Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Location And Fair Values Of Derivative Financial Instruments In Our Condensed Consolidated Statements Of Financial Position

The following table provides information on the location and fair values of derivative financial instruments included in our unaudited consolidated statements of financial position as of:

(in millions)		September 30, 2021				December 31, 2020
Designation of Derivatives	Location on Statement of Financial Position	Assets		Liabilities		Assets		Liabilities
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments	Other current assets	$	46	$	—	$	45	$	—
	Other noncurrent assets	13		—		26		—
	Other noncurrent liabilities	—		1		—		—
	Total	59		1		71		—
Foreign exchange forward contracts – Not designated as hedging instruments	Other current assets	8		—		1		—
	Accrued expenses and other current liabilities	—		2		—		1
	Total	8		2		1		1
Total		$	67	$	3	$	72	$	1

Notional value of outstanding contracts by year of maturity

The notional values of our outstanding contracts by year of maturity were as follows:

(in millions)	September 30, 2021		December 31, 2020
2021	$	467	$	1,470
2022	1,288		803
2023	555		—
Total notional value of contracts outstanding (1)	$	2,310	$	2,273

Location And Amounts Of Pre-Tax Gains (Losses) on Cash Flow Hedges

The following table provides information on the location and amounts of pre-tax gains and losses on our cash flow hedges for the three months ended September 30:

(in millions)	Change in Derivative Gains Recognized in Accumulated Other Comprehensive Income (Loss) (effective portion)				Location of Net Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)	Net Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)
	2021		2020			2021		2020
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments	$	33	$	77	Cost of revenues	$	13	$	5
					SG&A expenses	2		1
					Total	$	15	$	6

The following table provides information on the location and amounts of pre-tax gains and losses on our cash flow hedges for the nine months ended September 30:

(in millions)	Change in Derivative Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss) (effective portion)				Location of Net Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)	Net Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)
	2021		2020			2021		2020
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments	$	47	$	(1)	Cost of revenues	$	43	$	(7)
					SG&A expenses	7		(1)
					Total	$	50	$	(8)

Additional Information Related To Outstanding Contracts Not Designated As Hedging Instruments

Additional information related to our outstanding foreign exchange forward contracts not designated as hedging instruments was as follows:

(in millions)	September 30, 2021				December 31, 2020
	Notional		Fair Value		Notional		Fair Value
Contracts outstanding	$	919	$	6	$	637	$	—

Location And Amounts Of Pre-Tax Gains (Losses) On Derivative Financial Instruments Not Designated As Hedges

The following table provides information on the location and amounts of realized and unrealized pre-tax gains and losses on our other derivative financial instruments for the three and nine months ended September 30:

	Location of Net Gains (Losses) on Derivative Instruments	Amount of Net Gains (Losses) on Derivative Instruments
		Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2021		2020		2021		2020
Foreign exchange forward contracts – Not designated as hedging instruments	Foreign currency exchange gains (losses), net	$	1	$	(57)	$	7	$	(54)