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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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Schedule Of Derivative Instruments, Effect On Comprehensive Income

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