Derivatives and Net Investment Hedge (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Primary Net Hedging Positions and Fair Values of Foreign Exchange Forward Contracts Outstanding

The following tables summarize the primary net hedging positions and fair values of foreign exchange forward contracts outstanding as of March 31, 2024 and December 31, 2023:

	March 31, 2024
Currency Hedged (Buy/Sell)	Net Notional Value		Fair Value Asset (Liability)
U.S. dollar/Japanese yen	$	62	$	3
U.S. dollar/South Korean won		65		1
U.S. dollar/Taiwan dollar		20		1
U.S. dollar/Singapore dollar		1		—
U.S. dollar/Chinese renminbi		5		—
Euro/U.S. dollar		77		—
Euro/Chinese renminbi		2		—
Euro/Canadian dollar		1		—
U.S. dollar/Mexican peso		4		—
U.K. pound sterling/U.S. dollar		24		—
Canadian dollar/U.S. dollar		1		—
Total	$	262	$	5

	December 31, 2023
Currency Hedged (Buy/Sell)	Net Notional Value		Fair Value (Liability) Asset
U.S. dollar/Japanese yen	$	65	$	—
U.S. dollar/South Korean won		70		(3	)
U.S. dollar/Taiwan dollar		22		—
U.S. dollar/Singapore dollar		1		—
U.S. dollar/Chinese renminbi		8		—
Euro/U.S. dollar		71		—
Euro/Chinese renminbi		4		—
Euro/Canadian dollar		1		—
U.S. dollar/Mexican peso		5		—
U.K. pound sterling/U.S. dollar		19		—
Total	$	266	$	(3	)

Summary of Net Gains (Losses) on Derivatives Designated as Cash Flow Hedging Instruments

The following table summarizes the net gains (losses) on derivatives designated as cash flow hedging instruments:

	Three Months Ended March 31,
	2024		2023
Foreign exchange forward contracts and interest rate hedges:
Net gains (losses) recognized in accumulated OCI	$	32	$	(15	)
Net gains (losses) reclassified from accumulated OCI into income	$	—	$	1

Summary of The Terms And Fair Values of Interest Rate Swaps and Interest Rate Caps

The following table summarizes the terms and fair values of interest rate swaps and interest rate caps outstanding at March 31, 2024 and December 31, 2023:

									March 31, 2024			December 31, 2023
Effective Date	Maturity	Fixed Rate			Notional Amount at Effective Date		Notional Amount at March 31, 2024		Fair Value Asset (Liability)			Fair Value Asset (Liability)
Interest Rate Swaps
June 30, 2023	February 28, 2025		0.391	%	$	200	$	200	$	8		$	9
June 30, 2023	February 28, 2025		0.543	%		300		300		12			14
September 30, 2022	September 30, 2026		3.156	%		350		350		10			5
January 2, 2024	January 31, 2028		2.841	%		250		250		11			7
September 30, 2022	September 30, 2027		3.198	%		350		350		10			5
January 2, 2024	January 31, 2029		2.986	%		250		250		10			6
September 30, 2022	September 30, 2026		3.358	%		600		400		9			5
December 28, 2023	December 31, 2027		4.550	%		500		500		(3	)		(10	)
						2,800		2,600		67			41
Interest Rate Caps
June 30, 2023	January 31, 2024		0.805	%		350		—		—			1
June 30, 2023	January 31, 2024		0.805	%		350		—		—			2
						700		—		—			3
		Total			$	3,500	$	2,600	$	67		$	44

Summary of Net Losses on Derivatives Not Designated as Hedging Instruments

The following table summarizes the net losses on derivatives not designated as hedging instruments, consisting of balance sheet hedges and interest rate caps:

	Three Months Ended March 31,
	2024			2023
Net gains (losses) recognized in income	$	(4	)	$	(10	)