Financial Instruments and Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Information

The following table summarizes the fair value information at June 30, 2022 and December 31, 2021 for foreign exchange contract assets (liabilities), investments, and cash flow hedge assets (liabilities) measured at fair value on a recurring basis in the respective balance sheet line items, as well as long-term debt (including TEU amortizing notes) for which fair value is disclosed on a recurring basis:

			Fair Value Measurements Using
Financial statement line item	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
June 30, 2022
Prepaid expenses and other - foreign exchange contracts not designated as hedging instruments	$	48	$	—	$	48	$	—	$	48
Prepaid expense and other - forward-starting interest rate contracts designated as cash flow hedges	18		—		18		—		18
Other noncurrent assets - forward-starting interest rate contracts designated as cash flow hedges	4		—		4				4
Other noncurrent assets - investments	9		9		—		—		9
Other current liabilities - foreign exchange contracts not designated as hedging instruments	(48)		—		(48)		—		(48)
Other noncurrent liabilities - forward-starting interest rate contracts designated as cash flow hedges	(3)		—		(3)		—		(3)
Long-term debt, including current portion	(6,137)		—		(5,892)		—		(5,892)
December 31, 2021
Prepaid expenses and other - foreign exchange contracts not designated as hedging instruments	$	19	$	—	$	19	$	—	$	19
Other noncurrent assets - investments	13		13		—		—		13
Other noncurrent assets - forward-starting interest rate contracts designated as cash flow hedges	8		—		8		—		8
Other current liabilities - foreign exchange contracts not designated as hedging instruments	(20)		—		(20)		—		(20)
Long-term debt, including current portion	(6,401)		—		(6,518)		—		(6,518)

Gain (loss), Net of Tax

The amount of net gains (losses) on derivative instruments not designated as hedging instruments, recorded in other (income) expense, net were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign exchange forward contracts (1)	$	(7)	$	7	$	(15)	$	(27)

(1)These amounts were substantially offset in other (income) expense, net by the effect of changing exchange rates on the underlying foreign currency exposures.

The amounts of net gains (losses) on cash flow hedges recorded, net of tax, in other comprehensive income (loss), are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Forward-starting interest rate swaps	$	8	$	(5)	$	117	$	48