Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

At March 31, 2023 there were four interest rate derivatives outstanding as follows:

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(1)Excludes debt issuance costs of $4 at March 31, 2023.

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


Designation of Derivatives	Balance Sheet Location	March 31, 2023		December 31, 2022
Derivatives Designated as Hedging Instruments
Foreign exchange contracts - forwards	Other current assets	$	3	$	5
	Accrued expenses and other current liabilities	(5)		(9)

Interest rate cap	Other long-term assets	5		6
Interest rate swap	Other long-term assets	1		1

	Net designated derivative assets	$	4	$	3

Derivatives NOT Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	4	$	14
	Accrued expenses and other current liabilities	(3)		(2)
Interest rate cap	Other long-term assets	1		—
	Net undesignated derivative assets	$	2	$	12

Summary of Derivatives	Total Derivative assets	$	14	$	26
	Total Derivative liabilities	(8)		(11)
	Net Derivative assets	$	6	$	15

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


	Three Months Ended March 31,
(Loss) Gain on Derivative Instruments		2023		2022




Cash Flow Hedges - Foreign Exchange Forward Contracts and Options
Derivative loss recognized in OCI (effective portion)		$	(2)	$	(15)
Derivative loss reclassified from AOCL to income - Cost of sales (effective portion)		(6)		(2)
Derivative gain reclassified from AOCL to income - Interest (effective portion)		1		—

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


Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	Three Months Ended March 31,
			2023		2022
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net		$	(5)	$	(9)