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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 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:
Nature of SwapNotional Amount
As of December 31,		Floating Interest Rate
Hedged Item20212020
2012 Senior Notes due 2022(1)
Pay Floating/Receive Fixed$— $330 3-month LIBOR
2017 Senior Notes due 2023Pay Floating/Receive Fixed$250 $250 3-month LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 $500 3-month LIBOR
2020 Senior Notes due 2025Pay Floating/Receive Fixed$300 $300 6-month LIBOR
2014 Senior Notes due 2044(2)
Pay Floating/Receive Fixed$300 $— 3-month LIBOR
2018 Senior Notes due 2048(2)
Pay Floating/Receive Fixed$300 $— 3-month LIBOR
Total$1,650 $1,380 
(1) Terminated in conjunction with the repayment of the 2012 Senior Notes due 2022 in the fourth quarter of 2021.
(2) Executed in the third quarter of 2021.
The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
December 31, 2021
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€909 2.16%$1,050 4.45%
Pay Floating/Receive Floating1,179 Based on 3-month EURIBOR1,350 Based on 3-month USD LIBOR
Total€2,088 $2,400 
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 $2,300 
Gains and Losses on Derivatives Designated as Hedging Instruments The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of Income (Expense)
Recognized in the Consolidated
Statements of Operations
Year Ended December 31,
202120202019
Interest expense, net$(171)$(205)$(208)

Descriptions		Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swapsInterest expense, net$23 $19 $3 
Fair value changes on interest rate swapsInterest expense, net$(60)$47 $25 
Fair value changes on hedged debtInterest expense, net$60 $(47)$(25)
Schedule of Net Investment Hedges, Notional Amount That Will Be Settled At Expiry As of December 31, 2021, these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
Year Ending December 31,
2023€442 
2024€443 
2026€450 
2027€246 
2028€507 
Total€2,088 
Summary of Notional Amounts of Outstanding Derivative Positions The following table summarizes the notional amounts of the Company's outstanding forward contracts that were designated as net investment hedges:
December 31, 2021December 31, 2020
Notional amount of net investment hedgesSellBuySellBuy
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:
 December 31, 2021December 31, 2020
Notional Amount of Currency Pair:SellBuySellBuy
Contracts to sell USD for GBP$126 
£
92 $295 
£
222 
Contracts to sell USD for Japanese Yen$22 ¥2,500 $15 ¥1,600 
Contracts to sell USD for Canadian dollars$120 
C$
150 $107 
C$
140 
Contracts to sell USD for Singapore dollars$67 
S$
90 $59 
S$
79 
Contracts to sell USD for Euros$364 
€
315 $447 
€
376 
Contracts to sell Euros for GBP€— 
£
— €135 
£
121 
Contracts to sell USD for Russian Ruble$16 ₽1,200 $13 ₽1,000 
Contracts to sell USD for Indian Rupee$7 
₹
500 $18 
₹
1,350 
Contracts to sell GBP for USD£172 
$
231 £— 
$
— 
NOTE: € = Euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₽= Russian Ruble, ₹= Indian Rupee
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Amount of Gain/(Loss)
Recognized in AOCL on
Derivative, net of Tax		Amount of Gain/(Loss)
Reclassified from AOCL 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 RelationshipsYear Ended December 31,Year Ended December 31,Year Ended December 31,
202120202019202120202019202120202019
FX forward contracts$18 $(14)$4 $1 $— $2 $— $— $— 
Cross currency swaps143 (165)29 — — — 35 50 52 
Long-term debt81 (95)(7)
(1)
— — — — — — 
Total net investment hedges$242 $(274)$26 $1 $— $2 $35 $50 $52 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts— (51)— (2)(2)— — — — 
Total cash flow hedges— (51)— (2)(2)— — — — 
Total$242 $(325)$26 $(1)$(2)$2 $35 $50 $52 
(1)Due to the Company's adoption of ASU 2018-02 during 2019, $3 million related to the tax effect of this net investment hedge was reclassified to retained earnings.
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
December 31, 2021December 31, 2020
Net investment hedges
FX forwards $29 $12 
Cross currency swaps19 (124)
Long-term debt (27)(108)
Total net investment hedges21 (220)
Cash flow hedges
Interest rate contracts(49)(51)
Cross-currency swap2 2 
Total cash flow hedges(47)(49)
Total net (loss) gain in AOCL$(26)$(269)
The following table shows changes in AOCL by component (net of tax):
Year Ended December 31, 2021
Pension and Other Retirement BenefitsGains / (Losses) on Cash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2020$(118)$(49)$(45)$(220)$(432)
Other comprehensive income/(loss) before reclassifications55 — (290)242 7 
Amounts reclassified from AOCL14 2 — (1)15 
Other comprehensive income/(loss)69 2 (290)241 22 
Balance December 31, 2021$(49)$(47)$(335)$21 $(410)
Year Ended December 31, 2020
Pension and Other Retirement BenefitsGains / (Losses) on Cash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2019$(92)$— $(401)$54 $(439)
Other comprehensive income/(loss) before reclassifications(32)(51)356 (273)— 
Amounts reclassified from AOCL6 2 — (1)7 
Other comprehensive income/(loss)(26)(49)356 (274)7 
Balance December 31, 2020$(118)$(49)$(45)$(220)$(432)
Year Ended December 31, 2019
Pension and Other Retirement BenefitsGains / (Losses) on Cash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2018$(53)$— $(406)$33 $(426)
Adoption of ASU 2018-02(17)— — (3)(20)
Other comprehensive income/(loss) before reclassifications(24)— (27)26 (25)
Amounts reclassified from AOCL2 — 32 (2)32 
Other comprehensive income/(loss)(39)— 5 21 (13)
Balance December 31, 2019$(92)$— $(401)$54 $(439)
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the net gain (loss) on the Company’s derivatives which are not designated as hedging instruments:
Year Ended December 31,
Derivatives Not Designated as Accounting HedgesLocation on Statement of Operations202120202019
FX forwardsOther non-operating expense, net$(27)$41 $(11)
Foreign exchange forwards relating to RMS acquisition(1)
Other non-operating income, net$(13)$— $— 
(1) The Company entered into forward contracts 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 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 LocationDecember 31, 2021December 31, 2020
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$53 $— 
Interest rate swaps designated as fair value hedgesOther assets13 57 
Total derivatives designated as accounting hedges66 57 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets1 31 
Total assets$67 $88 
Liabilities:
Derivatives designated as accounting hedges:
FX forwards designated as net investment hedgesAccounts payable and accrued liabilities$— $16 
Cross-currency swaps designated as net investment hedgesAccounts payable and accrued liabilities— 23 
Cross-currency swaps designated as net investment hedgesOther liabilities17 144 
Interest rate swaps designated as fair value hedgesOther liabilities23 1 
Total derivatives designated as accounting hedges40 184 
Non-derivative instruments designated as accounting hedge:
Long-term debt designated as net investment hedgeLong-term debt1,421 1,530 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities12 2 
Total liabilities$1,473 $1,716