Derivatives and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Recognized in the Company's Condensed Consolidated Balance Sheets

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

	March 31, 2025						December 31, 2024
			Fair Value						Fair Value
	Notional Amount (1)		Assets (2)		Liabilities (3)		Notional Amount (1)		Assets (2)		Liabilities (3)
Net investment hedges:
Foreign currency forward contracts	$	968	$	19	$	15	$	966	$	39	$	17
Cross-currency interest rate swaps	1,971		109		2		1,986		189		1
Cash flow hedges:
Foreign currency forward contracts	1,723		14		18		1,365		53		—
Cross-currency interest rate swaps	1,030		55		—		1,030		48		—
Non-designated derivatives:
Foreign currency forward contracts	2,586		12		30		3,536		80		9
Cross-currency interest rate swaps	1,211		138		14		1,395		182		45
Total	$	9,489	$	347	$	79	$	10,278	$	591	$	72

(1)Excludes embedded derivatives.

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

(3)As presented in our condensed 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) were as follows (in millions):

	Three Months Ended March 31,
	2025		2024
Net investment hedges:
Foreign currency debt	$	(41)	$	29
Foreign currency forward contracts (included component)	(6)		27
Cross-currency interest rate swaps (included component)	(96)		76
Cross-currency interest rate swaps (excluded component)	15		(2)
Total	$	(128)	$	130
Cash flow hedges:
Foreign currency forward contracts	$	(57)	$	27
Cross-currency interest rate swaps (excluded component)	28		(2)
Interest rate locks	—		1
Total	$	(29)	$	26

Schedule of Cash Flow Hedges

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

		Three Months Ended March 31,
	Location of gain (loss)	2025		2024
Net investment hedges:
Foreign currency forward contracts (excluded component)	Interest expense	$	2	$	2
Cross-currency interest rate swaps (excluded component)	Interest expense	5		8
Total		$	7	$	10
Cash flow hedges:
Foreign currency forward contracts	Revenues	$	18	$	(3)
Foreign currency forward contracts	Costs and operating expenses	(9)		2
Cross-currency interest rate swaps (excluded component)	Interest expense	4		—
Cross-currency interest rate swaps (included component)	Other income (expense)	(22)		(3)
Total		$	(9)	$	(4)
Non designated hedges:
Foreign currency forward contracts	Other income (expense)	$	(44)	$	76
Cross-currency interest rate swaps	Other income (expense)	2		—
Total		$	(42)	$	76

Schedule of Offsetting Derivative Assets and Liabilities

The following table presents information related to these offsetting arrangements, inclusive of accrued interest (in millions):

	Gross Amounts		Gross Amounts Offset in the Balance Sheets		Net Amounts		Gross Amounts Not Offset in the Balance Sheets		Net
March 31, 2025
Derivative assets	$	365	$	—	$	365	$	(76)	$	289
Derivative liabilities	94		—		94		(76)		18
December 31, 2024
Derivative assets	$	605	$	—	$	605	$	(75)	$	530
Derivative liabilities	79		—		79		(75)		4

Schedule of Offsetting Derivative Assets and Liabilities

The following table presents information related to these offsetting arrangements, inclusive of accrued interest (in millions):

	Gross Amounts		Gross Amounts Offset in the Balance Sheets		Net Amounts		Gross Amounts Not Offset in the Balance Sheets		Net
March 31, 2025
Derivative assets	$	365	$	—	$	365	$	(76)	$	289
Derivative liabilities	94		—		94		(76)		18
December 31, 2024
Derivative assets	$	605	$	—	$	605	$	(75)	$	530
Derivative liabilities	79		—		79		(75)		4