Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

At December 31, 2022 there were four interest rate derivatives outstanding as follows:

Secured Borrowing	Derivative Type	Principal Debt (1)		Notional Amount		Expected Maturity	Pre-Hedged Rate		Hedged Rate		Net Fair Value
United States	N/A	$	407	$	—	2024	5.83	%	—	%	$	—
United States	Cap	136		129		2024	5.65	%	0.50	%	4
United States	Cap	247		247		2025	7.43	%	4.50	%	1
Canada	Swap	57		52		2025	5.45	%	2.57	%	1
France	Cap	195		195		2025	3.03	%	3.00	%	1
Total		$	1,042	$	623						$	7

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(1)Excludes debt issuance costs of $5 at December 31, 2022.

Schedule of Foreign Exchange Contracts Gross Notional values

The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2022:

Currencies Hedged (Buy/Sell)	Gross Notional Value		Fair Value Asset(1)
Japanese Yen/U.S. Dollar	$	389	$	3
Euro/U.K. Pound Sterling	297		6
Japanese Yen/Euro	250		(1)
Euro/Canadian Dollar	131		—
U.S. Dollar/Euro	127		(1)
Euro/U.S. Dollar	70		—
U.S. Dollar/Canadian Dollar	53		1
Swedish Krona/Euro	49		—
Euro/Swedish Krona	45		—
All Other	130		—
Total Foreign exchange hedging	$	1,541	$	8

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(1)Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2022.

Schedule of Derivative Instruments Fair Value

The following table provides a summary of the fair value amounts of our derivative instruments:

		December 31,
Designation of Derivatives	Balance Sheet Location	2022		2021
Derivatives Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	5	$	3
	Accrued expenses and other current liabilities	(9)		(6)
Interest rate cap	Other long-term assets	6		1
Interest rate swap	Other long-term assets	1		—
	Net Designated Derivative Asset (Liability)	$	3	$	(2)
Derivatives NOT Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	14	$	1
	Accrued expenses and other current liabilities	(2)		(5)
	Net Undesignated Derivative Asset (Liability)	$	12	$	(4)
Summary of Derivatives	Total Derivative Assets	$	26	$	5
	Total Derivative Liabilities	(11)		(11)
	Net Derivative Asset (Liability)	$	15	$	(6)

Schedule of Cash Flow Hedges Gain (Loss)

The following table provide a summary of gains (losses) on derivative instruments:

 

	Derivative (Loss) Gain Recognized in OCI (Effective Portion)							(Loss) Gain Reclassified from AOCI to Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Year Ended December 31,						Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Year Ended December 31,
	2022		2021		2020			2022		2021		2020
Foreign exchange contracts – forwards/options	$	(41)	$	(12)	$	4	Cost of sales	$	(36)	$	(7)	$	(1)
Interest rate contracts	6		—		—		Interest expense	1		—		—
Total	$	(35)	$	(12)	$	4		$	(35)	$	(7)	$	(1)

Schedule of Derivatives not Designated as Hedging Instruments Gains (Losses)

The following table provides a summary of gains (losses) on non-designated derivative instruments:

		Year Ended December 31,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	2022		2021		2020
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net	$	17	$	(26)	$	14