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DERIVATIVES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Fair Value of Derivative Instruments | The following table presents the fair value of derivative instruments:
| March 31, 2024 |  | December 31, 2023
| Outstanding Gross Notional Amount |  | Other Assets |  | Other Noncurrent liabilities |  | Outstanding Gross Notional Amount |  | Other Assets |  | Other Noncurrent liabilities
Derivatives designated as hedging instruments: |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 1,120 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 1,120 |  |  | $ | 7 |  |  | $ | — |
Cross currency contracts | 120 |  |  | 11 |  |  | — |  |  | 120 |  |  | 10 |  |  | — |
Foreign currency forward contracts | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Cross currency contracts | 721 |  |  | 30 |  |  | — |  |  | 721 |  |  | 17 |  |  | — |
Net investment hedges: |  |  |  |  |  |  |  |  |  |  |
Cross currency contracts | 230 |  |  | 22 |  |  | — |  |  | 230 |  |  | 20 |  |  | — |
Total derivatives designated as hedging instruments | 2,199 |  |  | 85 |  |  | — |  |  | 2,191 |  |  | 54 |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency forward contracts | 121 |  |  | — |  |  | — |  |  | 73 |  |  | — |  |  | 1 |
Total derivatives not designated as hedging instruments | 121 |  |  | — |  |  | — |  |  | 73 |  |  | — |  |  | 1 |
Total derivatives | $ | 2,320 |  |  | $ | 85 |  |  | $ | — |  |  | $ | 2,264 |  |  | $ | 54 |  |  | $ | 1 |
Summary of Effect of Derivatives on Consolidated Statements of Operations and Accumulated Other Comprehensive Income (Loss) | The following table presents the after tax effect of derivatives on the condensed consolidated statements of operations:
|  |  |  | Amount of income (expense) recognized in income
Derivatives |  | Location of income (expense) recognized in the condensed consolidated statements of operations |  | Three Months Ended March 31,
|  | 2024 |  | 2023
Cash flow hedging relationships: |  |  |  |  |  |
Interest rate swaps |  | Interest expense, net |  | $ | 9 |  |  | $ | 2 |
Cross currency contracts |  | Investment expense (income) and other, net |  | 2 |  |  | (1) |
Cross currency contracts |  | Interest expense, net |  | 1 |  |  | 1 |
Foreign currency forward contracts |  | Investment expense (income) and other, net |  | — |  |  | — |
Fair value hedging relationships: |  |  |  |  |  |
Cross currency contracts |  | Investment expense (income) and other, net |  | 12 |  |  | (8) |
Cross currency contracts |  | Interest expense, net |  | 1 |  |  | 1 |
Net investment hedging relationships: |  |  |  |  |  |
Cross currency contracts |  | Interest expense, net |  | 1 |  |  | 1 |
Not designated as hedging instruments: |  |  |  |  |  |
Foreign currency forward contracts |  | Investment expense (income) and other, net |  | — |  |  | — |
The following table presents the effect of cash flow and fair value hedge accounting on accumulated other comprehensive income (loss) ("AOCI"):
|  | Amount of gain (loss) recognized in other comprehensive income |  | Location of gain (loss) reclassified from AOCI into income |  | Amount of gain (loss) reclassified from AOCI into income
|  | Three Months Ended March 31, |  |  | Three Months Ended March 31,
Derivatives |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 11 |  |  | $ | (13) |  |  | Interest expense, net |  | $ | 4 |  |  | $ | (4) |
Cross currency contracts |  | (1) |  |  | 1 |  |  | Investment expense (income) and other, net |  | 2 |  |  | 1 |
Forward currency forward contracts |  | — |  |  | — |  |  | Investment expense (income) and other, net |  | — |  |  | — |
Fair value hedging relationships: |  |  |  |  |  |  |  |  |  |
Cross currency contracts |  | — |  |  | — |  |  | Investment expense (income) and other, net |  | 13 |  |  | 7 |
Net investment hedging relationships: |  |  |  |  |  |  |  |  |  |
Cross currency contracts |  | 2 |  |  | (1) |  |  | Interest expense, net |  | (1) |  |  | (3) |

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