Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional and Fair Values of Derivative Instruments

The notional and fair values of derivative instruments are as follows (in millions):

	Notional Amount				Net Amount of Derivative Assets Presented in the Statements of Financial Position (1)				Net Amount of Derivative Liabilities Presented in the Statements of Financial Position (2)
As of December 31	2020		2019		2020		2019		2020		2019
Foreign exchange contracts
Accounted for as hedges	$	633	$	579	$	33	$	16	$	—	$	1
Not accounted for as hedges (3)	367		297		1		2		1		—
Total	$	1,000	$	876	$	34	$	18	$	1	$	1

(1)Included within Other current assets ($11 million in 2020 and $7 million in 2019) or Other non-current assets ($23 million in 2020 and $11 million in 2019).

(2)Included within Other current liabilities ($1 million in 2020 and $1 million in 2019).

(3)These contracts typically are for 90-day durations and executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.

Derivative Gains (Losses)

The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions):

	2020		2019		2018
Gain (Loss) recognized in Accumulated other comprehensive loss	$	1	$	(9)	$	(18)

The amounts of derivative gains (losses) reclassified from Accumulated other comprehensive loss to the Consolidated Statements of Income are as follows (in millions):

	Years Ended December 31
	2020		2019		2018
Total revenue	$	(14)	$	(12)	$	—
Compensation and benefits	—		(1)		1
Other general expense	—		—		(2)
Interest expense	(1)		(1)		(2)
Other income (expense)	—		—		(8)
Total	$	(15)	$	(14)	$	(11)