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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivative Financial Instruments The following table summarizes the impact of derivative financial instruments on the Company’s consolidated balance sheets (in millions).
March 31, 2024December 31, 2023
Fair ValueFair Value
NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities		NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities
Cash flow hedges:
Foreign exchange$1,249 $24 $7 $34 $4 $1,484 $40 $8 $37 $8 
Net investment hedges: (a)
Cross-currency swaps1,361 22 13 7 24 1,779 23 12 7 42 
Fair value hedges:
Interest rate swaps1,500 9 — — 7 1,500 7 — — 5 
No hedging designation:
Foreign exchange1,089 25 4 4 96 1,058 1 1 1 83 
Interest rate swaps3,250 23 — — — — — — — — 
Total return swaps420 10 — — — 395 19 — — — 
Total$113 $24 $45 $131 $90 $21 $45 $138 
(a) Excludes £400 million and £402 million of sterling notes ($506 million and $513 million equivalent at March 31, 2024 and December 31, 2023, respectively) designated as a net investment hedge. (See Note 8.)
Schedule of Pre-Tax Impact of Derivatives Designated as Cash Flow Hedges
The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive loss (in millions).
 Three Months Ended March 31,
 20242023
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign exchange - derivative adjustments
$16 $1 
Gains (losses) reclassified into income from accumulated other comprehensive loss:
Foreign exchange - distribution revenue
2 (1)
Foreign exchange - costs of revenues
11 2 
Interest rate - interest expense, net(1)1 
Schedule of Pre-Tax Impact of Derivatives Designated as Net Investment Hedges on Other Comprehensive Loss
The following table presents the pre-tax impact of derivatives designated as net investment hedges on other comprehensive loss (in millions). Other than amounts excluded from effectiveness testing, there were no other material gains (losses) reclassified from accumulated other comprehensive loss to income during the three months ended March 31, 2024 and 2023.
Three Months Ended March 31,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2024202320242023
Cross currency swaps$25 $22 Interest expense, net$6 $5 
Euro-denominated notes (foreign denominated debt)— 5 N/A— — 
Sterling notes (foreign denominated debt)4 — N/A— — 
Total$29 $27 $6 $5 
Schedule of Fair Value Hedge Adjustments to Hedged Borrowings
The following table presents fair value hedge adjustments to hedged borrowings (in millions).
Carrying Amount of
Hedged Borrowings		Cumulative Amount of Fair Value Hedging Adjustments Included in Hedged Borrowings
Balance Sheet LocationMarch 31, 2024December 31, 2023March 31, 2024December 31, 2023
Noncurrent portion of debt$1,502 $1,502 $2 $2 
The following table presents the pretax impact of derivatives designated as fair value hedges on income, including offsetting changes in fair value of the hedged items (in millions).
Three Months Ended March 31,
20242023
Gain (loss) on changes in fair value of hedged fixed rate debt (1)
$— $(12)
(Loss) gain on changes in the fair value of derivative contracts (1)
— 12 
Total in interest expense, net$— $— 
(1) Accrued interest expense related to the hedged debt and derivative contracts is excluded from the amounts above and was not material as of March 31, 2024.
Schedule of Pre-Tax Impact of Derivatives Not Designated as Hedges on Statements of Operations
The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in selling, general and administrative expense and other income (expense), net in the consolidated statements of operations (in millions).
Three Months Ended March 31,
20242023
Interest rate swaps$21 $— 
Total return swaps19 18 
Total in selling, general and administrative expense40 18 
Interest rate swaps2 — 
Foreign exchange derivatives (8)3 
Total in other income (expense), net
(6)3 
Total$34 $21