The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage the aforementioned financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.

The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the 3-month LIBOR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statement of operations.


	Nature of Swap	Notional Amount As of December 31,					Floating Interest Rate
Hedged Item				2019		2018
2010 Senior Notes due 2020	Pay Floating/Receive Fixed	$	—	$	500	3-month LIBOR
2012 Senior Notes due 2022	Pay Floating/Receive Fixed	$	330	$	330	3-month LIBOR
2017 Senior Notes due 2021	Pay Floating/Receive Fixed	$	500	$	500	3-month LIBOR
2017 Senior Notes due 2023	Pay Floating/Receive Fixed	$	250	$	—	3-month LIBOR
Total		$	1,080	$	1,330


Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recorded				Amount of Income Recognized in the Consolidated Statements of Operations
						Year Ended December 31,
						2019			2018	2017
Interest expense, net		$	(208)	$	(215)		$	(209)
Descriptions	Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps	Interest expense, net	$	3	$	(2)		$	7
Fair value changes on interest rate swaps	Interest expense, net	25		2			(9)
Fair value changes on hedged debt	Interest expense, net	$	(25)	$	(2)		$	9

In the fourth quarter of 2018, the Company entered into and settled $250 million notional amount treasury rate locks, which were designated as cash flow hedges and used to manage the Company’s interest rate risk associated with the anticipated issuance of the 2018 Senior Notes Due 2029, which are more fully discussed in Note 19. The Company settled these treasury rate locks in December 2018 in connection with the issuance of the 2018 Senior Notes Due 2029. The loss on these treasury rate locks was recorded in comprehensive income (see tables below relating to gains and losses on cash flow and net investment hedges) and will be amortized to interest expense over the term of the 2018 Senior Notes Due 2029.

The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.

The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:


December 31, 2019
	Pay					Receive
Nature of Swap	Notional Amount		Weighted Average Interest Rate	Notional Amount		Weighted Average Interest Rate
Pay Fixed/Receive Fixed	€	1,079	1.43%	$	1,220	3.96%
Pay Floating/Receive Floating	931		Based on 3-month EURIBOR	1,080		Based on 3-month USD LIBOR
Total	€	2,010		$	2,300

As of December 31, 2019, these hedges will expire and the notional amounts will be settled in 2021, 2022, 2023, and 2024 for €688 million, €438 million, €442 million and €442 million of the total notional amount, respectively, unless terminated early at the discretion of the Company.


December 31, 2018
	Pay					Receive
Nature of Swap	Notional Amount		Weighted Average Interest Rate	Notional Amount		Weighted Average Interest Rate
Pay Floating/Receive Floating	€	710	Based on 3-month EURIBOR	$	830	Based on 3-month USD LIBOR
Total	€	710		$	830


	Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax															Amount of Gain/(Loss) Reclassified from AOCI into Income, net of tax												Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships	Year Ended December 31,															Year Ended December 31,												Year Ended December 31,
			2019			2018			2017	⁽²⁾		2019			2018			2017	⁽²⁾		2019	⁽³⁾		2018	⁽³⁾		2017
FX forward contracts	$	4		$	—		$	1		$	2		$	—		$	—		$	—		$	—		$	—
Cross currency swaps	29			12			—			—			—			—			52			11			—
Long-term debt	(7)		⁽¹⁾	22			(37)			—			—			—			—			—			—
Total net investment hedges	$	26		$	34		$	(36)		$	2		$	—		$	—		$	52		$	11		$	—
Derivatives in Cash Flow Hedging Relationships
Cross currency swap	$	—		$	2		$	6		$	—		$	—		$	8		$	—		$	—		$	—
Interest rate contracts	—			(2)			—			—			—			(1)			—			—			—
Total cash flow hedges	—			—			6			—			—			7			—			—			—
Total	$	26		$	34		$	(30)		$	2		$	—		$	7		$	52		$	11		$	—

⁽²⁾For the year ended December 31, 2017, amount of gain or (loss) represents only the effective portion of the hedging relationship as this period was prior to the Company’s 2018 initial application of ASU 2017-12.

⁽³⁾Effective with the adoption of ASU 2017-12, the Company has elected to assess the effectiveness of its net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to cross-currency swaps recognized directly into Net Income during 2018 and 2019 represent net periodic interest settlements and accruals, which are recognized in interest expense, net.


	Cumulative Gains/(Losses), net of tax
	December 31, 2019		December 31, 2018
Net investment hedges
Cross currency swaps	$	41	$	12
FX forwards	26		24
Long-term debt	(13)		(3)
Total net investment hedges	54		33
Cash flow hedges
Interest Rate Contract	(2)		(2)
Cross-currency swap	2		2
Total cash flow hedges	—		—
Total net gain in AOCI	$	54	$	33

The Company also enters into foreign exchange forward contracts to mitigate the change in fair value on certain assets and liabilities denominated in currencies other than a subsidiary’s functional currency. These forward contracts are not designated as accounting hedges under the applicable sections of Topic 815 of the ASC. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating (expense) income, net in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through February 2020.


	December 31, 2019						December 31, 2018
Notional Amount of Currency Pair:	Sell		Buy		Sell		Buy
Contracts to sell USD for GBP	$	235	£	178	$	310	£	241
Contracts to sell USD for Japanese Yen	$	29	¥	3,200	$	14	¥	1,600
Contracts to sell USD for Canadian dollars	$	83	C$	110	$	99	C$	130
Contracts to sell USD for Singapore dollars	$	41	S$	56	$	—	S$	—
Contracts to sell USD for Euros	$	421	€	378	$	213	€	185
Contracts to sell Euros for GBP	€	25	£	21	€	—	£	—

The Company entered into a foreign currency collar in 2017 consisting of option contracts to economically hedge the Bureau van Dijk euro denominated purchase price (as discussed further in Note 9 of the financial statements). These option contracts were not designated as accounting hedges under the applicable sections of Topic 815 of the ASC. The foreign currency option contracts consisted of separate put and call options each in the aggregate notional amount of €2.7 billion. This collar was settled at the end of July 2017, in advance of the August 10, 2017 closing of the Bureau van Dijk acquisition.

The Company entered into foreign exchange forwards to hedge the Bureau van Dijk purchase price for the period from the settlement of the aforementioned foreign currency collar until the closing date on August 10, 2017. These forward contracts were not designated as accounting hedges under the applicable sections of Topic 815 of the ASC. The foreign exchange contracts were to sell $2.8 billion and buy €2.4 billion and sell $41 million and buy £31 million.


		Year Ended December 31,
Derivatives Not Designated as Accounting Hedges	Location on Statement of Operations	2019		2018		2017
FX forwards	Other non-operating expense, net	$	(11)	$	(52)	$	22
FX collar relating to Bureau van Dijk acquisition	Purchase Price Hedge Gain	—		—		101
FX forwards relating to Bureau van Dijk acquisition	Purchase Price Hedge Gain	—		—		10
		$	(11)	$	(52)	$	133

The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of derivative instruments as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:


	Derivative and Non-derivative Instruments
	Balance Sheet Location	December 31, 2019		December 31, 2018
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges	Other assets	$	56	$	19
Interest rate swaps designated as fair value hedges	Other assets	27		8


Total derivatives designated as accounting hedges		83		27
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities	Other current assets	9		1
Total assets		$	92	$	28
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges	Other liabilities	$	—	$	3
Interest rate swaps	Other liabilities	—		5
Total derivatives designated as accounting hedges		—		8
Non-derivative instrument designated as accounting hedge:
Long-term debt designated as net investment hedge	Long-term debt	1,403		572
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities	Accounts payable and accrued liabilities	—		8
Total liabilities		$	1,403	$	588