Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule 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)
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
Foreign exchange contracts
Accounted for as hedges	$	613	$	629	$	16	$	27	$	—	$	—
Not accounted for as hedges (3)	373		412		1		2		1		—
Total	$	986	$	1,041	$	17	$	29	$	1	$	—

(1)Included within Other current assets ($7 million at June 30, 2022 and $21 million at December 31, 2021) or Other non-current assets ($10 million at June 30, 2022 and $8 million at December 31, 2021).

(2)Included within Other current liabilities ($1 million at June 30, 2022).

(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.

Schedule of Derivative Gains (Losses)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(Loss) Gain recognized in Accumulated other comprehensive loss	$	(7)	$	(2)	$	(6)	$	11

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total revenue	$	4	$	—	$	3	$	(1)
Compensation and benefits	1		—		1		—
Total	$	5	$	—	$	4	$	(1)