Derivative Contracts

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of March 31, 2022 and December 31, 2021, we had foreign currency forward contracts with total notional values of $443 million and $833 million, respectively, which are not designated as hedging instruments. Our foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. The fair value of these outstanding derivative contracts was as follows (in millions):


	Condensed Consolidated Balance Sheet Location	March 31, 2022		December 31, 2021
Derivative Assets:
Foreign currency derivative contracts	Prepaid expenses and other current assets	$	3	$	2
Derivative Liabilities:
Foreign currency derivative contracts	Accrued expenses and other current liabilities	$	4	$	3