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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):

 

 

 

Currency Denomination

 

Currency

 

December 31, 2021

 

 

December 31, 2020

 

South Korean Won

 

KRW

 

 

17,600

 

 

KRW

 

 

17,600

 

Norwegian Krone

 

NOK

 

 

2,430

 

 

NOK

 

 

3,817

 

Russian Ruble

 

RUB

 

 

1,128

 

 

RUB

 

 

1,118

 

Mexican Peso

 

MXN

 

 

637

 

 

MXN

 

 

402

 

Japanese Yen

 

JPY

 

 

476

 

 

JPY

 

 

340

 

U.S. Dollar

 

USD

 

 

415

 

 

USD

 

 

367

 

South African Rand

 

ZAR

 

 

124

 

 

ZAR

 

 

124

 

Euro

 

EUR

 

 

106

 

 

EUR

 

 

116

 

Singapore Dollar

 

SGD

 

 

36

 

 

SGD

 

 

31

 

British Pound Sterling

 

GBP

 

 

14

 

 

GBP

 

 

18

 

Danish Krone

 

DKK

 

 

7

 

 

DKK

 

 

875

 

Brazilian Real

 

BRL

 

 

—

 

 

BRL

 

 

768

 

Canadian Dollar

 

CAD

 

 

—

 

 

CAD

 

 

1

 
Derivative Instruments and their Balance Sheet Classifications

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):

 

 

 

Fair Values of Derivative Instruments

(In millions)

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

 

 

Fair Value

 

 

 

 

Fair Value

 

 

 

Balance Sheet

 

December 31,

 

 

Balance Sheet

 

December 31,

 

 

 

Location

 

2021

 

 

2020

 

 

Location

 

2021

 

 

2020

 

Derivatives designated as hedging

   instruments under ASC Topic 815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Prepaid and other current assets

 

$

11

 

 

$

17

 

 

Accrued liabilities

 

$

2

 

 

$

11

 

Foreign exchange contracts

 

Other Assets

 

 

—

 

 

 

12

 

 

Other Liabilities

 

 

—

 

 

 

-

 

Total derivatives designated as hedging

   instruments under ASC Topic 815

 

 

 

$

11

 

 

$

29

 

 

 

 

$

2

 

 

$

11

 

Derivatives not designated as hedging

   instruments under ASC Topic 815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Prepaid and other current assets

 

$

7

 

 

$

17

 

 

Accrued liabilities

 

$

6

 

 

$

4

 

Total derivatives not designated

   as hedging instruments under ASC

   Topic 815

 

 

 

$

7

 

 

$

17

 

 

 

 

$

6

 

 

$

4

 

Total derivatives

 

 

 

$

18

 

 

$

46

 

 

 

 

$

8

 

 

$

15