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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments Measured at Fair Value in Consolidated Balance Sheet | The fair value of our derivative instruments and the related notional amounts were as follows:
|  | September 30, 2024
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Notional Amount |  | Balance Sheet Caption |  | Fair Value |  | Balance Sheet Caption |  | Fair Value
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |
Cross-currency swap agreements |  | $ | 249 |  |  | Other current assets |  | $ | — |  |  | Other current liabilities |  | $ | (17) |
Cross-currency swap agreements |  | 403 |  |  | Other long-term assets |  | — |  |  | Other long-term liabilities |  | (22) |
Interest rate swaps |  | 550 |  |  | Other current assets |  | — |  |  | Other current liabilities |  | (1) |
Total |  |  |  |  |  | $ | — |  |  |  |  | $ | (39) |
|  | December 31, 2023
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Notional Amount |  | Balance Sheet Caption |  | Fair Value |  | Balance Sheet Caption |  | Fair Value
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |
Cross-currency swap agreements |  | $ | 652 |  |  | Other current assets |  | $ | — |  |  | Other current liabilities |  | $ | (34) |
Interest rate swaps |  | 350 |  |  | Other current assets |  | — |  |  | Other current liabilities |  | (2) |
Interest rate swaps |  | 200 |  |  | Other long-term assets |  | — |  |  | Other long-term liabilities |  | — |
Total |  |  |  |  |  | $ | — |  |  |  |  | $ | (36) |
Schedule of Gains and Losses Recognized on Consolidated Statements of Operations for Derivate Instruments | The effect of derivative and nonderivative instruments designated as hedges on our Condensed Consolidated Statements of Income was as follows:
|  | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives |  | Amount of Gain Reclassified from AOCI into Net Income |  | Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
|  | Three Months Ended September 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Derivatives designated as net investment hedges |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap agreements |  | (23) |  |  | 20 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Total |  | $ | (24) |  |  | $ | 19 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
|  | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives |  | Amount of Gain Reclassified from AOCI into Net Income |  | Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
|  | Nine Months Ended September 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Derivatives designated as net investment hedges |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap agreements |  | (5) |  |  | 7 |  |  | — |  |  | — |  |  | 7 |  |  | 6 |
Total |  | $ | (4) |  |  | $ | 8 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 7 |  |  | $ | 6 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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