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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):

		Currency Denomination
		June 30,					December 31,
Foreign Currency		2023					2022
South Korean Won		KRW		13,458			KRW		65,980
Norwegian Krone		NOK		2,202			NOK		2,741
U.S. Dollar		USD		670			USD		655
Japanese Yen		JPY		455			JPY		460
Brazilian Real		BRL		291			BRL		291
Mexican Peso		MXN		224			MXN		160
Euro		EUR		123			EUR		125
South African Rand		ZAR		30			ZAR		149
Singapore Dollar		SGD		26			SGD		27
British Pound Sterling		GBP		13			GBP		16
Danish Krone		DKK		10			DKK		13
Canadian Dollar		CAD		3			CAD		2

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):

		Asset Derivatives										Liability Derivatives
				Fair Value										Fair Value
		Balance Sheet		June 30,				December 31,				Balance Sheet		June 30,				December 31,
		Location		2023				2022				Location		2023				2022
Derivatives designated as hedging instruments    under ASC Topic 815
Foreign exchange contracts		Prepaid and other current assets		$	1			$	3			Accrued liabilities		$	11			$	3
Foreign exchange contracts		Other Assets			—				—			Other liabilities			4				1
Total derivatives designated as hedging instruments    under ASC Topic 815				$	1			$	3					$	15			$	4
Derivatives not designated as hedging instruments    under ASC Topic 815
Foreign exchange contracts		Prepaid and other current assets		$	2			$	5			Accrued liabilities		$	6			$	10
Foreign exchange contracts		Other Assets			—				—			Other Liabilities			3				—
Total derivatives not designated as hedging instruments under ASC    Topic 815				$	2			$	5					$	9			$	10
Total derivatives				$	3			$	8					$	24			$	14

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- Definition

Outstanding foreign currency forward contracts.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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