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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
September 30, 2021
As of
December 31, 2020
Floating Interest Rate
2012 Senior Notes due 2022Pay Floating/Receive Fixed$330 $330 3-month USD LIBOR
2017 Senior Notes due 2023Pay Floating/Receive Fixed$250 $250 3-month USD LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 $500 3-month USD LIBOR
2020 Senior Notes due 2025Pay Floating/Receive Fixed$300 $300 6-month USD LIBOR
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $— 3-month USD LIBOR
2018 Senior Notes due 2048Pay Floating/Receive Fixed$300 $— 3-month USD LIBOR
Total$1,980 $1,380 
The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
September 30, 2021
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€1,060 2.15%$1,220 4.45%
Pay Floating/Receive Floating1,466 Based on 3-month EURIBOR1,680 Based on 3-month USD LIBOR
Total€2,526 $2,900 
December 31, 2020
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€1,079 1.43%$1,220 3.96%
Pay Floating/Receive Floating959 Based on 3-month EURIBOR1,080 Based on 3-month USD LIBOR
Total€2,038 $2,300 
Gains and Losses on Derivatives Designated as Hedging Instruments The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Interest expense, net$(53)$(53)$(109)$(153)

Descriptions		Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$6 $6 $17 $14 
Fair value changes on interest rate swapsInterest expense, net$(16)$(7)$(40)$53 
Fair value changes on hedged debtInterest expense, net$16 $7 $40 $(53)
Schedule of Net Investment Hedges, Notional Amount That Will Be Settled At Expiry As of September 30, 2021 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
Years Ending December 31,
2022€438 
2023€442 
2024€443 
2026€450 
2027€246 
2028€507 
Total€2,526 
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards The following table summarizes the notional amounts of the Company's outstanding forward contracts that were designated as net investment hedges:
Notional amount of net investment hedgesSeptember 30, 2021December 31, 2020
SellBuySellBuy
Contract to sell EUR for USD€— $— €524 $627 
Contract to sell GBP for EUR£— €— £134 €148 
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
September 30, 2021December 31, 2020
Notional amount of currency pair:SellBuySellBuy
Contracts to sell USD for GBP$190 £138 $295 £222 
Contracts to sell USD for Japanese yen$18 ¥2,000 $15 ¥1,600 
Contracts to sell USD for Canadian dollars$120 C$150 $107 C$140 
Contracts to sell USD for Singapore dollars$66 S$90 $59 S$79 
Contracts to sell USD for euros$282 €240 $447 €376 
Contracts to sell Euros for GBP€— £— €135 £121 
Contracts to sell USD for Russian ruble$13 ₽1,000 $13 ₽1,000 
Contracts to sell USD for Indian rupee$18 ₹1,350 $18 ₹1,350 
NOTE: € = euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, S$= Singapore dollars, ₽= Russian ruble, ₹= Indian rupee
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 RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Gain/(Loss) Reclassified from AOCL into Income, net of TaxGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
September 30,		Three Months Ended
September 30,		Three Months Ended
September 30,
202120202021202020212020
FX forward contracts$2 $1 $— $— $— $— 
Cross currency swaps44 (98)— — 8 10 
Long-term debt26 (46)— — — — 
Total net investment hedges$72 $(143)$— $— $8 $10 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts1 (1)(1)(1)— — 
Total cash flow hedges1 (1)(1)(1)— — 
Total$73 $(144)$(1)$(1)$8 $10 

Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Gain/(Loss) Reclassified from AOCL into Income, net of TaxGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,
202120202021202020212020
FX forward contracts$18 $1 $1 $— $— $— 
Cross currency swaps98 (81)— — 27 40 
Long-term debt61 (47)— — — — 
Total net investment hedges$177 $(127)$1 $— $27 $40 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts— (51)(2)(2)— — 
Total cash flow hedges— (51)(2)(2)— — 
Total$177 $(178)$(1)$(2)$27 $40 
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains/(Losses), net of tax
September 30, 2021December 31, 2020
Net investment hedges
Cross currency swaps$(26)$(124)
FX forwards29 12 
Long-term debt(47)(108)
Total net investment hedges$(44)$(220)
Cash flow hedges
Interest rate contracts$(49)$(51)
Cross currency swaps2 2 
Total cash flow hedges(47)(49)
Total net loss in AOCL$(91)$(269)
The following tables show changes in AOCL by component (net of tax):
Three Months Ended September 30,
20212020
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance June 30,$(108)$(48)$(152)$(117)$(425)$(84)$(49)$(479)$70 $(542)
Other comprehensive income/(loss) before reclassifications3 — (116)73 (40)(7)— 186 (143)36 
Amounts reclassified from AOCL2 1 — — 3 2 — — — 2 
Other comprehensive income/(loss)5 1 (116)73 (37)(5)— 186 (143)38 
Balance September 30,$(103)$(47)$(268)$(44)$(462)$(89)$(49)$(293)$(73)$(504)

Nine Months Ended September 30,
20212020
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, $(118)$(49)$(45)$(220)$(432)$(92)$— $(401)$54 $(439)
Other comprehensive income/(loss) before reclassifications3 — (223)177 (43)(1)(50)108 (127)(70)
Amounts reclassified from AOCL12 2 — (1)13 4 1 — — 5 
Other comprehensive income/(loss)15 2 (223)176 (30)3 (49)108 (127)(65)
Balance September 30,$(103)$(47)$(268)$(44)$(462)$(89)$(49)$(293)$(73)$(504)
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of OperationsThree Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Foreign exchange forwardsOther non-operating income, net$(18)$36 $(25)$1 
Foreign exchange forwards relating to RMS acquisition(1)
Other non-operating income, net$(13)$— $(13)$— 
(1) The Company entered into a forward contract to sell $1,675 million for €1,200 to hedge a portion of the GBP denominated RMS purchase price. The contract was terminated on September 14, 2021 and resulted in a $13 million loss.
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 LocationSeptember 30, 2021December 31, 2020
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther current assets$2 $— 
Cross-currency swaps designated as net investment hedgesOther assets26 — 
Interest rate swaps designated as fair value hedgesOther current assets8 — 
Interest rate swaps designated as fair value hedgesOther assets23 57 
Total derivatives designated as accounting hedges59 57 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets— 31 
Total assets$59 $88 
Liabilities:
Derivatives designated as accounting hedges:
FX forwards designated as net investment hedgesAccounts payable and accrued liabilities$— $16 
Cross-currency swaps designated as net investment hedgesAccounts payable and accrued liabilities7 23 
Cross-currency swaps designated as net investment hedgesOther liabilities32 144 
Interest rate swaps designated as fair value hedgesOther liabilities14 1 
Total derivatives designated as accounting hedges53 184 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,448 1,530 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities10 2 
Total liabilities$1,511 $1,716