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Derivatives and Hedging Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Investment Hedges
The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 was as follows (in millions):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Foreign currency debt$5 $(15)$34 $(39)
Foreign currency forward contracts (included component) (1)
8 — 35 (1)
Foreign currency forward contracts (excluded component) (2)
— (1)— — 
Cross-currency interest rate swaps (included component) (1)
8 19 84 (21)
Cross-currency interest rate swaps (excluded component) (3)
3 (27)1 (3)
Total
$24 $(24)$154 $(64)
Amount of gain or (loss) recognized in earnings:
Three Months Ended
June 30,		Six Months Ended
June 30,
Location of gain (loss)2024202320242023
Foreign currency forward contracts (excluded component) (2)
Interest expense
$3 $1 5 1 
Cross-currency interest rate swaps (excluded component) (3)
Interest expense
7 12 15 24 
Total
$10 $13 $20 $25 
(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents foreign currency forward points.
(3)Excluded component represents cross-currency basis spread and interest rates.
Schedule of Cash Flow Hedges
The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 was as follows (in millions):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Foreign currency forward and option contracts (included component) (1)
$2 $(5)$29 $(18)
Cross-currency interest rate swaps10 1 8 (1)
Interest rate locks
— — 1 (4)
Total$12 $(4)$38 $(23)
Amount of gain or (loss) recognized in earnings:
Three Months Ended
June 30,		Six Months Ended
June 30,
Location of gain (loss)2024202320242023
Foreign currency forward contracts (2)
Revenues
$8 $(6)$5 $6 
Foreign currency forward contracts (2)
Costs and operating expenses
(4)7 (2)4 
Cross-currency interest rate swaps (excluded component) (2)(3)
Interest expense
1 — 1 — 
Cross-currency interest rate swaps (included component) (1)
Other income (expense)10 9 7 16 
Total$15 $10 $11 $26 
(1)Included component represents foreign exchange spot rates.
(2)Reclassified from accumulated other comprehensive income.
(3)Excluded component represents cross-currency basis spread and interest rates.
Schedule of Derivatives not Designated as Hedging Instruments in the Company's Condensed Consolidated Statements of Operations
The following table presents the effect of derivatives not designated as hedging instruments in our condensed consolidated statements of operations (in millions):
Amount of gain or (loss) recognized in earnings:
Three Months Ended
June 30,		Six Months Ended
June 30,
Location of gain (loss)2024202320242023
Foreign currency forward contracts
Other income (expense)$(10)$(7)$66 $4 
Cross-currency interest rate swapsOther income (expense)10 — 10 — 
    Total
$— $(7)$76 $4 
Schedule of Derivative Instruments Recognized in the Company's Condensed Consolidated Balance Sheets
The notional amounts of our outstanding derivative instruments as of June 30, 2024 and December 31, 2023 were as follows (in millions):
June 30, 2024December 31, 2023
Designated as hedging instruments:
Net investment hedges
Foreign currency forward contracts$725 $887 
Cross-currency interest rate swaps
2,355 3,121 
Cash flow hedges
Foreign currency forward and option contracts
1,224 1,154 
Cross-currency interest rate swaps1,030 280 
Total designated as hedging
5,334 5,442 
Not designated as hedging instruments:
Foreign currency forward contracts
4,220 3,053 
Cross-currency interest rate swaps
1,426 1,061 
Total not designated as hedging
5,646 4,114 
Total Derivatives$10,980 $9,556 
The following table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest, as of June 30, 2024 and December 31, 2023 (in millions):
June 30, 2024December 31, 2023
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
Designated as hedging instruments:
Net investment hedges
Foreign currency forward contracts$11 $4 $3 $17 
Cross-currency interest rate swaps
192 — 132 — 
Cash flow hedges
Foreign currency forward and option contracts
18 1 2 14 
Cross-currency interest rate swaps50 — 36 — 
Total designated as hedging
271 5 173 31 
Not designated as hedging instruments:
Foreign currency forward contracts
22 25 4 70 
Cross-currency interest rate swaps
134 29 80 — 
Total not designated as hedging
156 54 84 70 
Total Derivatives$427 $59 $257 $101 
(1)As presented in our condensed consolidated balance sheets within other current assets and other assets.
(2)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.
Schedule of Offsetting Derivative Assets and Liabilities The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of June 30, 2024 and December 31, 2023 (in millions):
Gross Amounts Offset in
Condensed Consolidated Balance Sheets
Gross AmountsGross Amounts Offset in the Balance SheetNet AmountsGross Amounts not Offset in the Balance SheetNet
June 30, 2024
Derivative assets$444 $— $444 $(58)$386 
Derivative liabilities68 — 68 (58)10 
December 31, 2023
Derivative assets$282 $— $282 $(56)$226 
Derivative liabilities112 — 112 (56)56 
Schedule of Offsetting Derivative Assets and Liabilities The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of June 30, 2024 and December 31, 2023 (in millions):
Gross Amounts Offset in
Condensed Consolidated Balance Sheets
Gross AmountsGross Amounts Offset in the Balance SheetNet AmountsGross Amounts not Offset in the Balance SheetNet
June 30, 2024
Derivative assets$444 $— $444 $(58)$386 
Derivative liabilities68 — 68 (58)10 
December 31, 2023
Derivative assets$282 $— $282 $(56)$226 
Derivative liabilities112 — 112 (56)56