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Derivatives and Hedging Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table presents the composition of derivative instruments recognized in our consolidated balance sheets, excluding accrued interest, as of December 31 (in millions):
| 2024 |  | 2023
|  |  | Fair Value |  |  |  | Fair Value
| Notional Amount (1) |  | Assets (2) |  | Liabilities (3) |  | Notional Amount (1) |  | Assets (2) |  | Liabilities (3)
Designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | 966 |  |  | $ | 39 |  |  | $ | 17 |  |  | $ | 887 |  |  | $ | 3 |  |  | $ | 17 |
Cross-currency interest rate swaps | 1,986 |  |  | 189 |  |  | 1 |  |  | 3,121 |  |  | 132 |  |  | — |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | 1,365 |  |  | 53 |  |  | — |  |  | 1,154 |  |  | 2 |  |  | 14 |
Cross-currency interest rate swaps | 1,030 |  |  | 48 |  |  | — |  |  | 280 |  |  | 36 |  |  | — |
Total designated as hedging | 5,347 |  |  | 329 |  |  | 18 |  |  | 5,442 |  |  | 173 |  |  | 31 |
Not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | 3,536 |  |  | 80 |  |  | 9 |  |  | 3,053 |  |  | 4 |  |  | 70 |
Cross-currency interest rate swaps | 1,395 |  |  | 182 |  |  | 45 |  |  | 1,061 |  |  | 80 |  |  | — |
Total not designated as hedging | 4,931 |  |  | 262 |  |  | 54 |  |  | 4,114 |  |  | 84 |  |  | 70 |
Total Derivatives | $ | 10,278 |  |  | $ | 591 |  |  | $ | 72 |  |  | $ | 9,556 |  |  | $ | 257 |  |  | $ | 101 |
(1)Excludes embedded derivatives. (2)As presented in our consolidated balance sheets within other current assets and other assets. (3)As presented in our consolidated balance sheets within other current liabilities and other liabilities.
Schedule of Net Investment Hedges | The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income (loss) for the years ended December 31 were as follows (in millions):
|  | 2024 |  | 2023 |  | 2022
Net investment hedges: |  |  |  |  |  |
Foreign currency debt |  | $ | 68 |  |  | $ | (54) |  |  | $ | 160 |
Foreign currency forward contracts (included component) |  | 66 |  |  | (9) |  |  | 27 |
Foreign currency forward contracts (excluded component) |  | 2 |  |  | 3 |  |  | (2) |
Cross-currency interest rate swaps (included component) |  | 149 |  |  | (73) |  |  | 277 |
Cross-currency interest rate swaps (excluded component) |  | 4 |  |  | 1 |  |  | (36) |
Total |  | $ | 289 |  |  | $ | (132) |  |  | $ | 426 |
Cash flow hedges: |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 65 |  |  | $ | (17) |  |  | $ | (9) |
Cross-currency interest rate swaps (excluded component) |  | (17) |  |  | (2) |  |  | (2) |
Interest rate locks |  | (1) |  |  | (5) |  |  | 49 |
Total |  | $ | 47 |  |  | $ | (24) |  |  | $ | 38 |
Schedule of Cash Flow Hedges | The gains (losses) from derivative instruments recognized in earnings, and location of such gains (losses) in the consolidated statements of operations for the years ended December 31 were as follows (in millions):
| Location of gain (loss) |  | 2024 |  | 2023 |  | 2022
Net investment hedges: |  |  |  |  |  |  |
Foreign currency forward contracts (excluded component) | Interest expense |  | $ | 10 |  |  | $ | 2 |  |  | $ | — |
Cross-currency interest rate swaps (excluded component) | Interest expense |  | 27 |  |  | 45 |  |  | 50 |
Total |  |  | $ | 37 |  |  | $ | 47 |  |  | $ | 50 |
Cash flow hedges: |  |  |  |  |  |  |
Foreign currency forward contracts | Revenues |  | $ | 11 |  |  | $ | (9) |  |  | $ | 148 |
Foreign currency forward contracts | Costs and operating expenses |  | (6) |  |  | 15 |  |  | (72) |
Cross-currency interest rate swaps (excluded component) | Interest expense |  | 8 |  |  | (1) |  |  | (1) |
Cross-currency interest rate swaps (included component) | Other income (expense) |  | 29 |  |  | 17 |  |  | 22 |
Interest rate locks | Interest Expense |  | 1 |  |  | 1 |  |  | — |
Total |  |  | $ | 43 |  |  | $ | 23 |  |  | $ | 97 |
Non designated hedges: |  |  |  |  |  |  |
Embedded derivatives (1) | Revenues |  | $ | — |  |  | $ | — |  |  | $ | (1) |
Foreign currency forward contracts (1) | Revenues |  | — |  |  | — |  |  | (1) |
Foreign currency forward contracts | Other income (expense) |  | 154 |  |  | (20) |  |  | 138 |
Cross-currency interest rate swaps | Other income (expense) |  | 18 |  |  | 6 |  |  | — |
Total |  |  | $ | 172 |  |  | $ | (14) |  |  | $ | 136 |
(1)Embedded derivatives were designated as net investment hedges beginning March 31, 2022. Prior to March 31, 2022, we entered into foreign currency forward contracts to economically hedge these embedded derivatives.
Schedule of Offsetting Derivative Assets and Liabilities | The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of December 31, 2024 and 2023 (in millions):
| Gross Amounts |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts |  | Gross Amounts Not Offset in the Balance Sheet |  | Net
December 31, 2024 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 605 |  |  | $ | — |  |  | $ | 605 |  |  | $ | (75) |  |  | $ | 530 |
Derivative liabilities | 79 |  |  | — |  |  | 79 |  |  | (75) |  |  | 4 |
December 31, 2023 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 282 |  |  | $ | — |  |  | $ | 282 |  |  | $ | (56) |  |  | $ | 226 |
Derivative liabilities | 112 |  |  | — |  |  | 112 |  |  | (56) |  |  | 56 |
Schedule of Offsetting Derivative Assets and Liabilities | The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of December 31, 2024 and 2023 (in millions):
| Gross Amounts |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts |  | Gross Amounts Not Offset in the Balance Sheet |  | Net
December 31, 2024 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 605 |  |  | $ | — |  |  | $ | 605 |  |  | $ | (75) |  |  | $ | 530 |
Derivative liabilities | 79 |  |  | — |  |  | 79 |  |  | (75) |  |  | 4 |
December 31, 2023 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 282 |  |  | $ | — |  |  | $ | 282 |  |  | $ | (56) |  |  | $ | 226 |
Derivative liabilities | 112 |  |  | — |  |  | 112 |  |  | (56) |  |  | 56 |

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