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DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
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
| September 30, 2025 |  | December 31, 2024
| (In millions)
Designated as hedging instrument |  |  |
Foreign exchange contracts | $ | 682 |  |  | $ | 85 |
Cross currency swap contracts | 515 |  |  | 400 |
Future contracts | 274 |  |  | 86 |
Not designated as hedging instrument |  |  |
Interest rate swap contracts | $ | 120 |  |  | $ | 103 |
Summary of Outstanding Derivative Instruments | The fair values of the Company’s outstanding derivative instruments as of September 30, 2025 and December 31, 2024 were as follows:
Derivative instruments | Balance sheet location |  | September 30, |  | December 31,
| 2025 |  | 2024
|  |  | (In millions)
Foreign exchange contracts designated as cash flow hedges | Other current assets |  | $ | 2 |  |  | $ | 6 |
Interest rate swap contracts not designated as hedging instruments | Other current assets |  | 16 |  |  | 9 |
Cross currency swap contracts designated as fair value hedge | Other current assets |  | 1 |  |  | 23 |
Interest rate swap contracts not designated as hedging instruments | Other non-current assets |  | 20 |  |  | 20 |
Cross currency swap contracts designated as fair value hedge | Other current liabilities |  | 47 |  |  | 2 |
Interest rate swap contracts not designated as hedging instruments | Other current liabilities |  | 23 |  |  | 15 |
Foreign exchange contracts designated as cash flow hedges | Other current liabilities |  | 54 |  |  | — |
Interest rate swap contracts not designated as hedging instruments | Other non-current liabilities |  | 5 |  |  | 14 |
Effect of Derivative Contracts on Comprehensive Income | The effects of derivative contracts on the interim condensed consolidated statement of comprehensive income for the nine-month periods ended September 30, 2025 and 2024 were as follows:
| December 31, 2024 |  | Amount of loss recognized in other comprehensive income |  | Amount of loss reclassified from accumulated other comprehensive loss |  | September 30, 2025
| (In millions)
Foreign exchange contracts designated as cash flow hedges | $ | 5 |  |  | $ | (68) |  |  | $ | 15 |  |  | $ | (48) |
| $ | 5 |  |  | $ | (68) |  |  | $ | 15 |  |  | $ | (48) |
| December 31, 2023 |  | Amount of gain recognized in other comprehensive loss |  | Amount of (gain) loss reclassified from accumulated other comprehensive loss |  | September 30, 2024
| (In millions)
Foreign exchange contracts designated as cash flow hedges | $ | (4) |  |  | $ | 7 |  |  | $ | (2) |  |  | $ | 1 |
Cross currency swap contracts designated as net investment hedge | (3) |  |  | 2 |  |  | 1 |  |  | — |
| $ | (7) |  |  | $ | 9 |  |  | $ | (1) |  |  | $ | 1 |
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 nine and three-month periods ended September 30, 2025 and 2024 were as follows:
| Nine Months Ended September 30, |  | Three Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions) |  | (In millions)
Interest rate contracts not designated as hedging instruments recognized in Interest expense and other financial losses | $ | (1) |  |  | $ | (7) |  |  | $ | (2) |  |  | $ | (1) |
Foreign exchange contracts not designated as hedging instruments recognized in Interest expense and other financial losses | (2) |  |  | — |  |  | (1) |  |  | — |
| $ | (3) |  |  | $ | (7) |  |  | $ | (3) |  |  | $ | (1) |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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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 No definition available. + Details
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