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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Measured at Fair Value in Consolidated Balance Sheet

The fair value of our derivative instruments and the related notional amounts were as follows:

						June 30, 2023
												Derivative Assets												Derivative Liabilities
(In millions)						Notional Amount						Balance Sheet Caption						Fair Value						Balance Sheet Caption						Fair Value
Derivatives designated as hedges
Cross-currency swap agreements						$	663					Other current assets						$	1					Other current liabilities						$	(24)
Interest rate swaps						700						Other current assets						2						Other current liabilities						—
Total																		$	3											$	(24)

						December 31, 2022
												Derivative Assets												Derivative Liabilities
(In millions)						Notional Amount						Balance Sheet Caption						Fair Value						Balance Sheet Caption						Fair Value
Derivatives designated as hedges
Cross-currency swap agreements						$	332					Other current assets						$	—					Other current liabilities						$	(11)
Cross-currency swap agreements						68						Other long-term assets						3						Other long-term liabilities						—
Interest rate swaps						1,882						Other current assets						—						Other current liabilities						(1)
Total																		$	3											$	(12)

Schedule of Gains and Losses Recognized on Consolidated Statements of Operations for Derivate Instruments

The effect of derivative and nonderivative instruments designated as hedges on our Condensed Consolidated Statements of Income was as follows:

						Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives												Amount of Gain Reclassified from AOCI into Net Income												Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
						Three Months Ended June 30,
(In millions)						2023						2022						2023						2022						2023						2022
Derivatives designated as cash flow hedges
Interest rate swaps						1						4						1						—						—						—
Derivatives designated as net investment hedges
Cross-currency swap agreements						(3)						28						—						—						2						2
Total						$	(2)					$	32					$	1					$	—					$	2					$	2

						Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives												Amount of Gain Reclassified from AOCI into Net Income												Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
						Six Months Ended June 30,
(In millions)						2023						2022						2023						2022						2023						2022
Derivatives designated as cash flow hedges
Interest rate swaps						2						5						1						—						—						—
Derivatives designated as net investment hedges
Cross-currency swap agreements						(13)						37						—						—						4						4
Total						$	(11)					$	42					$	1					$	—					$	4					$	4

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- References

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging 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 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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