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DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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
| March 31, 2024 |  | December 31, 2023
| (In millions)
Designated as hedging instrument |  |  |
Foreign exchange contracts | $ | 95 |  |  | $ | 91 |
Cross currency swap contracts | 229 |  |  | 244 |
Not designated as hedging instrument |  |  |
Foreign exchange contracts | $ | 4 |  |  | $ | 16 |
Interest rate swap contracts | 230 |  |  | 245 |
Summary of Outstanding Derivative Instruments | The fair values of the Company’s outstanding derivative instruments as of March 31, 2024 and December 31, 2023 were as follows:
Derivative instruments | Balance sheet location |  | March 31, |  | December 31,
| 2024 |  | 2023
|  |  | (In millions)
Cross currency swap contracts designated as fair value hedge | Other current assets |  | $ | 1 |  |  | $ | 1 |
Interest rate swap contracts not designated as hedging instruments | Other non-current assets |  | 22 |  |  | 22 |
Cross currency swap contracts designated as net investment hedge | Other current liabilities |  | 2 |  |  | 6 |
Cross currency swap contracts designated as fair value hedge | Other current liabilities |  | — |  |  | 4 |
Interest rate swap contracts not designated as hedging instruments | Other current liabilities |  | 7 |  |  | 7 |
Foreign exchange contracts not designated as hedging instruments | Other current liabilities |  | — |  |  | 1 |
Foreign exchange contracts designated as cash flow hedges | Other current liabilities |  | 1 |  |  | 3 |
Interest rate swap contracts not designated as hedging instruments | Other non-current liabilities |  | 12 |  |  | 10 |
Effect of Derivative Contracts on Comprehensive Income | The effects of derivative contracts on the interim condensed consolidated statement of comprehensive income for the three-month periods ended March 31, 2024 and March 31, 2023 were as follows:
| December 31, 2023 |  | Amount of gain recognized in other comprehensive loss |  | Amount of loss reclassified from accumulated other comprehensive loss |  | March 31, 2024
| (In millions)
Foreign exchange contracts designated as cash flow hedges | $ | (4) |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | (1) |
Cross currency swap contracts designated as net investment hedge | (3) |  |  | — |  |  | 2 |  |  | (1) |
| $ | (7) |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | (2) |
| December 31, 2022 |  | Amount of gain (loss) recognized in other comprehensive income |  | Amount of (gain) loss reclassified from accumulated other comprehensive loss |  | March 31, 2023
| (In millions)
Foreign exchange contracts designated as cash flow hedges | $ | (2) |  |  | $ | (4) |  |  | $ | 1 |  |  | $ | (5) |
Interest swap contracts designated as cash flow hedges | (2) |  |  | 2 |  |  | (1) |  |  | (1) |
Cross currency swap contracts designated as net investment hedge | (1) |  |  | (5) |  |  | 2 |  |  | (4) |
| $ | (5) |  |  | $ | (7) |  |  | $ | 2 |  |  | $ | (10) |
Effect of Derivative Contracts on Income Statement | The effects of derivative contracts not designated as hedging instruments on the interim condensed consolidated statements of income for the three-month periods ended March 31, 2024 and 2023 were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  | (In millions)
Foreign exchange contracts not designated as hedging instruments recognized in Foreign currency losses, net |  |  |  |  | $ | — |  |  | $ | (6) |
Interest rate contracts not designated as hedging instruments recognized in Interest expense and other financial losses |  |  |  |  | (2) |  |  | 2 |
|  |  |  |  | $ | (2) |  |  | $ | (4) |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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