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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Outstanding Derivative Positions

The following table summarizes the fair value of outstanding cross-currency swaps as of September 30, 2025 and December 31, 2024 (dollars in millions):

						Derivative Assets																		Derivative Liabilities
						Balance Sheet Line Item						Fair Value												Balance Sheet Line Item						Fair Value
												September 30, 2025						December 31, 2024												September 30, 2025						December 31, 2024
Derivatives designated as hedging instruments (1)
Fair Value Hedge						Other current assets						$	3					$	8					Other current liabilities						$	1					$	—
Fair Value Hedge						Other assets						1						12						Other liabilities						53						—
Subtotal												4						20												54						—
Net Investment Hedge						Other current assets						45						18						Other current liabilities						—						—
Net Investment Hedge						Other assets						1						5						Other liabilities						400						—
Subtotal												46						23												400						—
Total Derivatives designated as Hedging												$	50					$	43											$	454					$	—

________________________________________________________________________________________________________________________________________

(1)As of September 30, 2025 and December 31, 2024, the gross notional amount of currency swaps designated as fair value hedges was $479 million and $346 million, respectively; and the gross notional amount of currency swaps designated as net investment hedges was $3.7 billion and $1.0 billion, respectively.

Schedule of Impact of the Outstanding Derivatives in Accumulated Other Comprehensive Loss

The following table summarizes the impact of the outstanding net investment hedges in AOCL and the pre-tax impact on the consolidated statement of operations for the three and nine months ended September 30, 2025 (dollars in millions):

						Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
Derivative instruments designated as net investment hedges:
Losses recognized in AOCL on cross-currency swaps						$	(81)					$	(377)
Gains recognized in income (amount excluded from effectiveness testing):
Interest expense, net of interest income						$	(14)					$	(32)

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- References

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- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

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