XML 37 R30.htm IDEA: XBRL DOCUMENT v3.24.3
Derivatives and Net Investment Hedge (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Values of Foreign Exchange Forward Contracts Outstanding

The following table summarizes the net notional values of foreign exchange forward contracts outstanding as of September 30, 2024 and December 31, 2023:

 

 

 

Net Notional Value

 

 

September 30, 2024

 

 

December 31, 2023

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

Foreign exchange forward contracts-cash flow hedges

 

$

116

 

 

$

178

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

Foreign exchange forward contracts-balance sheet hedges

 

$

239

 

 

$

155

 
Summary of Net Gains (Losses) on Derivatives Designated as Cash Flow Hedging Instruments

The following table summarizes the net gains (losses) on derivatives designated as cash flow hedging instruments:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Foreign exchange forward contracts-cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Net (losses) gains recognized in accumulated OCI

 

$

(7

)

 

$

(1

)

 

$

1

 

 

$

9

 

Net gains (losses) reclassified from accumulated OCI into cost of revenues

 

$

3

 

 

$

2

 

 

$

5

 

 

$

4

 

Interest rate hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Net (losses) gains recognized in accumulated OCI

 

$

(52

)

 

$

17

 

 

$

(28

)

 

$

36

 

Net gains (losses) reclassified from accumulated OCI into interest expense

 

$

16

 

 

$

12

 

 

$

49

 

 

$

32

 
Summary of Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments

The following table summarizes the net gains (losses) on derivatives not designated as hedging instruments:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Foreign exchange forward contracts-balance sheet hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized in other (income) expense, net

 

$

1

 

 

$

(5

)

 

$

1

 

 

$

(9

)

Interest rate caps:

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized in income

 

$

—

 

 

$

1

 

 

$

—

 

 

$

3

 

 

Derivative instruments are subject to master netting arrangements. However, the Company has elected to record these contracts on a gross basis in the condensed consolidated balance sheet. The location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheet is disclosed in Note 4.