Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivative Instruments

The following table presents the fair value of derivative instruments:

	June 30, 2023						December 31, 2022
	Outstanding Gross				Other		Outstanding Gross				Other
	Notional Amount		Other Assets		Noncurrent liabilities		Notional Amount		Other Assets		Noncurrent liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps	$	1,120	$	25	$	—	$	1,120	$	14	$	—
Cross currency contracts		120		14		—		120		17		—
Foreign currency forward contracts		12		—		—		—		—		—
Fair value hedges:
Cross currency contracts		721		33		—		721		50		—
Net investment hedges:
Cross currency contracts		230		26		—		230		32		—
Total derivatives designated as hedging instruments		2,203		98		—		2,191		113		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts		102		1		1		118		—		—
Total derivatives not designated as hedging instruments		102		1		1		118		—		—
Total derivatives	$	2,305	$	99	$	1	$	2,309	$	113	$	—

Summary of Effect of Derivatives on Consolidated Statements of Operations and Accumulated Other Comprehensive Income (Loss)

The following table presents the effect of derivatives on the condensed consolidated statements of operations:

		Amount of income (expense) recognized in income
	Location of income (expense)	Three Months Ended June 30,
Derivatives	recognized in income	2023			2022
Cash flow hedging relationships:
Interest rate swaps	Interest expense, net	$	7		$	(2	)
Cross currency contracts	Investment income and other, net		(1	)		6
Cross currency contracts	Interest expense, net		(1	)		1
Foreign currency forward contracts	Investment income and other, net		—			—
Fair value hedging relationships:
Cross currency contracts	Investment income and other, net		(13	)		37
Cross currency contracts	Interest expense, net		1			1
Net investment hedging relationships:
Cross currency contracts	Interest expense, net		1			1
Not designated as hedging instruments:
Foreign currency forward contracts	Investment income and other, net		(1	)		2

		Amount of income (expense) recognized in income
	Location of income (expense)	Six Months Ended June 30,
Derivatives	recognized in income	2023			2022
Cash flow hedging relationships:
Interest rate swaps	Interest expense, net	$	15		$	(4	)
Cross currency contracts	Investment income and other, net		(2	)		9
Cross currency contracts	Interest expense, net		1			1
Foreign currency forward contracts	Investment income and other, net		—			—
Fair value hedging relationships:
Cross currency contracts	Investment income and other, net		(22	)		43
Cross currency contracts	Interest expense, net		1			1
Net investment hedging relationships:
Cross currency contracts	Interest expense, net		2			2
Not designated as hedging instruments:
Foreign currency forward contracts	Investment income and other, net		(1	)		3

The following table presents the effect of cash flow and fair value hedge accounting on accumulated other comprehensive income (loss) ("AOCI"):

	Amount of gain (loss)						Amount of gain (loss)
	recognized in other						reclassified from
	comprehensive income						AOCI into income
	Three Months Ended June 30,					Location of gain (loss) reclassified from	Three Months Ended June 30,
Derivatives	2023			2022		AOCI into income	2023			2022
Cash flow hedging relationships:
Interest rate swaps	$	17		$	8	Interest expense, net	$	4		$	—
Cross currency contracts		(2	)		3	Investment income and other, net		(1	)		6
Forward currency forward contracts		—			—	Investment income and other, net		—			—
Fair value hedging relationships:
Cross currency contracts		4			8	Investment income and other, net		(14	)		37
Net investment hedging relationships:
Cross currency contracts		(4	)		13	Investment income and other, net		1			—

	Amount of gain (loss)							Amount of gain (loss)
	recognized in other							reclassified from
	comprehensive income							AOCI into income
	Six Months Ended June 30,						Location of gain (loss) reclassified from	Six Months Ended June 30,
Derivatives	2023			2022			AOCI into income	2023			2022
Cash flow hedging relationships:
Interest rate swaps	$	8		$	28		Interest expense, net	$	8		$	—
Cross currency contracts		(1	)		2		Investment income and other, net		(2	)		9
Forward currency forward contracts		—			—		Investment income and other, net		—			—
Fair value hedging relationships:
Cross currency contracts		4			(4	)	Investment income and other, net		(22	)		43
Net investment hedging relationships:
Cross currency contracts		(5	)		15		Investment income and other, net		—			—