) |
Net Investment Hedges |  |  |
Other non-current liabilities | (6) |  |  | (26) |
Our long-term debt, due in 2023, was de-designated from the hedging relationship in June 2022.The fair value of our long-term debt designated as a net investment hedge was $577 million as of December 31, 2021.

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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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