Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of derivative financial instruments

The table below presents the effect of our derivative financial instruments on the Consolidated Income Statements and Consolidated Statements of Comprehensive Income:

	Year Ended December 31,
(in millions)	2020		2019		2018
Derivatives in Cash Flow Hedges
Foreign Exchange Contracts
Amount of gain (loss) recognized in OCI (a)	$	9	$	(14)	$	(8)
Amount of (gain) loss reclassified from OCI into revenue (a)	(4)		7		—
Amount of loss reclassified from OCI into cost of revenue (a)	1		5		4
Derivatives in Net Investment Hedges
Cross-Currency Swaps
Amount of (loss) gain recognized in OCI (a)	$	(103)	$	22	$	22
Amount of income recognized in Interest Expense	19		16		2
Foreign Currency Denominated Debt
Amount of (loss) gain recognized in OCI (a)	$	(55)	$	13	$	27

(a)Effective portion

Schedule of Foreign Exchange Contracts, Statement of Financial Position

The fair values of our derivative contracts currently included in our hedging program were as follows:

	December 31,
(in millions)	2020	2019
Derivatives designated as hedging instruments
Assets
Net Investment Hedges
Other non-current assets	—	4
Liabilities
Net Investment Hedges
Other non-current liabilities	(117)	(24)

The fair value of our long-term debt, due in 2023, designated as a net investment hedge was $640 million and $591 million as of December 31, 2020 and 2019, respectively.