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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivative Financial Instruments The following table summarizes the Company’s derivative financial instruments recorded on its consolidated balance sheets (in millions).
September 30, 2025December 31, 2024
Fair ValueFair Value
NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities		NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities
Cash flow hedges:
Foreign exchange$2,046 $40 $63 $46 $32 $1,608 $47 $14 $25 $28 
Net investment hedges: (a)
Cross-currency swaps451 7 — — 21 421 6 — — 4 
No hedging designation:
Foreign exchange336 8 1 11 77 951 18 7 14 122 
Cross-currency swaps225 4 — — 12 210 2 — — 1 
Interest rate swaps2,500 1 — 2 — — — — — — 
Total return swaps496 11 — — — 454 — — 16 — 
Total$71 $64 $59 $142 $73 $21 $55 $155 
(a) Excludes €781 million and €1,500 million of euro-denominated notes ($918 million and $1,558 million equivalent) at September 30, 2025 and December 31, 2024, respectively, designated as a net investment hedge.
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).
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign exchange - derivative adjustments
$(22)$15 $20 $46 
Gains (losses) reclassified into income from accumulated other comprehensive loss:
Foreign exchange - distribution revenue
(12)9 (13)12 
Foreign exchange - advertising revenue
— 1 — 1 
Foreign exchange - costs of revenues
3 (1)4 6 
Interest rate - interest expense, net— (2)(2)(4)
Interest rate - loss (gain) on extinguishment of debt, net
— — (1)(4)
Interest rate - other (expense) income, net
— — 14 5 
Schedule of Pre-Tax Impact of Derivatives Designated as Net Investment Hedges on Other Comprehensive Loss
The following table presents the pre-tax impact of derivatives and other instruments designated as net investment hedges on other comprehensive loss (in millions). Other than amounts excluded from effectiveness testing, there were no other material gains (losses) reclassified from accumulated other comprehensive loss to income during the three and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2025202420252024
Cross currency swaps$(8)$23 Interest expense, net$2 $6 
Euro-denominated notes (foreign denominated debt)(1)(71)N/A— — 
Sterling notes (foreign denominated debt)— (9)N/A— — 
Total$(9)$(57)$2 $6 
Nine Months Ended September 30,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2025202420252024
Cross currency swaps$(20)$62 Interest expense, net$8 $18 
Euro-denominated notes (foreign denominated debt)(209)(50)N/A— — 
Sterling notes (foreign denominated debt)— (5)N/A— — 
Total$(229)$7 $8 $18 
Schedule of Pre-Tax Impact of Derivatives Not Designated as Hedges on Statements of Operations
The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in selling, general and administrative expense and other (expense) income, net in the consolidated statements of operations (in millions).
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest rate swaps$2 $(29)$— $(1)
Total return swaps24 21 44 41 
Total in selling, general and administrative expense26 (8)44 40 
Interest rate swaps— — — (3)
Cross-currency swaps(3)— (10)— 
Foreign exchange derivatives — (6)34 (31)
Total in other (expense) income, net
(3)(6)24 (34)
Total$23 $(14)$68 $6