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Derivative instruments and hedging activities (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Derivatives | As of June 30, 2024, the Company had the following outstanding interest rate and foreign currency derivatives that were designated as cash flow hedging instruments:
| Number of Instruments |  | Notional (in millions)
Interest rate derivatives: |  |  |
Interest rate swap | 2 | USD | 1,000 |
Interest rate cap | 3 | USD | 1,500 |
Total | 5 | USD | 2,500 |
(in millions) |  | Buy Notional |  | Sell Notional
Foreign currency derivatives: |  |  |  |
Buy EUR/Sell GBP forward | EUR | 24 |  | GBP | 21 |
Buy USD/Sell GBP forward | USD | 5 |  | GBP | 4 |
As of June 30, 2024, the Company had the following outstanding derivatives that were not designated as hedging instruments:
|  | Number of Instruments |  | Notional (in millions)
Interest Rate Derivatives |  |  |  |
Interest rate cap |  | 7 | USD | 1,320
Derivative Instruments, Gain (Loss) | The tables below presents the effect of the Company’s derivatives that are designated as hedging instruments on the accompanying condensed consolidated statements of operations and comprehensive income (loss) (in millions).
Derivatives in Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings | Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings
| Three Months Ended June 30, |  | Three Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Included in effectiveness testing: |  |  |  |
Interest rate contracts | $ | 11 |  |  | $ | 54 |  | Interest expense, net | $ | 25 |  |  | $ | 30 |
Foreign exchange contracts | (1) |  |  | — |  | Gain (loss) on foreign currency transactions, net | (2) |  |  | — |
Excluded from effectiveness testing and recognized in earnings based on an amortization approach: |  |  |  |
Interest rate contracts | — |  |  | (4) |  | Interest expense, net | — |  |  | (1) |
Total | $ | 10 |  |  | $ | 50 |  |  | $ | 23 |  |  | $ | 29 |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in OCI on Derivatives | Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings | Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings
| Six Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Included in effectiveness testing: |  |  |  |
Interest rate contracts | $ | 43 |  |  | $ | 39 |  | Interest expense, net | $ | 51 |  |  | $ | 55 |
Foreign exchange contracts | (1) |  |  | (1) |  | Gain (loss) on foreign currency transactions, net | (1) |  |  | — |
Excluded from effectiveness testing and recognized in earnings based on an amortization approach: |  |  |  |
Interest rate contracts | (3) |  |  | (4) |  | Interest expense, net | (1) |  |  | (1) |
Total | $ | 39 |  |  | $ | 34 |  |  | $ | 49 |  |  | $ | 54 |
Derivatives Not Designated as Hedging Instruments | The tables below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the condensed consolidated statements of operations and comprehensive income (loss) (in millions).
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Earnings on Derivatives |  | Amount of Gain (Loss) Recognized in Earnings on Derivatives
|  |  |  | Three Months Ended June 30,
|  |  |  | 2024 |  | 2023
Interest rate contracts |  | Interest expense, net |  | $ | — |  |  | $ | 4 |
Total |  |  |  | $ | — |  |  | $ | 4 |
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Earnings on Derivatives |  | Amount of Gain (Loss) Recognized in Earnings on Derivatives
|  |  |  | Six Months Ended June 30,
|  |  |  | 2024 |  | 2023
Interest rate contracts |  | Interest expense, net |  | $ | — |  |  | $ | 3 |
Total |  |  |  | $ | — |  |  | $ | 3 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the condensed consolidated balance sheets as of:
(in millions) | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments |  |  |  |  |  |
Balance sheet location | Other assets |  | Other assets |  | Other liabilities |  | Other liabilities
Interest rate contracts | $ | 124 |  |  | $ | 135 |  |  | $ | — |  |  | $ | — |
Total | $ | 124 |  |  | $ | 135 |  |  | $ | — |  |  | $ | — |
Derivatives NOT designated as hedging instruments |  |  |  |  |  |
Balance sheet location | Other assets |  | Other assets |  | Other liabilities |  | Other liabilities
Interest rate contracts | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts | — |  |  | — |  |  | — |  |  | (1) |
Total | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | (1) |

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