Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of location and fair value amounts of cash flow hedges

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2022 and December 31, 2021:

(in millions)		June 30,		December 31,
Balance Sheet Location		2022		2021
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	6	$	7
Other current liabilities	Foreign exchange forward contracts	$	18	$	—
Other non-current assets	Interest rate swap contracts	$	62
Other non-current liabilities	Interest rate swap contracts	$	—	$	270
Derivatives designated as net investment hedges:
Other non-current assets	Cross currency swaps	$	93	$	—
Other non-current liabilities	Cross currency swaps	$	—	$	17

Schedule of pre-tax gains (losses) on cash flow hedges

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30:

Three Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)				Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2022		2021			2022		2021
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	(12)	$	(6)	Revenue, Selling and general expenses	$	(1)	$	5
Interest rate swap contracts	$	135	$	(208)	Interest expense, net	$	(1)	$	—
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	80	$	11	Interest expense, net	$	(1)	$	(3)

Six Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)				Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2022		2021			2022		2021
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	(18)	$	(6)	Revenue, Selling and general expenses	$	1	$	10
Interest rate swap contracts	$	248	$	(206)	Interest expense, net	$	(2)	$	—
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	106	$	26	Interest expense, net	$	(2)	$	(3)

Schedule of cash flow hedges included in unrealized gains (losses) in AOCI

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions)	Three Months				Six Months
	2022		2021		2022		2021
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	1	$	14	$	6	$	14
Change in fair value, net of tax	(11)		3		(14)		8
Reclassification into earnings, net of tax	1		(5)		(1)		(10)
Net unrealized (losses) gains on cash flow hedges, net of taxes, end of period	$	(9)	$	12	$	(9)	$	12
Interest rate swap contracts
Net unrealized losses (gains) on cash flow hedges, net of taxes, beginning of period	$	(118)	$	2	$	(203)	$	—
Change in fair value, net of tax	101		(157)		185		(155)
Reclassification into earnings, net of tax	1		—		2		—
Net unrealized losses on cash flow hedges, net of taxes, end of period	$	(16)	$	(155)	$	(16)	$	(155)
Net Investment Hedges
Net unrealized losses on net investment hedges, net of taxes, beginning of period	$	(2)	$	(70)	$	(17)	$	(81)
Change in fair value, net of tax	63		8		77		19
Reclassification into earnings, net of tax	1		3		2		3
Net unrealized gains (losses) on net investment hedges, net of taxes, end of period	$	62	$	(59)	$	62	$	(59)