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Derivative instruments and hedging activities (Tables)

6 Months Ended

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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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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