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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):

 

 

 

Currency Denomination

 

Currency

 

December 31, 2023

 

 

December 31, 2022

 

Colombian Peso

 

COP

 

 

57,487

 

 

COP

 

 

—

 

Norwegian Krone

 

NOK

 

 

2,179

 

 

NOK

 

 

2,741

 

Japanese Yen

 

JPY

 

 

1,118

 

 

JPY

 

 

460

 

U.S. Dollar

 

USD

 

 

677

 

 

USD

 

 

655

 

Brazilian Real

 

BRL

 

 

291

 

 

BRL

 

 

291

 

Mexican Peso

 

MXN

 

 

157

 

 

MXN

 

 

160

 

Euro

 

EUR

 

 

102

 

 

EUR

 

 

125

 

South African Rand

 

ZAR

 

 

25

 

 

ZAR

 

 

149

 

Singapore Dollar

 

SGD

 

 

23

 

 

SGD

 

 

27

 

British Pound Sterling

 

GBP

 

 

5

 

 

GBP

 

 

16

 

Danish Krone

 

DKK

 

 

2

 

 

DKK

 

 

13

 

Canadian Dollar

 

CAD

 

 

1

 

 

CAD

 

 

2

 

South Korean Won

 

KRW

 

 

—

 

 

KRW

 

 

65,980

 
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

 

2023

 

 

2022

 

 

Location

 

2023

 

 

2022

 

Derivatives designated as hedging
   instruments under ASC Topic 815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Prepaid and other current assets

 

$

8

 

 

$

3

 

 

Accrued liabilities

 

$

2

 

 

$

3

 

Foreign exchange contracts

 

Other Assets

 

 

—

 

 

 

—

 

 

Other Liabilities

 

 

1

 

 

 

1

 

Total derivatives designated as hedging
   instruments under ASC Topic 815

 

 

 

$

8

 

 

$

3

 

 

 

 

$

3

 

 

$

4

 

Derivatives not designated as hedging
   instruments under ASC Topic 815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Prepaid and other current assets

 

$

11

 

 

$

5

 

 

Accrued liabilities

 

$

17

 

 

$

10

 

Foreign exchange contracts

 

Other Assets

 

 

—

 

 

 

—

 

 

Other Liabilities

 

 

1

 

 

 

—

 

Total derivatives not designated
   as hedging instruments under ASC Topic 815

 

 

 

$

11

 

 

$

5

 

 

 

 

$

18

 

 

$

10

 

Total derivatives

 

 

 

$

19

 

 

$

8

 

 

 

 

$

21

 

 

$

14