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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Location And Fair Values Of Derivative Financial Instruments In Our Condensed Consolidated Statements Of Financial Position
The following table provides information on the location and fair values of derivative financial instruments included in our unaudited consolidated statements of financial position as of:
 (in millions) June 30, 2022December 31, 2021
Designation of DerivativesLocation on Statement of
Financial Position
AssetsLiabilitiesAssets  Liabilities
Foreign exchange forward and option contracts – Designated as cash flow hedging instrumentsOther current assets$$— $51 $— 
Other noncurrent assets— — 15 — 
Accrued expenses and other current liabilities— 21 — — 
Other noncurrent liabilities— 10 — — 
Total31 66 — 
Foreign exchange forward contracts – Not designated as hedging instrumentsOther current assets— — 
Accrued expenses and other current liabilities— — — 
Total— 
Total$$31 $69 $
Notional value of outstanding contracts by year of maturity
The notional value of the outstanding contracts by year of maturity was as follows:
(in millions)June 30, 2022December 31, 2021
2022$1,038 $1,643 
20231,380 880 
2024395 — 
Total notional value of contracts outstanding (1)
$2,813 $2,523 
Location And Amounts Of Pre-Tax Gains (Losses) on Cash Flow Hedges
The following table provides information on the location and amounts of pre-tax gains and losses on our cash flow hedges for the three months ended June 30:
 (in millions)Change in
Derivative Gains and Losses Recognized
in Accumulated Other
Comprehensive Income (Loss)
(effective portion)
Location of Net Gains Reclassified
from Accumulated Other
Comprehensive Income (Loss)
into Income
(effective portion)
Net Gains Reclassified
from Accumulated Other
Comprehensive Income (Loss)
into Income
(effective portion)
 20222021 20222021
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments$(66)$(3)Cost of revenues$$12 
SG&A expenses
Total$$14 

The following table provides information on the location and amounts of pre-tax gains and losses on our cash flow hedges for the six months ended June 30:
 (in millions)Change in
Derivative Gains and Losses Recognized
in Accumulated Other
Comprehensive Income (Loss)
(effective portion)
Location of Net Gains Reclassified
from Accumulated Other
Comprehensive Income (Loss)
into Income
(effective portion)
Net Gains Reclassified
from Accumulated Other
Comprehensive Income (Loss)
into Income
(effective portion)
 20222021 20222021
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments$(76)$14 Cost of revenues$17 $30 
SG&A expenses
Total$19 $35 
Additional Information Related To Outstanding Contracts Not Designated As Hedging Instruments
Additional information related to the outstanding foreign exchange forward contracts not designated as hedging instruments was as follows:
(in millions)June 30, 2022December 31, 2021
NotionalFair ValueNotionalFair Value
Contracts outstanding$1,072 $$847 $(4)
Location And Amounts Of Pre-Tax Gains (Losses) On Derivative Financial Instruments Not Designated As Hedges
The following table provides information on the location and amounts of realized and unrealized pre-tax gains on the other derivative financial instruments for the three and six months ended June 30:
Location of Net Gains on
Derivative Instruments
Amount of Net Gains on Derivative Instruments
Three Months Ended
June 30,
Six Months Ended
June 30,
  (in millions)2022202120222021
Foreign exchange forward contracts – Not designated as hedging instrumentsForeign currency exchange gains (losses), net$32 $$45 $