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Derivatives and Hedging Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts and Fair Value of Derivative Instruments | The following table presents the composition of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest (in millions):
| September 30, 2025 |  | December 31, 2024
| Notional Amount (1) |  | Fair Value |  | Notional Amount (1) |  | Fair Value
|  | Assets (2) |  | Liabilities (3) |  |  | Assets (2) |  | Liabilities (3)
Net investment hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | 1,648 |  |  | $ | 23 |  |  | $ | 6 |  |  | $ | 966 |  |  | $ | 39 |  |  | $ | 17 |
Cross-currency interest rate swaps | 771 |  |  | 6 |  |  | 32 |  |  | 1,986 |  |  | 189 |  |  | 1 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | 1,631 |  |  | 1 |  |  | 91 |  |  | 1,365 |  |  | 53 |  |  | — |
Cross-currency interest rate swaps | 1,030 |  |  | 55 |  |  | 48 |  |  | 1,030 |  |  | 48 |  |  | — |
Non-designated derivatives: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | 2,204 |  |  | 4 |  |  | 17 |  |  | 3,536 |  |  | 80 |  |  | 9 |
Cross-currency interest rate swaps | 1,211 |  |  | 142 |  |  | 9 |  |  | 1,395 |  |  | 182 |  |  | 45 |
Total | $ | 8,495 |  |  | $ | 231 |  |  | $ | 203 |  |  | $ | 10,278 |  |  | $ | 591 |  |  | $ | 72 |
(1)Excludes embedded derivatives. (2)As presented in our condensed consolidated balance sheets within other current assets and other assets. (3)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.
Schedule of Impact on Accumulated Other Comprehensive Income (Loss) | The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income (loss) were as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net investment hedges: |  |  |  |  |  |  |
Foreign currency debt | $ | 11 |  |  | $ | (39) |  |  | $ | (141) |  |  | $ | (5) |
Foreign currency forward contracts (included component) | 28 |  |  | (36) |  |  | (17) |  |  | (1) |
Foreign currency forward contracts (excluded component) | 1 |  |  | 3 |  |  | 1 |  |  | 3 |
Cross-currency interest rate swaps (included component) | — |  |  | (82) |  |  | (190) |  |  | 2 |
Cross-currency interest rate swaps (excluded component) | 5 |  |  | 16 |  |  | 19 |  |  | 17 |
Total | $ | 45 |  |  | $ | (138) |  |  | $ | (328) |  |  | $ | 16 |
Cash flow hedges: |  |  |  |  |  |  |
Foreign currency forward contracts | $ | 42 |  |  | $ | (46) |  |  | $ | (143) |  |  | $ | (17) |
Cross-currency interest rate swaps (excluded component) | 2 |  |  | 9 |  |  | 28 |  |  | 17 |
Interest rate locks | (2) |  |  | — |  |  | (1) |  |  | 1 |
Total | $ | 42 |  |  | $ | (37) |  |  | $ | (116) |  |  | $ | 1 |
Schedule of Impact on Earnings | The gains (losses) from derivative instruments recognized in earnings, and the location of such gains (losses) in our condensed consolidated statements of operations were as follows (in millions):
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| Location of gain (loss) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net investment hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts (excluded component) | Interest expense |  | $ | 6 |  |  | $ | 3 |  |  | $ | 11 |  |  | $ | 8 |
Cross-currency interest rate swaps (excluded component) | Interest expense |  | 2 |  |  | 6 |  |  | 10 |  |  | 21 |
Total |  |  | $ | 8 |  |  | $ | 9 |  |  | $ | 21 |  |  | $ | 29 |
Cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Revenues |  | $ | (27) |  |  | $ | 3 |  |  | $ | (21) |  |  | $ | 8 |
Foreign currency forward contracts | Costs and operating expenses |  | 12 |  |  | (2) |  |  | 9 |  |  | (4) |
Cross-currency interest rate swaps (excluded component) | Interest expense |  | 3 |  |  | 3 |  |  | 10 |  |  | 4 |
Cross-currency interest rate swaps (included component) | Other income (expense) |  | (4) |  |  | (10) |  |  | (68) |  |  | (3) |
Interest rate locks | Interest expense |  | 1 |  |  | — |  |  | 2 |  |  | — |
Total |  |  | $ | (15) |  |  | $ | (6) |  |  | $ | (68) |  |  | $ | 5 |
Non designated hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Other income (expense) |  | $ | (6) |  |  | $ | (70) |  |  | $ | (109) |  |  | $ | (4) |
Cross-currency interest rate swaps | Other income (expense) |  | 22 |  |  | (18) |  |  | (32) |  |  | (8) |
Total |  |  | $ | 16 |  |  | $ | (88) |  |  | $ | (141) |  |  | $ | (12) |
Schedule of Offsetting Derivative Assets and Liabilities | The following table presents information related to these offsetting arrangements, inclusive of accrued interest (in millions):
| Gross Amounts |  | Gross Amounts Offset in the Balance Sheets |  | Net Amounts |  | Gross Amounts Not Offset in the Balance Sheets |  | Net
September 30, 2025 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 248 |  |  | $ | — |  |  | $ | 248 |  |  | $ | (82) |  |  | $ | 166 |
Derivative liabilities | 217 |  |  | — |  |  | 217 |  |  | (82) |  |  | 135 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 605 |  |  | $ | — |  |  | $ | 605 |  |  | $ | (75) |  |  | $ | 530 |
Derivative liabilities | 79 |  |  | — |  |  | 79 |  |  | (75) |  |  | 4 |
Schedule of Offsetting Derivative Assets and Liabilities | The following table presents information related to these offsetting arrangements, inclusive of accrued interest (in millions):
| Gross Amounts |  | Gross Amounts Offset in the Balance Sheets |  | Net Amounts |  | Gross Amounts Not Offset in the Balance Sheets |  | Net
September 30, 2025 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 248 |  |  | $ | — |  |  | $ | 248 |  |  | $ | (82) |  |  | $ | 166 |
Derivative liabilities | 217 |  |  | — |  |  | 217 |  |  | (82) |  |  | 135 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 605 |  |  | $ | — |  |  | $ | 605 |  |  | $ | (75) |  |  | $ | 530 |
Derivative liabilities | 79 |  |  | — |  |  | 79 |  |  | (75) |  |  | 4 |

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