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Derivative Financial Instruments (Tables)

12 Months Ended

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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- References

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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

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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

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