Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022:

(in millions)		September 30,		December 31,
Balance Sheet Location		2023		2022
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	4	$	3
Other current liabilities	Foreign exchange forward contracts	$	—	$	7
Other non-current assets	Interest rate swap contracts	$	197	$	145
Derivatives designated as net investment hedges:
Other non-current assets	Cross currency swaps	$	77	$	84

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 September 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)
	2023		2022			2023		2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	(5)	$	(2)	Revenue, Selling and general expenses	$	2	$	(6)
Interest rate swap contracts	$	120	$	56	Interest expense, net	$	(1)	$	(1)
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	22	$	70	Interest expense, net	$	(1)	$	(1)

Nine 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)
	2023		2022			2023		2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	4	$	(20)	Revenue, Selling and general expenses	$	4	$	(4)
Interest rate swap contracts	$	111	$	303	Interest expense, net	$	(4)	$	(3)
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	(9)	$	176	Interest expense, net	$	(3)	$	(3)

Schedule of Cash Flow Hedges included in AOCI

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

(in millions)	Three Months				Nine Months
	2023		2022		2023		2022
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	7	$	(9)	$	—	$	6
Change in fair value, net of tax	(2)		(7)		7		(21)
Reclassification into earnings, net of tax	(2)		5		(4)		4
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	3	$	(11)	$	3	$	(11)
Interest rate swap contracts
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period	$	41	$	(16)	$	48	$	(203)
Change in fair value, net of tax	89		41		79		226
Reclassification into earnings, net of tax	1		1		4		3
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	131	$	26	$	131	$	26
Net Investment Hedges
Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period	$	32	$	62	$	56	$	(17)
Change in fair value, net of tax	16		52		(10)		129
Reclassification into earnings, net of tax	1		1		3		3
Net unrealized gains on net investment hedges, net of taxes, end of period	$	49	$	115	$	49	$	115