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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
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 |  |
| March 31, |  |
(in millions) | 2023 |  | 2022 |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |
Foreign Exchange Contracts |  |  |  |  |  |  |
Amount of gain (loss) recognized in OCL | $ | 4 |  |  | $ | (6) |  |  |  |  |
Amount of loss reclassified from OCL into Revenue | 3 |  |  | 2 |  |  |  |  |
Amount of loss reclassified from OCL into Cost of revenue | 2 |  |  | — |  |  |  |  |
Net Investment Hedges |  |  |  |  |  |  |
Cross-Currency Swaps |  |  |  |  |  |  |
Amount of gain (loss) recognized in OCL | $ | (22) |  |  | $ | 1 |  |  |  |  |
Amount of income recognized in Interest expense | 7 |  |  | 6 |  |  |  |  |
Foreign Currency Denominated Debt |  |  |  |  |  |  |
Amount of gain recognized in OCL | $ | — |  |  | $ | 8 |  |  |  |  |
Fair values of foreign exchange contracts | The fair values of our derivative contracts currently included in our hedging program were as follows:
(in millions) | March 31, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments |  |  |
Assets |  |  |
Cash Flow Hedges |  |  |
Prepaid and other current assets | $ | 6 |  |  | $ | — |
Net Investment Hedges |  |  |
Other non-current assets | $ | 66 |  |  | $ | 79 |
Liabilities |  |  |
Cash Flow Hedges |  |  |
Accrued and other current liabilities | $ | (2) |  |  | $ | — |
Net Investment Hedges |  |  |
Other non-current accrued liabilities | $ | (14) |  |  | $ | (6) |

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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 derivative assets at fair value. + References No definition available. + Details
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