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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Notional Amounts | The following table presents the notional amounts of the Company’s outstanding derivative instruments:
| Notional Amount as of December 31,
| 2023 |  | 2022
| (In millions)
Designated as hedging instrument |  |  |
Foreign exchange contracts | $ | 91 |  |  | $ | 109 |
Interest rate swap contracts | — |  |  | 229 |
Cross currency swap contracts | 244 |  | 133 |
Not designated as hedging instrument |  |  |
Foreign exchange contracts | 16 |  | 110 |
Interest rate swap contracts | 245 |  | 480 |
Summary of Outstanding Derivative Instruments | The fair values of the Company’s outstanding derivative instruments as of December 31, 2023 and December 31, 2022 were as follows:
Derivative Instruments | Balance sheet location |  | December 31,
| 2023 |  | 2022
|  |  | (In millions)
Foreign exchange contracts designated as cash flow hedges | Other current assets |  | $ | — |  |  | $ | 1 |
Cross currency swap contracts designated as fair value hedge | Other current assets |  | 1 |  |  | — |
Interest rate swap contracts not designated as hedging instruments | Other non-current assets |  | 22 |  |  | — |
Cross currency swap contracts designated as net investment hedge | Other current liabilities |  | 6 |  |  | 2 |
Interest rate swap contracts designated as cash flow hedges | Other current liabilities |  | — |  |  | 8 |
Cross currency swap contracts designated as fair value hedge | Other current liabilities |  | 4 |  |  | 2 |
Interest rate swap contracts not designated as hedging instruments | Other current liabilities |  | 7 |  |  | 1 |
Foreign exchange contracts not designated as hedging instruments | Other current liabilities |  | 1 |  |  | 2 |
Foreign exchange contracts designated as cash flow hedges | Other current liabilities |  | 3 |  |  | 2 |
Interest rate swap contracts not designated as hedging instruments | Other non-current liabilities |  | 10 |  |  | 6 |
Cross currency swap contracts designated as net investment hedge | Other non-current liabilities |  | — |  |  | 1 |
Schedule of Effect of Derivative Contracts on Comprehensive Income | The effects of derivative contracts designated as hedging instruments on the consolidated statements of comprehensive income as of December 31, 2023 and December 2022 were as follows:
| December 31, 2022 |  | Amount of gain (loss) recognized in other comprehensive income |  | Amount of (gain) loss reclassified from accumulated other comprehensive loss |  | December 31, 2023
| (In millions)
Foreign exchange contracts designated as cash flow hedges | $ | (2) |  |  | $ | (12) |  |  | $ | 10 |  |  | $ | (4) |
Interest swap contracts designated as cash flow hedges | (2) |  |  | 8 |  |  | (6) |  |  | — |
Cross currency swap contracts designated as net investment hedge | (1) |  |  | (9) |  |  | 7 |  |  | (3) |
| $ | (5) |  |  | $ | (13) |  |  | $ | 11 |  |  | $ | (7) |
Schedule of Effect of Derivative Contracts on Income Statement | The effects of derivative contracts not designated as hedging instruments on the consolidated statements of income during the years ended December 31, 2023, 2022 and 2021 were as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Foreign exchange contracts not designated as hedging instruments recognized in Foreign currency losses, net | $ | (11) |  |  | $ | (10) |  |  | $ | (2) |
Currency swap contracts not designated as hedging instruments recognized in Foreign currency losses, net | — |  |  | (29) |  |  | 2 |
Interest rate contracts not designated as hedging instruments recognized in Interest expense and other financial losses | 2 |  |  | (7) |  |  | — |
| $ | (9) |  |  | $ | (46) |  |  | $ | — |

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