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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
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, 2024December 31, 2023
Fair ValueFair Value
NotionalPrepaid expenses and other current assetsOther non-
current assets		Accrued liabilitiesOther non-
current liabilities		NotionalPrepaid expenses and other current assetsOther non-
current assets		Accrued liabilitiesOther 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 exchange951 18 7 14 122 1,058 1 1 1 83 
Cross-currency swaps
210 2 — — 1 — — — — — 
Total return swaps454 — — 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,
202420232022
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 revenue22 (5)(1)
Foreign exchange - advertising revenue2 1 1 
Foreign exchange - costs of revenues7 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 AOCILocation 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)
202420232022202420232022
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,
 202420232022
Interest rate swaps$19 $63 $— 
Total return swaps31 46 5 
Total in selling, general and administrative expense50 109 5 
Interest rate swaps(3)20 512 
Cross-currency swaps1 1 — 
Foreign exchange derivatives(27)7 (37)
Total in other income (expense), net
(29)28 475 
Total$21 $137 $480