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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2023
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:
As of March 31, 2023
As of December 31, 2022
Hedged ItemNature of SwapNotional Amount
Floating Interest Rate (1)
Notional AmountFloating Interest Rate
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 SOFR$500 3-month LIBOR
2020 Senior Notes due 2025Pay Floating/Receive Fixed300 SOFR300 6-month LIBOR
2014 Senior Notes due 2044Pay Floating/Receive Fixed300 SOFR300 3-month LIBOR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 SOFR300 3-month LIBOR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 SOFR400 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 SOFR500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 SOFR250 SOFR
Total$2,550 $2,550 
(1) Contractual terms of instruments using the 3-month or 6-month LIBOR at December 31, 2022 were modified to the SOFR reference rate in the first quarter of 2023.
The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
March 31, 2023
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€765 3.67%$800 5.25%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€2,903 $3,050 
December 31, 2022
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€765 3.67%$800 5.25%
Pay Floating/Receive Floating450 Based on 3-month EURIBOR500 Based on 3-month USD LIBOR
Pay Floating/Receive Floating1,688 Based on ESTR1,750 Based on SOFR
Total€2,903 $3,050 
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20232022
Interest expense, net$(48)$(53)

Descriptions		Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(18)$6 
Fair value changes on interest rate swapsInterest expense, net$46 $(85)
Fair value changes on hedged debtInterest expense, net$(46)$85 
Schedule of Net Investment Hedges, Notional Amount That Will Be Settled At Expiry As of March 31, 2023 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
Years Ending December 31,
2026€450 
2027€531 
2028€588 
2029€373 
2031€481 
2032€480 
Total€2,903 
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202320222023202220232022
Cross currency swaps$(39)$24 $— $— $16 $10 
Long-term debt(18)23 — — — — 
Total net investment hedges$(57)$47 $— $— $16 $10 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts$— $— $(1)$(1)$— $— 
Total cash flow hedges$— $— $(1)$(1)$— $— 
Total$(57)$47 $(1)$(1)$16 $10 
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
March 31, 2023December 31, 2022
Net investment hedges
Cross currency swaps$79 $118 
FX forwards29 29 
Long-term debt20 38 
Total net investment hedges$128 $185 
Cash flow hedges
Interest rate contracts$(46)$(47)
Cross currency swaps2 2 
Total cash flow hedges(44)(45)
Total net gain in AOCL$84 $140 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20232022
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 at December 31,
$(47)$(45)$(736)$185 $(643)$(49)$(47)$(335)$21 $(410)
Other comprehensive income/(loss) before reclassifications— — 110 (57)53 (2)— (107)47 (62)
Amounts reclassified from AOCL— 1 — — 1 — 1 — — 1 
Other comprehensive income/(loss)— 1 110 (57)54 (2)1 (107)47 (61)
Balance at March 31,
$(47)$(44)$(626)$128 $(589)$(51)$(46)$(442)$68 $(471)
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, 2023December 31, 2022
Notional amount of currency pair:SellBuySellBuy
Contracts to sell USD for GBP$295 £241 $170 £146 
Contracts to sell USD for Japanese yen$15 ¥2,000 $24 ¥3,500 
Contracts to sell USD for Canadian dollars$78 C$105 $87 C$120 
Contracts to sell USD for Singapore dollars$52 S$70 $50 S$70 
Contracts to sell USD for euros$160 €148 $116 €115 
Contracts to sell USD for Indian rupee$23 ₹1,900 $19 ₹1,600 
Contracts to sell euros for USD€25 $27 €85 $89 
NOTE: € = euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, S$= Singapore dollars, ₹= Indian rupee
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 Operations
Three Months Ended
March 31,
20232022
FX forwardsOther non-operating income, net$5 $(19)
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 LocationMarch 31, 2023December 31, 2022
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$12 $27 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets4 19 
Total assets$16 $46 
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther liabilities$115 $78 
Interest rate swaps designated as fair value hedgesOther liabilities192 239 
Total derivatives designated as accounting hedges307 317 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,358 1,334 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities1 2 
Total liabilities$1,666 $1,653