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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative [Line Items]  
Schedule of Interest Rate Swap
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged Item
Nature of Swap
As of March 31,
2020		As of December 31,
2019
Floating Interest Rate
2012 Senior Notes due 2022
Pay Floating/Receive Fixed
$330  $330  
3-month USD LIBOR
2017 Senior Notes due 2021
Pay Floating/Receive Fixed
$500  $500  
3-month USD LIBOR
2017 Senior Notes due 2023
Pay Floating/Receive Fixed
$250  $250  
3-month USD LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500  $—  3-month USD LIBOR
Total$1,580  $1,080  
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statement of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20202019
Interest expense, net$(40) $(52) 

Descriptions		Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps

Interest expense, net
$3  $—  
Fair value changes on interest rate swapsInterest expense, net$58  $11  
Fair value changes on hedged debtInterest expense, net$(58) $(11) 
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:

Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
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)
Three Months Ended
March 31,		Three Months Ended
March 31,		Three Months Ended
March 31,
202020192020201920202019
Cross currency swaps
$66  $15  $—  $—  $16  $8  
Long-term debt
23  

8  —  —  —  —  
Total net investment hedges
$89  $23  $—  $—  $16  $8  
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts(36) —  (1) —  —  —  
Total cash flow hedges$(36) $—  $(1) $—  $—  $—  
Total$53  $23  $(1) $—  $16  $8  
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:

Cumulative Gains/(Losses), net of tax
March 31, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$107  $41  
FX forwards
26  26  
Long-term debt
10  (13) 
Total net investment hedges
$143  $54  
Cash flow hedges
Interest rate contracts
$(37) $(2) 
Cross currency swaps2  2  
Total cash flow hedges
(35) —  
Total net gain in AOCI
$108  $54  
The following tables show changes in AOCI by component (net of tax):

Three Months Ended March 31, 2020
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2019$(92) $—  $(401) $54  $(439) 
Other comprehensive income/(loss) before reclassifications(1) (36) (169) 89  (117) 
Amounts reclassified from AOCI1  1  —  —  2  
Other comprehensive income/(loss)—  (35) (169) 89  (115) 
Balance March 31, 2020$(92) $(35) $(570) $143  $(554) 


Three Months Ended March 31, 2019
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2018$(53) $—  $(406) $33  $(426) 
Other comprehensive income/(loss) before reclassifications1  —  (34) 24  (9) 
Amounts reclassified from AOCI—  —  —  —  —  
Adoption of ASU 2018-02(17) —  —  (3) (20) 
Other comprehensive income/(loss)(16) —  (34) 21  (29) 
Balance March 31, 2019$(69) $—  $(440) $54  $(455) 
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2020December 31, 2019
Notional amount of currency pair:
Sell
Buy
Sell
Buy
Contracts to sell USD for GBP
$451  £379  $235  £178  
Contracts to sell USD for Japanese Yen
$29  ¥3,200  $29  ¥3,200  
Contracts to sell USD for Canadian dollars
$94  $130  $83  $110  
Contracts to sell USD for Singapore dollars
$59  S$86  $41  S$56  
Contracts to sell USD for Euros
$61  €55  $421  €378  
Contracts to sell EUR for GBP
€—  £—  €25  £21  
NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedges
Location on Statement of Operations
Three Months Ended
March 31,
20202019
Foreign exchange forwards
Other non-operating expense, net
$(40) $1  
Fair Value of Derivative Instruments
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument 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
March 31, 2020December 31, 2019
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other assets
$145  $56  
Interest rate swaps designated as fair value hedges
Other assets
85  27  
Total derivatives designated as accounting hedges
230  83  
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Other current assets
29  9  
Total assets
$259  $92  
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other liabilities
$1  $—  
Interest rate forward contracts designated as cash flow hedgesAccounts payable and accrued liabilities47  —  
Total derivatives designated as accounting hedges
48  —  
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedge
Long-term debt
1,372  1,403  
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Accounts payable and accrued liabilities
10  —  
Total liabilities
$1,430  $1,403  
Designated as Hedging Instrument  
Derivative [Line Items]  
Schedule of Interest Rate Swap The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
March 31, 2020
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 Floating1,381  Based on 3-month EURIBOR1,580  Based on 3-month USD LIBOR
Total
€2,460  $2,800  

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 EURIBOR1,080  Based on 3-month USD LIBOR
Total
€2,010  $2,300