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DERIVATIVES (Tables)
12 Months Ended
Dec. 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:
December 31, 2024December 31, 2023
Outstanding Gross Notional AmountOther
Assets
Other Noncurrent LiabilitiesOutstanding Gross Notional AmountOther
Assets
Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Cash flow hedges –
Interest rate swaps$1,840 $25 $— $1,120 $$— 
Cross currency contracts120 14 — 120 10 — 
Foreign currency forward contracts— — — — — — 
Fair value hedges – cross currency contracts737 54 — 721 17 — 
Net investment hedges – cross currency contracts230 28 — 230 20 — 
Total derivatives designated as hedging instruments$2,927 $121 $— $2,191 $54 $— 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts$77 $— $— $73 $— $
Total derivatives not designated as hedging instruments$77 $— $— $73 $— $
Total derivatives$3,004 $121 $— $2,264 $54 $
Summary of Effect of Derivatives on Consolidated Statements of Operations and Accumulated Other Comprehensive Income (Loss)
The following table presents the effect of derivatives on the consolidated statements of operations:
Amount of income (expense) recognized in income
Location of income (expense)
recognized in income
Year ended December 31,
Derivatives202420232022
Cash flow hedging relationships:
Interest rate swapsInterest expense, net$32 $32 $
Cross currency contractsInvestment expense (income) and other, net(3)
Cross currency contractsInterest expense, net
Fair value hedging relationships:
Cross currency contractsInvestment expense (income) and other, net37 (25)53 
Cross currency contractsInterest expense, net
Net investment hedging relationships:
Cross currency contractsInterest expense, net
Not designated as hedging instruments:
Foreign currency forward contractsInvestment expense 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 incomeAmount of gain (loss)
reclassified from
AOCI into income
Year ended December 31, Year ended December 31,
Derivatives202420232022202420232022
Cash flow hedging relationships:
Interest rate swaps$14 $(6)$48 Interest expense, net$13 $16 $
Cross currency contracts(2)(3)Investment expense (income) and other, net(3)10 
Fair value hedging relationships:
Cross currency contracts— (6)(2)Investment expense (income) and other, net36 (25)53 
Net investment hedging relationships:
Cross currency contracts(9)14 Interest expense, net—