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Derivatives and Hedging (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional and Fair Values of Derivative Instruments | The notional and fair values of derivative instruments are as follows (in millions):
| Notional Amount |  | Net Amount of Derivative Assets Presented in the Statements of Financial Position (1) |  | Net Amount of Derivative Liabilities Presented in the Statements of Financial Position (2)
As of December 31 | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |
Accounted for as hedges | $ | 597 |  |  | $ | 1,724 |  |  | $ | 25 |  |  | $ | 34 |  |  | $ | — |  |  | $ | 2 |
Not accounted for as hedges (3) | 394 |  |  | 382 |  |  | — |  |  | 2 |  |  | 1 |  |  | 1 |
Total | $ | 991 |  |  | $ | 2,106 |  |  | $ | 25 |  |  | $ | 36 |  |  | $ | 1 |  |  | $ | 3 |
(1)Included within Other current assets ($15 million in 2024 and $17 million in 2023) or Other non-current assets ($10 million in 2024 and $19 million in 2023). (2)Included within Other current liabilities ($1 million in 2024 and $3 million in 2023). (3)These contracts typically are for 90-day durations and executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.
Schedule of Derivative Gains (Losses) | The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions):
|  | 2024 |  | 2023 |  | 2022
(Loss) gain recognized in Accumulated other comprehensive loss |  | $ | 99 |  |  | $ | 8 |  |  | $ | (15) |
The amounts of derivative gains (losses) reclassified from Accumulated other comprehensive loss to the Consolidated Statements of Income are as follows (in millions):
|  | Years Ended December 31
|  | 2024 |  | 2023 |  | 2022
Total revenue |  | $ | 1 |  |  | $ | (8) |  |  | $ | 2 |
Interest expense |  | 1 |  |  | — |  |  | — |
Total |  | $ | 2 |  |  | $ | (8) |  |  | $ | 2 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: 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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
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