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COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the nine months ended September 30, 2024 and 2023 were as follows:
(in millions) |  | Foreign Currency Translation Gain (Loss) |  | Gain (Loss) on Cash Flow Hedges |  | Gain (Loss) on Net Investment and Fair Value Hedges |  |  |  | Pension Liability Gain (Loss) |  | Total
Balance, net of tax, at December 31, 2023 |  | $ | (473) |  |  | $ | (13) |  |  | $ | (107) |  |  |  |  | $ | (43) |  |  | $ | (636) |
Other comprehensive (loss) income before reclassifications and tax impact |  | (34) |  |  | — |  |  | 42 |  |  |  |  | — |  |  | 8 |
Tax expense |  | (28) |  |  | — |  |  | (10) |  |  |  |  | — |  |  | (38) |
Other comprehensive (loss) income, net of tax, before reclassifications |  | (62) |  |  | — |  |  | 32 |  |  |  |  | — |  |  | (30) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Net (decrease) increase in other comprehensive income |  | (62) |  |  | — |  |  | 32 |  |  |  |  | — |  |  | (30) |
Balance, net of tax, at March 31, 2024 |  | $ | (535) |  |  | $ | (13) |  |  | $ | (75) |  |  |  |  | $ | (43) |  |  | $ | (666) |
Other comprehensive (loss) before reclassifications and tax impact |  | (14) |  |  | — |  |  | (2) |  |  |  |  | — |  |  | (16) |
Tax benefit |  | 4 |  |  | — |  |  | 1 |  |  |  |  | — |  |  | 5 |
Other comprehensive (loss), net of tax, before reclassifications |  | (10) |  |  | — |  |  | (1) |  |  |  |  | — |  |  | (11) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Net (decrease) in other comprehensive income |  | (10) |  |  | — |  |  | (1) |  |  |  |  | — |  |  | (11) |
Balance, net of tax, at June 30, 2024 |  | $ | (545) |  |  | $ | (13) |  |  | $ | (76) |  |  |  |  | $ | (43) |  |  | $ | (677) |
Other comprehensive income (loss) before reclassifications and tax impact |  | 58 |  |  | — |  |  | (46) |  |  |  |  | — |  |  | 12 |
Tax benefit |  | 17 |  |  | — |  |  | 10 |  |  |  |  | — |  |  | 27 |
Other comprehensive income (loss), net of tax, before reclassifications |  | 75 |  |  | — |  |  | (36) |  |  |  |  | — |  |  | 39 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Net increase (decrease) in other comprehensive income |  | 75 |  |  | — |  |  | (36) |  |  |  |  | — |  |  | 39 |
Balance, net of tax, at September 30, 2024 |  | $ | (470) |  |  | $ | (13) |  |  | $ | (112) |  |  |  |  | $ | (43) |  |  | $ | (638) |
(in millions) |  | Foreign Currency Translation Gain (Loss) |  | Gain (Loss) on Cash Flow Hedges |  | Gain (Loss) on Net Investment and Fair Value Hedges |  |  |  | Pension Liability Gain (Loss) |  | Total
Balance, net of tax, at December 31, 2022 |  | $ | (522) |  |  | $ | (17) |  |  | $ | (73) |  |  |  |  | $ | (16) |  |  | $ | (628) |
Other comprehensive income (loss) before reclassifications and tax impact |  | 6 |  |  | (1) |  |  | — |  |  |  |  | — |  |  | 5 |
Tax benefit |  | 9 |  |  | — |  |  | — |  |  |  |  | — |  |  | 9 |
Other comprehensive income (loss), net of tax, before reclassifications |  | 15 |  |  | (1) |  |  | — |  |  |  |  | — |  |  | 14 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Net increase (decrease) in other comprehensive income |  | 15 |  |  | (1) |  |  | — |  |  |  |  | — |  |  | 14 |
Balance, net of tax, at March 31, 2023 |  | $ | (507) |  |  | $ | (18) |  |  | $ | (73) |  |  |  |  | $ | (16) |  |  | $ | (614) |
Other comprehensive loss before reclassifications and tax impact |  | (3) |  |  | — |  |  | (11) |  |  |  |  | — |  |  | (14) |
Tax benefit |  | 3 |  |  | — |  |  | 3 |  |  |  |  | — |  |  | 6 |
Other comprehensive loss, net of tax, before reclassifications |  | — |  |  | — |  |  | (8) |  |  |  |  | — |  |  | (8) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax |  | — |  |  | 2 |  |  | — |  |  |  |  | — |  |  | 2 |
Net increase (decrease) in other comprehensive income |  | — |  |  | 2 |  |  | (8) |  |  |  |  | — |  |  | (6) |
Balance, net of tax, at June 30, 2023 |  | $ | (507) |  |  | $ | (16) |  |  | $ | (81) |  |  |  |  | $ | (16) |  |  | $ | (620) |
Other comprehensive (loss) income before reclassifications and tax impact |  | (60) |  |  | 1 |  |  | 33 |  |  |  |  | — |  |  | (26) |
Tax expense |  | (4) |  |  | — |  |  | (8) |  |  |  |  | — |  |  | (12) |
Other comprehensive (loss) income, net of tax, before reclassifications |  | (64) |  |  | 1 |  |  | 25 |  |  |  |  | — |  |  | (38) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax |  | — |  |  | 1 |  |  | — |  |  |  |  | — |  |  | 1 |
Net (decrease) increase in other comprehensive income |  | (64) |  |  | 2 |  |  | 25 |  |  |  |  | — |  |  | (37) |
Balance, net of tax, at September 30, 2023 |  | $ | (571) |  |  | $ | (14) |  |  | $ | (56) |  |  |  |  | $ | (16) |  |  | $ | (657) |

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