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Derivatives and Hedging Instruments (Tables)
 9 Months Ended
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, 2025December 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 swaps771 6 32 1,986 189 1 
Cash flow hedges:
Foreign currency forward contracts1,631 1 91 1,365 53 — 
Cross-currency interest rate swaps1,030 55 48 1,030 48 — 
Non-designated derivatives:
Foreign currency forward contracts2,204 4 17 3,536 80 9 
Cross-currency interest rate swaps1,211 142 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,
2025202420252024
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)2025202420252024
Net investment hedges:
Foreign currency forward contracts (excluded component)Interest expense$6 $3 $11 $8 
Cross-currency interest rate swaps (excluded component)Interest expense2 6 10 21 
Total$8 $9 $21 $29 
Cash flow hedges:
Foreign currency forward contractsRevenues$(27)$3 $(21)$8 
Foreign currency forward contractsCosts and operating expenses12 (2)9 (4)
Cross-currency interest rate swaps (excluded component)Interest expense3 3 10 4 
Cross-currency interest rate swaps (included component)Other income (expense)(4)(10)(68)(3)
Interest rate locksInterest expense1 — 2 — 
Total$(15)$(6)$(68)$5 
Non designated hedges:
Foreign currency forward contractsOther income (expense)$(6)$(70)$(109)$(4)
Cross-currency interest rate swapsOther 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 AmountsGross Amounts Offset in the Balance SheetsNet AmountsGross Amounts Not Offset in the Balance SheetsNet
September 30, 2025
Derivative assets$248 $— $248 $(82)$166 
Derivative liabilities217 — 217 (82)135 
December 31, 2024
Derivative assets$605 $— $605 $(75)$530 
Derivative liabilities79 — 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 AmountsGross Amounts Offset in the Balance SheetsNet AmountsGross Amounts Not Offset in the Balance SheetsNet
September 30, 2025
Derivative assets$248 $— $248 $(82)$166 
Derivative liabilities217 — 217 (82)135 
December 31, 2024
Derivative assets$605 $— $605 $(75)$530 
Derivative liabilities79 — 79 (75)4