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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments

Balance Sheet Classification of derivative instruments


			Fair Value of
			Hedge Assets						Hedge Liabilities
			2021			2020			2021			2020
Derivatives designated as hedging instruments:
Interest rate swaps - fair value hedges (a)			$	4		$	17		$	2		$	—
Cash flow hedges of foreign exchange risk (b)				2			6			23			115
Fair value hedges of foreign exchange risk (c)				9
Net investment hedges (d)				3			1			17			52
Total derivatives accounted for as hedges			$	18		$	24		$	42		$	167
Derivatives not designated as hedges:
Foreign exchange derivative contracts (e)				1			1			2			3
Total derivatives			$	19		$	25		$	44		$	170

Current			$	14		$	13		$	2		$	15
Noncurrent				5			12			42			155
Total derivatives			$	19		$	25		$	44		$	170

(a)	The notional amounts of the interest rate swaps designated as fair value hedges were €725 million at December 31, 2021 and December 31, 2020. The maximum maturity dates were in 2024 at December 31, 2021 and December 31, 2020.

(b)	The notional amounts of the cash flow hedges of foreign exchange risk were $422 million and $978 million at December 31, 2021 and December 31, 2020, respectively. The maximum maturity dates were in 2023 at December 31, 2021 and December 31, 2020.

(c)	The notional amounts of the fair value hedges of foreign exchange risk were $400 million at December 31, 2021. The maximum maturity date was 2030 at December 31, 2021.

(d)	The notional amounts of the net investment hedges were €311 million at December 31, 2021 and December 31, 2020, and maximum maturity dates were 2027 at December 31, 2021 and at December 31, 2020.

(e)	The notional amounts of the foreign exchange derivative contracts were $202 million and $247 million and maximum maturity dates were 2022 and 2021 at December 31, 2021 and December 31, 2020, 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:		2021			2020			2019			2021			2020			2019
Cash Flow Hedges
Cash flow hedges of foreign exchange risk (a)		$	75		$	(99)		$	28		$	77		$	(115)		$	(30)
Cash flow hedges of interest rate risk (b)									(1)						(1)
Net Investment Hedges
Net Investment Hedges			40			(54)			10			3			4			(7)
		$	115		$	(153)		$	37		$	80		$	(112)		$	(37)

		Amount of Gain (Loss) Recognized in Other income (expense), net
Derivatives not designated as hedges:		2021			2020			2019
Foreign exchange derivative contracts		$	4		$	9		$	10

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