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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments

Balance Sheet Classification of derivative instruments


			Fair Value of
			Hedge Assets						Hedge Liabilities
			2020			2019			2020			2019
Derivatives designated as hedging instruments:
Interest rate swaps - fair value hedges (a)			$	17		$	8		$	—		$	2
Cash flow hedges of foreign exchange risk (b)				6			25			115			21
Interest rate swaps - cash flow hedges (c)													1
Net investment hedges (d)				1			2			52
Total derivatives accounted for as hedges			$	24		$	35		$	167		$	24
Derivatives not designated as hedges:
Foreign exchange derivative contracts (e)				1			3			3
Total derivatives			$	25		$	38		$	170		$	24

Current			$	13		$	8		$	15		$	—
Noncurrent				12			30			155			24
Total derivatives			$	25		$	38		$	170		$	24

(a)	The notional amounts of the interest rate swaps designated as fair value hedges were €725 million at December 31, 2020 and December 31, 2019. The maximum maturity dates were in 2024 at December 31, 2020 and December 31, 2019.

(b)	The notional amounts of the cash flow hedges of foreign exchange risk were $978 million and $1.424 billion at December 31, 2020 and December 31, 2019, respectively. The maximum maturity dates were in 2023 at December 31, 2020 and December 31, 2019.

(c)	The notional amounts of the interest rate swaps designated as cash flow hedges were $0 million and $105 million at December 31, 2020 and December 31, 2019, respectively. The maximum maturity date was 2020 at December 31, 2019.

(d)	The notional amounts of the net investment hedges were €311 million at December 31, 2020 and December 31, 2019, and maximum maturity dates were 2027 at December 31, 2020 and 2020 at December 31, 2019.

(e)	The notional amounts of the foreign exchange derivative contracts were $247 million and $283 million and maximum maturity dates were 2021 and 2020 at December 31, 2020 and December 31, 2019, respectively.

Effects of derivative instruments on the results of operations


		Gain (Loss) Recognized in OCI (Effective Portion)									Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
Derivatives designated as hedging instruments:		2020			2019			2018			2020			2019			2018
Cash Flow Hedges
Cash flow hedges of foreign exchange risk (a)		$	(99)		$	28		$	12		$	(115)		$	(30)		$	9
Cash flow hedges of interest rate risk (b)						(1)			(1)			(1)
Net Investment Hedges
Net Investment Hedges			(54)			10			5			4			(7)			1
		$	(153)		$	37		$	16		$	(112)		$	(37)		$	10

		Amount of Gain (Loss) Recognized in Other income (expense), net
Derivatives not designated as hedges:		2020			2019			2018
Foreign exchange derivative contracts		$	9		$	10		$	1

(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) other income (expense), net or (b) interest expense, net.