Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Balance Sheet Classification of derivative instruments


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	March 31,		December 31,		March 31,		March 31,		December 31,		March 31,
	2021		2020		2020		2021		2020		2020
Derivatives designated as hedging instruments:
Interest rate swaps - fair value hedges (a)		13		17		11
Cash flow hedges of foreign exchange risk (b)		8		6		66		67		115		4
Interest rate swaps - cash flow hedges (c)												2
Net investment hedges (d)		2		1		5		39		52
Total derivatives accounted for as hedges	$	23	$	24	$	82	$	106	$	167	$	6
Derivatives not designated as hedges:
Foreign exchange derivative contracts (e)		5		1		10		3		3		5
Total derivatives	$	28	$	25	$	92	$	109	$	170	$	11


Current	$	18	$	13	$	30	$	9	$	15	$	6
Noncurrent		10		12		62		100		155		5
Total derivatives	$	28	$	25	$	92	$	109	$	170	$	11

(a) The notional amounts of the interest rate swaps designated as fair value hedges were €725 million at March 31, 2021, December 31, 2020 and March 31, 2020. The maximum maturity dates were in 2024 for all three periods.

(b) The notional amounts of the cash flow hedges of foreign exchange risk were $978 million at March 31, 2021, $978 million at December 31, 2020 and $1.424 billion at March 31, 2020. The maximum maturity dates were in 2023 for all three periods.

(c) The notional amounts of the interest rate swaps designated as cash flow hedges were $0 at March 31, 2021, $0 at December 31, 2020 and $105 million at March 31, 2020. Maximum maturity dates were in 2020 for March 31, 2020.

(d) The notional amounts of the net investment hedges were €311 million at March 31, 2021, €311 million at December 31, 2020 and €160 million at March 31, 2020. The maximum maturity dates were in 2027 for March 31, 2021 and December 31, 2020 and in 2020 for March 31, 2020.

(e) The notional amounts of the foreign exchange derivative contracts were $301 million, $247 million and $306 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. The maximum maturity dates were in 2021 for all three periods.


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Three months ended March 31,				Three months ended March 31,
Derivatives designated as hedging instruments:	2021		2020		2021		2020
Cash Flow Hedges
Cash flow hedges of foreign exchange risk (a)	$	48	$	66	$	49	$	60
Net Investment Hedges
Net Investment Hedges (b)		15		4		1		2
	$	63	$	70	$	50	$	62

	Amount of Gain (Loss) Recognized in Other income (expense), net
	Three months ended March 31,
Derivatives not designated as hedges:	2021		2020
Foreign exchange derivative contracts	$	10	$	12

(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) other expense, net or (b) interest expense, net.

Effects of derivative instruments on the results of operations