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DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

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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