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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):

 

 

Currency Denomination

 

Currency

 

December 31, 2024

 

 

December 31, 2023

 

Colombian Peso

 

COP

 

 

60,970

 

 

COP

 

 

57,487

 

South Korean Won

 

KRW

 

 

45,130

 

 

KRW

 

 

—

 

Norwegian Krone

 

NOK

 

 

2,850

 

 

NOK

 

 

2,179

 

Japanese Yen

 

JPY

 

 

1,039

 

 

JPY

 

 

1,118

 

U.S. Dollar

 

USD

 

 

1,031

 

 

USD

 

 

677

 

Mexican Peso

 

MXN

 

 

405

 

 

MXN

 

 

157

 

Euro

 

EUR

 

 

95

 

 

EUR

 

 

102

 

South African Rand

 

ZAR

 

 

25

 

 

ZAR

 

 

25

 

Singapore Dollar

 

SGD

 

 

12

 

 

SGD

 

 

23

 

Danish Krone

 

DKK

 

 

3

 

 

DKK

 

 

2

 

Canadian Dollar

 

CAD

 

 

1

 

 

CAD

 

 

1

 

Brazilian Real

 

BRL

 

 

—

 

 

BRL

 

 

291

 

British Pound Sterling

 

GBP

 

 

—

 

 

GBP

 

 

5

 
Derivative Instruments and their Balance Sheet Classifications

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):

 

 

 

Fair Values of Derivative Instruments
(In millions)

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

 

 

Fair Value

 

 

 

 

Fair Value

 

 

 

Balance Sheet

 

December 31,

 

 

Balance Sheet

 

December 31,

 

 

 

Location

 

2024

 

 

2023

 

 

Location

 

2024

 

 

2023

 

Derivatives designated as hedging
   instruments under ASC Topic 815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Prepaid and other current assets

 

$

1

 

 

$

8

 

 

Accrued liabilities

 

$

13

 

 

$

2

 

Foreign exchange contracts

 

Other assets

 

 

—

 

 

 

—

 

 

Other liabilities

 

 

1

 

 

 

1

 

Total derivatives designated as hedging
   instruments under ASC Topic 815

 

 

 

$

1

 

 

$

8

 

 

 

 

$

14

 

 

$

3

 

Derivatives not designated as hedging
   instruments under ASC Topic 815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Prepaid and other current assets

 

$

4

 

 

$

11

 

 

Accrued liabilities

 

$

11

 

 

$

17

 

Foreign exchange contracts

 

Other assets

 

 

—

 

 

 

—

 

 

Other liabilities

 

 

1

 

 

 

1

 

Total derivatives not designated
   as hedging instruments under ASC Topic 815

 

 

 

$

4

 

 

$

11

 

 

 

 

$

12

 

 

$

18

 

Total derivatives

 

 

 

$

5

 

 

$

19

 

 

 

 

$

26

 

 

$

21