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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Location And Fair Values Of Derivative Financial Instruments In Our Condensed Consolidated Statements Of Financial Position | The following table provides information on the location and fair values of derivative financial instruments included in our unaudited consolidated statements of financial position as of:
(in millions) |  |  |  | September 30, 2024 |  | December 31, 2023
Designation of Derivatives |  | Location on Statement of Financial Position |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments |  | Other current assets |  | $ | 20 |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |
|  | Other noncurrent assets |  | 2 |  |  | — |  |  | 5 |  |  | — |
|  | Accrued expenses and other current liabilities |  | — |  |  | 1 |  |  | — |  |  | 5 |
|  | Other noncurrent liabilities |  | — |  |  | 2 |  |  | — |  |  | 1 |
|  | Total |  | 22 |  |  | 3 |  |  | 19 |  |  | 6 |
Foreign exchange forward contracts – Not designated as hedging instruments |  | Other current assets |  | 3 |  |  | — |  |  | 1 |  |  | — |
|  | Accrued expenses and other current liabilities |  | — |  |  | 2 |  |  | — |  |  | 9 |
|  | Total |  | 3 |  |  | 2 |  |  | 1 |  |  | 9 |
Total |  |  |  | $ | 25 |  |  | $ | 5 |  |  | $ | 20 |  |  | $ | 15 |
Notional value of outstanding contracts by year of maturity | The notional value of the outstanding contracts by year of maturity was as follows:
(in millions) | September 30, 2024 |  | December 31, 2023
2024 | 603 |  |  | $ | 1,878 |
2025 | 1,725 |  |  | 1,020 |
2026 | 595 |  |  | — |
Total notional value of contracts outstanding (1) | $ | 2,923 |  |  | $ | 2,898 |
Location And Amounts Of Pre-Tax Gains (Losses) on Cash Flow Hedges | The following table provides information on the location and amounts of pre-tax gains and losses on our cash flow hedges for the three months ended September 30:
(in millions) | Change in Derivative Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (effective portion) |  | Location of Net Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) |  | Net Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments | $ | (13) |  |  | $ | (24) |  |  | Cost of revenues |  | $ | 5 |  |  | $ | (4) |
|  |  |  |  | SG&A expenses |  | — |  |  | (1) |
|  |  |  |  | Total |  | $ | 5 |  |  | $ | (5) |
Additional Information Related To Outstanding Contracts Not Designated As Hedging Instruments | Additional information related to the outstanding foreign exchange forward contracts not designated as hedging instruments was as follows:
(in millions) | September 30, 2024 |  | December 31, 2023
| Notional |  | Fair Value |  | Notional |  | Fair Value
Contracts outstanding | $ | 1,026 |  |  | $ | 1 |  |  | $ | 1,317 |  |  | $ | (8) |
Location And Amounts Of Pre-Tax Gains (Losses) On Derivative Financial Instruments Not Designated As Hedges | The following table provides information on the location and amounts of realized and unrealized pre-tax gains and losses on the other derivative financial instruments for the three and nine months ended September 30:
| Location of Net Gains (Losses) on Derivative Instruments |  | Amount of Net Gains (Losses) on Derivative Instruments
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign exchange forward contracts – Not designated as hedging instruments | Foreign currency exchange gains (losses), net |  | $ | 14 |  |  | $ | 23 |  |  | $ | 42 |  |  | $ | (1) |

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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