Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

4.Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows (in millions):

				Derivative			Defined
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
Balance at December 31, 2021	$	(1,515	)	$	7		$	(38	)	$	(1,546	)
Accumulated other comprehensive income (loss) before    reclassifications		(62	)		(15	)		—			(77	)
Amounts reclassified from accumulated other comprehensive    income (loss)		—			(6	)		—			(6	)
Balance at June 30, 2022	$	(1,577	)	$	(14	)	$	(38	)	$	(1,629	)

The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions):

	Three Months Ended June 30,
	2022								2021
	Derivative			Defined					Derivative			Defined
	Financial			Benefit					Financial			Benefit
	Instruments			Plans		Total			Instruments			Plans		Total
Revenue	$	1		$	—	$	1		$	(1	)	$	—	$	(1	)
Cost of revenue		(1	)		—		(1	)		(3	)		—		(3	)
Tax effect		—			—		—			1			—		1
	$	—		$	—	$	—		$	(3	)	$	—	$	(3	)

	Six Months Ended June 30,
	2022								2021
	Derivative			Defined					Derivative			Defined
	Financial			Benefit					Financial			Benefit
	Instruments			Plans		Total			Instruments			Plans		Total
Revenue	$	1		$	—	$	1		$	(1	)	$	—	$	(1	)
Cost of revenue		(8	)		—		(8	)		(3	)		—		(3	)
Tax effect		1			—		1			1			—		1
	$	(6	)	$	—	$	(6	)	$	(3	)	$	—	$	(3	)

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income (loss).

The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income (loss), net of tax, until the underlying transactions are realized. The movement in other comprehensive income (loss) from period to period will be the combination of: 1) changes in fair value of open derivatives of ($13) million and ($15) million during the three and six months ended June 30, 2022; and, 2) the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period were zero during the three months ended June 30, 2022, and $6 million during the six months ended June 30, 2022.