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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Summary of Primary Net Hedging Positions and Corresponding Fair Values | The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of March 31, 2022 and December 31, 2021:
|  | March 31, 2022 |
Currency Hedged (Buy/Sell) |  | Gross Notional Value |  |  | Fair Value(1) |
U.S. dollar/Japanese yen |  | $ | 34 |  |  | $ | 3 |
U.S. dollar/South Korean won |  |  | 72 |  |  |  | 2 |
U.S. dollar/Euro |  |  | 11 |  |  |  | 1 |
U.S. dollar/U.K. pound sterling |  |  | 7 |  |  |  | — |
U.S. dollar/Taiwan dollar |  |  | 31 |  |  |  | 1 |
Total |  | $ | 155 |  |  | $ | 7 |
|  | December 31, 2021 |
Currency Hedged (Buy/Sell) |  | Gross Notional Value |  |  | Fair Value(1) |
U.S. dollar/Japanese yen |  | $ | 60 |  |  | $ | 2 |
U.S. dollar/South Korean won |  |  | 108 |  |  |  | 1 |
U.S. dollar/Euro |  |  | 15 |  |  |  | — |
U.S. dollar/U.K. pound sterling |  |  | 11 |  |  |  | — |
U.S. dollar/Taiwan dollar |  |  | 47 |  |  |  | — |
Total |  | $ | 241 |  |  | $ | 3 |
(1) Represents receivable amount included in other current assets in the condensed consolidated balance sheet.
Summary of Interest Rate Hedges | The table below summarizes interest rate hedges outstanding at December 31, 2021 and March 31, 2022:
|  |  |  |  |  |  |  |  |  |  |  | March 31, 2022 |  |  | March 31, 2022 |  |  | December 31, 2021 |
Trade Date |  | Effective Date |  | Maturity |  | Fixed Rate |  |  | Notional Amount at Effective Date |  |  | Notional Amount |  |  | Fair Value Asset (Liability) |  |  | Fair Value Asset (Liability) |
April 3, 2019 |  | April 5, 2019 |  | March 31, 2023 |  |  | 2.309 | % |  | $ | 200 |  |  | $ | 200 |  |  | $ | (1 | ) |  | $ | (5 | )
October 29, 2020 |  | October 26, 2021 |  | February 28, 2025 |  |  | 0.485 | % |  | $ | 200 |  |  | $ | 200 |  |  |  | 11 |  |  |  | 4 |
October 29, 2020 |  | March 31, 2022 |  | February 28, 2025 |  |  | 0.623 | % |  | $ | 100 |  |  | $ | 100 |  |  |  | 14 |  |  |  | 5 |
|  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 24 |  |  | $ | 4 |
Summary of Foreign Currency Option Contracts Purchased to Hedge Conversion | The Company purchased foreign currency option contracts to fix the conversion of EUR 300 into U.S. dollars and the options settled on January 31, 2022, as noted below:
|  |  |  |  |  |  |  |  |  |  | March 31, 2022 |  |  | March 31, 2022 |  |  | December 31, 2021 |
Trade Date |  | Effective Date |  | Maturity |  | Fixed Rate |  | Notional Amount in EUR |  |  | Notional Amount in U.S. dollars |  |  | Fair Value Asset (Liability) |  |  | Fair Value Asset (Liability) |
October 26, 2021 |  | October 26, 2021 |  | January 31, 2022 |  | 1.1615 |  | € | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |
Summary of Gains (Losses) on Derivatives Designated as Cash Flow Hedging Instruments | The following table provides a summary of the gains (losses) on derivatives designated as cash flow hedging instruments:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Foreign exchange forward contracts: |  |  |  |  |  |
Net gains recognized in accumulated OCI |  | $ | 18 |  |  | $ | 11 |
Net gains (losses) reclassified from accumulated OCI into income |  | $ | 1 |  |  | $ | (2 | )
Summary of Gains (Losses) on Derivatives Not Designated as Hedging Instruments | The following table provides a summary of the gains (losses) on derivatives not designated as hedging instruments:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Foreign exchange forward contracts: |  |  |  |  |  |
Net gains (losses) recognized in income(1) |  | $ | 6 |  |  | $ | (1 | )
(1) The Company enters into foreign exchange forward contracts to hedge against changes in the balance sheet for certain subsidiaries to mitigate the risk associated with certain foreign currency transactions in the ordinary course of business. These derivatives are not designated as cash flow hedging instruments and gains or losses from these derivatives are recorded immediately in other (income) expense, net.

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