Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the composition of derivative instruments recognized in our consolidated balance sheets, excluding accrued interest, as of December 31 (in millions):

	2024						2023
			Fair Value						Fair Value
	Notional Amount (1)		Assets (2)		Liabilities (3)		Notional Amount (1)		Assets (2)		Liabilities (3)
Designated as hedging instruments:
Net investment hedges
Foreign currency forward contracts	$	966	$	39	$	17	$	887	$	3	$	17
Cross-currency interest rate swaps	1,986		189		1		3,121		132		—
Cash flow hedges
Foreign currency forward contracts	1,365		53		—		1,154		2		14
Cross-currency interest rate swaps	1,030		48		—		280		36		—
Total designated as hedging	5,347		329		18		5,442		173		31
Not designated as hedging instruments:
Foreign currency forward contracts	3,536		80		9		3,053		4		70
Cross-currency interest rate swaps	1,395		182		45		1,061		80		—
Total not designated as hedging	4,931		262		54		4,114		84		70
Total Derivatives	$	10,278	$	591	$	72	$	9,556	$	257	$	101

(1)Excludes embedded derivatives.

(2)As presented in our consolidated balance sheets within other current assets and other assets.

(3)As presented in our consolidated balance sheets within other current liabilities and other liabilities.

Schedule of Net Investment Hedges

The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income (loss) for the years ended December 31 were as follows (in millions):

	2024		2023		2022
Net investment hedges:
Foreign currency debt	$	68	$	(54)	$	160
Foreign currency forward contracts (included component)	66		(9)		27
Foreign currency forward contracts (excluded component)	2		3		(2)
Cross-currency interest rate swaps (included component)	149		(73)		277
Cross-currency interest rate swaps (excluded component)	4		1		(36)
Total	$	289	$	(132)	$	426
Cash flow hedges:
Foreign currency forward contracts	$	65	$	(17)	$	(9)
Cross-currency interest rate swaps (excluded component)	(17)		(2)		(2)
Interest rate locks	(1)		(5)		49
Total	$	47	$	(24)	$	38

Schedule of Cash Flow Hedges

The gains (losses) from derivative instruments recognized in earnings, and location of such gains (losses) in the consolidated statements of operations for the years ended December 31 were as follows (in millions):

	Location of gain (loss)	2024		2023		2022
Net investment hedges:
Foreign currency forward contracts (excluded component)	Interest expense	$	10	$	2	$	—
Cross-currency interest rate swaps (excluded component)	Interest expense	27		45		50
Total		$	37	$	47	$	50
Cash flow hedges:
Foreign currency forward contracts	Revenues	$	11	$	(9)	$	148
Foreign currency forward contracts	Costs and operating expenses	(6)		15		(72)
Cross-currency interest rate swaps (excluded component)	Interest expense	8		(1)		(1)
Cross-currency interest rate swaps (included component)	Other income (expense)	29		17		22
Interest rate locks	Interest Expense	1		1		—
Total		$	43	$	23	$	97
Non designated hedges:
Embedded derivatives (1)	Revenues	$	—	$	—	$	(1)
Foreign currency forward contracts (1)	Revenues	—		—		(1)
Foreign currency forward contracts	Other income (expense)	154		(20)		138
Cross-currency interest rate swaps	Other income (expense)	18		6		—
Total		$	172	$	(14)	$	136

(1)Embedded derivatives were designated as net investment hedges beginning March 31, 2022. Prior to March 31, 2022, we entered into foreign currency forward contracts to economically hedge these embedded derivatives.

Schedule of Offsetting Derivative Assets and Liabilities

The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of December 31, 2024 and 2023 (in millions):

	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts Not Offset in the Balance Sheet		Net
December 31, 2024
Derivative assets	$	605	$	—	$	605	$	(75)	$	530
Derivative liabilities	79		—		79		(75)		4
December 31, 2023
Derivative assets	$	282	$	—	$	282	$	(56)	$	226
Derivative liabilities	112		—		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 December 31, 2024 and 2023 (in millions):

	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts Not Offset in the Balance Sheet		Net
December 31, 2024
Derivative assets	$	605	$	—	$	605	$	(75)	$	530
Derivative liabilities	79		—		79		(75)		4
December 31, 2023
Derivative assets	$	282	$	—	$	282	$	(56)	$	226
Derivative liabilities	112		—		112		(56)		56