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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Company's Derivative Financial Instruments | The following table summarizes the Company’s derivative financial instruments recorded on its consolidated balance sheets (in millions).
| December 31, 2024 |  | December 31, 2023
|  |  | Fair Value |  |  |  | Fair Value
| Notional |  | Prepaid expenses and other current assets |  | Other non- current assets |  | Accrued liabilities |  | Other non- current liabilities |  | Notional |  | Prepaid expenses and other current assets |  | Other non- current assets |  | Accrued liabilities |  | Other non- current liabilities
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange | $ | 1,608 |  |  | $ | 47 |  |  | $ | 14 |  |  | $ | 25 |  |  | $ | 28 |  |  | $ | 1,484 |  |  | $ | 40 |  |  | $ | 8 |  |  | $ | 37 |  |  | $ | 8 |
Net investment hedges: (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps | 421 |  |  | 6 |  |  | — |  |  | — |  |  | 4 |  |  | 1,779 |  |  | 23 |  |  | 12 |  |  | 7 |  |  | 42 |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,500 |  |  | 7 |  |  | — |  |  | — |  |  | 5 |
No hedging designation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange | 951 |  |  | 18 |  |  | 7 |  |  | 14 |  |  | 122 |  |  | 1,058 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 83 |
Cross-currency swaps | 210 |  |  | 2 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total return swaps | 454 |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | 395 |  |  | 19 |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | 73 |  |  | $ | 21 |  |  | $ | 55 |  |  | $ | 155 |  |  |  |  | $ | 90 |  |  | $ | 21 |  |  | $ | 45 |  |  | $ | 138 |
(a) Excludes €1,500 million of euro-denominated notes ($1,558 million equivalent at December 31, 2024) and £402 million of sterling notes ($513 million equivalent at December 31, 2023) designated as net investment hedges. (See Note 11.)
Schedule of Pre-tax Impact of Derivatives Designated as Cash Flow Hedges | The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive loss (in millions).
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Gains (losses) recognized in accumulated other comprehensive loss: |  |  |  |  |  |
Foreign exchange - derivative adjustments |  | $ | 37 |  |  | $ | 23 |  |  | $ | 7 |
Gains (losses) reclassified into income from accumulated other comprehensive loss: |  |  |  |  |  |
Foreign exchange - distribution revenue |  | 22 |  |  | (5) |  |  | (1) |
Foreign exchange - advertising revenue |  | 2 |  |  | 1 |  |  | 1 |
Foreign exchange - costs of revenues |  | 7 |  |  | 3 |  |  | 25 |
Foreign exchange - other income (expense), net |  | — |  |  | 18 |  |  | — |
Interest rate - interest expense, net |  | (5) |  |  | (1) |  |  | (2) |
Interest rate - gain (loss) on extinguishment of debt |  | (4) |  |  | 1 |  |  | — |
Interest rate - other income (expense), net |  | 20 |  |  | — |  |  | — |
Schedule of Pre-tax Impact of Derivatives Designated as Net Investment Hedges | The following table presents the pre-tax impact of derivatives designated as net investment hedges on other comprehensive loss (in millions). Other than amounts excluded from effectiveness testing, there were no other material gains (losses) reclassified from accumulated other comprehensive loss to income during the years ended December 31, 2024, 2023 and 2022.
|  | Year Ended December 31, |  |
|  | Amount of gain (loss) recognized in AOCI |  |  |  |  |  | Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) |  | Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
|  | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Cross currency swaps |  | $ | 70 |  |  | $ | 43 |  |  | $ | 46 |  |  |  |  |  |  |  |  | Interest expense, net |  | $ | 4 |  |  | $ | 24 |  |  | $ | 33 |
Euro denominated notes (foreign denominated debt) |  | 78 |  |  | 3 |  |  | 4 |  |  |  |  |  |  |  |  | N/A |  | — |  |  | — |  |  | — |
Sterling denominated notes (foreign denominated debt) |  | (5) |  |  | (11) |  |  | 112 |  |  |  |  |  |  |  |  | N/A |  | — |  |  | — |  |  | — |
Total |  | $ | 143 |  |  | $ | 35 |  |  | $ | 162 |  |  |  |  |  |  |  |  |  |  | $ | 4 |  |  | $ | 24 |  |  | $ | 33 |
Schedule of Pre-tax Gains (Losses) on Derivatives Not Designated as Hedges Recognized | The following table presents the pre-tax gains (losses) on derivatives not designated as hedges and recognized in selling, general and administrative expense and other income (expense), net in the consolidated statements of operations (in millions).
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Interest rate swaps |  | $ | 19 |  |  | $ | 63 |  |  | $ | — |
Total return swaps |  | 31 |  |  | 46 |  |  | 5 |
Total in selling, general and administrative expense |  | 50 |  |  | 109 |  |  | 5 |
Interest rate swaps |  | (3) |  |  | 20 |  |  | 512 |
Cross-currency swaps |  | 1 |  |  | 1 |  |  | — |
Foreign exchange derivatives |  | (27) |  |  | 7 |  |  | (37) |
Total in other income (expense), net |  | (29) |  |  | 28 |  |  | 475 |
Total |  | $ | 21 |  |  | $ | 137 |  |  | $ | 480 |

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