Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional and Fair Values of Derivative Instruments

The notional and fair values of derivative instruments are as follows (in millions):

	Notional Amount				Net Amount of Derivative Assets  Presented in the Statements of Financial Position (1)				Net Amount of Derivative Liabilities  Presented in the Statements of Financial Position (2)
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Foreign exchange contracts
Accounted for as hedges	$	685	$	618	$	22	$	12	$	—	$	2
Not accounted for as hedges (3)	409		312		—		—		1		1
Total	$	1,094	$	930	$	22	$	12	$	1	$	3

(1)Included within Other current assets ($8 million at September 30, 2023 and $3 million at December 31, 2022) or Other non-current assets ($14 million at September 30, 2023 and $9 million at December 31, 2022).

(2)Included within Other current liabilities ($1 million at September 30, 2023 and $2 million at December 31, 2022) or Other non-current liabilities ($0 million at September 30, 2023 and $1 million at December 31, 2022).

(3)These contracts typically are for 90-day durations and executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.

Schedule of Derivative Gains (Losses)

The amounts of derivative gains recognized in the Condensed Consolidated Financial Statements are as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gain (loss) recognized in Accumulated other comprehensive loss	$	(8)	$	(12)	$	1	$	(18)

The amounts of derivative losses reclassified from Accumulated other comprehensive loss to the Condensed Consolidated Statements of Income are as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gains (losses) recognized in Total revenue	$	(1)	$	—	$	(7)	$	3
Compensation and benefits	—		(1)		—		—
Total	$	(1)	$	(1)	$	(7)	$	3