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DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
As of September 30, 2024 and December 31, 2023, the notional amounts of our outstanding derivative positions were as follows (in millions):
 September 30,
2024		December 31,
2023
Currency hedges:
EuroEUR3,807 4,408 
British Pound SterlingGBP615 663 
Canadian DollarCAD1,806 1,550 
Hong Kong DollarHKD4,984 1,822 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table indicates the location in our consolidated balance sheets where our derivative assets and liabilities have been recognized, the fair value hierarchy level applicable to each derivative type and the related fair values of those derivatives.
We have master netting arrangements with substantially all of our counterparties giving us the right of offset for our derivative positions. However, we have not elected to offset the fair value positions of our derivative contracts recorded in our consolidated balance sheets. The columns labeled Net Amounts if Right of Offset had been Applied indicate the potential net fair value positions by type of contract and location in our consolidated balance sheets had we elected to apply the right of offset as of September 30, 2024 and December 31, 2023 (in millions):
Fair Value Hierarchy LevelGross Amounts Presented in Consolidated Balance SheetsNet Amounts if Right of
Offset had been Applied
Asset DerivativesBalance Sheet LocationSeptember 30,
2024		December 31,
2023		September 30,
2024		December 31,
2023
Derivatives designated as hedges:
Foreign currency exchange contractsOther current assetsLevel 2$57 $95 $27 $73 
Foreign currency exchange contractsOther non-current assetsLevel 214 63 2 19 
Derivatives not designated as hedges:
Foreign currency exchange contractsOther current assetsLevel 21 — 1 — 
Total Asset Derivatives$72 $158 $30 $92 
Fair Value Hierarchy LevelGross Amounts Presented in
Consolidated Balance Sheets		Net Amounts if Right of
Offset had been Applied
Liability DerivativesBalance Sheet LocationSeptember 30,
2024		December 31,
2023		September 30,
2024		December 31,
2023
Derivatives designated as hedges:
Foreign currency exchange contractsOther current liabilitiesLevel 2$35 $26 $5 $4 
Foreign currency exchange contractsOther non-current liabilitiesLevel 257 65 45 21 
Derivatives not designated as hedges:
Foreign currency exchange contracts
Other non-current liabilitiesLevel 2— 1 — 1 
Total Liability Derivatives$92 $92 $50 $26 
The following table indicates the amounts that were recorded in our consolidated balance sheets related to cumulative basis adjustments for fair value hedges as of September 30, 2024 and December 31, 2023 (in millions):
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is IncludedCarrying Amount
of Hedged Liabilities		Cumulative Amount
of Fair Value Hedge
Adjustments		Carrying Amount
of Hedged Liabilities		Cumulative Amount
 of Fair Value Hedge
Adjustments
September 30, 2024September 30, 2024December 31, 2023December 31, 2023
Long-term debt and finance leases$279 $4 $280 $4 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table indicates the amount of gains (losses) that have been recognized in our statements of consolidated income for fair value and cash flow hedges, as well as the associated gain (loss) for the underlying hedged item for fair value hedges for the three and nine months ended September 30, 2024 and 2023 (in millions):


Three Months Ended September 30,
Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships20242023
RevenueInterest ExpenseInvestment Income and OtherRevenueInterest ExpenseInvestment Income and Other
Gain or (loss) on cash flow hedging relationships:
Interest Contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income— (1)— — (6)— 
Foreign Currency Exchange Contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income30 — — 41 — — 
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded$30 $(1)$— $41 $(6)$— 

Nine Months Ended September 30,

20242023
Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging RelationshipsRevenueInterest ExpenseInvestment Income and OtherRevenueInterest ExpenseInvestment Income and Other
Gain (loss) on cash flow hedging relationships:
Interest Rate Contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive income— (4)— — (9)— 
Foreign Currency Exchange Contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive income118 — — 160 — — 
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded$118 $(4)$— $160 $(9)$— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table indicates the amount of gains (losses) that have been recognized in AOCI for the three and nine months ended September 30, 2024 and 2023 for those derivatives designated as cash flow hedges (in millions):
Three Months Ended September 30:
Derivative Instruments in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in AOCI on Derivatives
20242023
Foreign currency exchange contracts(154)182 
Total$(154)$182 
Nine Months Ended September 30:
Derivative Instruments in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in AOCI on Derivatives
20242023
Foreign currency exchange contracts31 91 
Total$31 $91 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table indicates the amount of gains (losses) that have been recognized in AOCI within foreign currency translation adjustment for the three and nine months ended September 30, 2024 and 2023 for those instruments designated as net investment hedges (in millions):
Three Months Ended September 30:
Non-derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain (Loss) Recognized in AOCI on Debt
20242023
Foreign currency denominated debt$(120)$103 
Total$(120)$103 
Nine Months Ended September 30:
Non-derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain (Loss) Recognized in AOCI on Debt
20242023
Foreign currency denominated debt$(36)$5 
Total$(36)$5 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
Amounts recorded in our statements of consolidated income related to fair value changes and settlements of foreign currency forward contracts not designated as hedges for the three and nine months ended September 30, 2024 and 2023 (in millions) were as follows:
Derivative Instruments Not Designated in
Hedging Relationships		Location of Gain (Loss)
Recognized in Income		Amount of Gain (Loss) Recognized in Income
20242023
Three Months Ended September 30:
Foreign currency exchange contractsInvestment income and other$(4)$(4)
Total$(4)$(4)
Nine Months Ended September 30:
Foreign currency exchange contractsInvestment income and other$(8)$(1)
Total $(8)$(1)