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Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Primary Net Hedging Positions and Fair Values of Foreign Exchange Forward Contracts Outstanding

The following tables summarize the primary net hedging positions and fair values of foreign exchange forward contracts outstanding as of September 30, 2023 and December 31, 2022:

		September 30, 2023
Currency Hedged (Buy/Sell)		Net Notional Value				Fair Value Asset (Liability)
U.S. dollar/Japanese yen		$	56			$	4
U.S. dollar/South Korean won			80				—
U.S. dollar/Taiwan dollar			21				1
U.S. dollar/Singapore dollar			1				—
U.S. dollar/Chinese renminbi			13				—
Euro/U.S. dollar			22				—
Euro/Chinese renminbi			18				(1	)
U.K. pound sterling/U.S. dollar			26				—
Total		$	237			$	4

		December 31, 2022
Currency Hedged (Buy/Sell)		Net Notional Value				Fair Value (Liability) Asset
U.S. dollar/Japanese yen		$	57			$	—
U.S. dollar/South Korean won			75				(4	)
U.S. dollar/Taiwan dollar			33				1
U.S. dollar/U.K. pound sterling			7				—
U.S. dollar/Singapore dollar			1				—
U.S. dollar/Chinese renminbi			9				—
Euro/U.S. dollar			485				1
Euro/Chinese renminbi			31				1
U.K. pound sterling/euro			4				—
Total		$	702			$	(1	)

Summary of Net (Gains) on Derivatives Designated as Cash Flow Hedging Instruments

The following table summarizes the net (gains) on derivatives designated as cash flow hedging instruments:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Foreign exchange forward contracts:
Net (gains) recognized in accumulated OCI		$	(16	)		$	(48	)		$	(45	)		$	(73	)
Net (gains) reclassified from accumulated OCI into income		$	(2	)		$	(5	)		$	(4	)		$	(9	)

Summary of The Terms And Fair Values of Interest Rate Swaps and Interest Rate Caps

The following table summarizes the terms and fair values of interest rate swaps and interest rate caps outstanding at September 30, 2023 and December 31, 2022:

																September 30, 2023				December 31, 2022
Effective Date		Maturity		Fixed Rate				Notional Amount at Effective Date				Notional Amount at September 30, 2023				Fair Value Asset				Fair Value Asset
Interest Rate Swaps
April 5, 2019		March 31, 2023			2.309	%		$	300			$	—			$	—			$	1
June 30, 2023		February 28, 2025			0.391	%			200				200				13				16
June 30, 2023		February 28, 2025			0.543	%			300				300				19				22
September 30, 2022		September 30, 2026			3.156	%			350				350				14				8
January 2, 2024		January 31, 2028			2.841	%			250				—				13				5
September 30, 2022		September 30, 2027			3.198	%			350				350				15				8
January 2, 2024		January 31, 2029			2.986	%			250				—				14				4
September 30, 2022		September 30, 2026			3.358	%			600				600				15				10
									2,600				1,800				103				74
Interest Rate Caps
June 30, 2023		January 31, 2024			0.805	%			350				350				5				15
June 30, 2023		January 31, 2024			0.805	%			350				350				5				15
									700				700				10				30
				Total				$	3,300			$	2,500			$	113			$	104

Summary of Losses on Derivatives Not Designated as Hedging Instruments

The following table summarizes the losses on derivatives not designated as hedging instruments, consisting of balance sheet hedges and interest rate caps:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Net losses recognized in income		$	12			$	11			$	28			$	4

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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.

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Tabular disclosure for fair value 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.

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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