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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2022 and December 31, 2021:
|  | June 30, 2022 |
Currency Hedged (Buy/Sell) |  | Gross Notional Value |  |  | Fair Value(1) |
U.S. dollar/Japanese yen |  | $ | 66 |  |  | $ | 5 |
U.S. dollar/South Korean won |  |  | 111 |  |  |  | 5 |
U.S. dollar/euro |  |  | 17 |  |  |  | 1 |
U.S. dollar/U.K. pound sterling |  |  | 7 |  |  |  | — |
U.S. dollar/Taiwan dollar |  |  | 45 |  |  |  | 2 |
Total |  | $ | 246 |  |  | $ | 13 |
|  | 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 June 30, 2022 and December 31, 2021:
|  |  |  |  |  |  |  |  |  |  |  | June 30, 2022 |  |  | June 30, 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 |  |  |  | 13 |  |  |  | 4 |
October 29, 2020 |  | March 31, 2022 |  | February 28, 2025 |  |  | 0.623 | % |  | $ | 100 |  |  | $ | 100 |  |  |  | 15 |  |  |  | 5 |
|  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 29 |  |  | $ | 4 |
Summary of Foreign Currency Option Contracts Purchased to Hedge Conversion | the Company purchased foreign currency option contracts to fix the conversion of €300 into U.S. dollars. The options settled on January 31, 2022 and the Company recorded a gain of $5, net of premiums, which is included in other expense (income), net.
|  |  |  |  |  |  |  |  |  |  |  | June 30, 2022 |  |  | June 30, 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 |  |  | 1.162 | % |  | € | 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Foreign exchange forward contracts: |  |  |  |  |  |  |  |  |  |  |  |
Net gains recognized in accumulated OCI |  | $ | 8 |  |  | $ | — |  |  | $ | 26 |  |  | $ | 11 |
Net gains (losses) reclassified from accumulated OCI into income |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |  |  | $ | (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 June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Foreign exchange forward contracts: |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized in income |  | $ | 1 |  |  | $ | (6 | ) |  | $ | 7 |  |  | $ | (7 | )

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