Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

The following table presents the fair value of its derivative instruments (in millions):


	Asset (Liability)
		Fair Values as of December 31,
	Balance Sheets Classification	2023		2022
Derivative instruments designated as hedges:

Foreign exchange contracts	Accrued liabilities	$	(6)	$	(14)


Total derivative instruments designated as hedges		$	(6)	$	(14)

Derivative instruments not designated as hedges:

Forward interest rate swaps	Prepaid expenses and other current assets	$	34	$	25
Forward interest rate swaps	Other long-term assets	49		47
Foreign exchange contracts	Accrued liabilities	(1)		(5)
Forward interest rate swaps	Accrued liabilities	(12)		—
Forward interest rate swaps	Other long-term liabilities	(16)		—
Total derivative instruments not designated as hedges		$	54	$	67
Total net derivative asset		$	48	$	53

The following table presents the net (losses) gains from changes in fair values of derivatives that are not designated as hedges (in millions):


	(Losses) Gains Recognized in Income
	Statements of Operations Classification	Year Ended December 31,
		2023		2022		2021
Derivative instruments not designated as hedges:
Foreign exchange contracts	Foreign exchange loss	$	(4)	$	2	$	7
Forward interest rate swaps	Interest (expense) income, net	9		83		13
Total net gain recognized in income		$	5	$	85	$	20

The notional values and the net fair values of these outstanding contracts were as follows (in millions):


	December 31,
	2023		2022
Notional balance of outstanding contracts:
British Pound/U.S. Dollar	£	11	£	11
Euro/U.S. Dollar	€	80	€	191


Euro/Czech Koruna	€	17	€	15




Japanese Yen/U.S. Dollar	¥	685	¥	—
Singapore Dollar/U.S. Dollar	S$	14	S$	5
Mexican Peso/U.S. Dollar	Mex$	144	Mex$	372

Polish Zloty/U.S. Dollar	zł	116	zł	47
Net fair value of liabilities of outstanding contracts	$	1	$	5