Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023				December 31, 2022
Designation of Derivatives	Location on Statement of Financial Position	Assets		Liabilities		Assets		Liabilities
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments	Other current assets	$	12	$	—	$	1	$	—
	Other noncurrent assets	15		—		1		—
	Accrued expenses and other current liabilities	—		10		—		53
	Other noncurrent liabilities	—		—		—		17
	Total	27		10		2		70
Foreign exchange forward contracts – Not designated as hedging instruments	Other current assets	8		—		4		—
	Accrued expenses and other current liabilities	—		1		—		5
	Total	8		1		4		5
Total		$	35	$	11	$	6	$	75

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, 2023		December 31, 2022
2023	$	1,075	$	1,865
2024	1,420		1,010
2025	420		—
Total notional value of contracts outstanding (1)	$	2,915	$	2,875

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 (Losses) and Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)	Net (Losses) and Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)
	2023		2022			2023		2022
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments	$	35	$	(66)	Cost of revenues	$	(4)	$	5
					SG&A expenses	(1)		1
					Total	$	(5)	$	6

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 (Losses) Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)	Net (Losses) Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion)
	2023		2022			2023		2022
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments	$	68	$	(76)	Cost of revenues	$	(15)	$	17
					SG&A expenses	(2)		2
					Total	$	(17)	$	19

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, 2023				December 31, 2022
	Notional		Fair Value		Notional		Fair Value
Contracts outstanding	$	1,511	$	7	$	1,433	$	(1)

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 and losses on the other derivative financial instruments for the three and six months ended June 30:

	Location of Net (Losses) Gains on Derivative Instruments	Amount of Net (Losses) Gains on Derivative Instruments
		Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2023		2022		2023		2022
Foreign exchange forward contracts – Not designated as hedging instruments	Foreign currency exchange gains (losses), net	$	(14)	$	32	$	(24)	$	45