v3.24.2.u1
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Instruments
The following table presents the fair value of derivative instruments:
June 30, 2024December 31, 2023
Outstanding Gross
Notional Amount		Other AssetsOther
Noncurrent liabilities		Outstanding Gross
Notional Amount		Other AssetsOther
Noncurrent liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:     
Interest rate swaps$1,120 $23 $— $1,120 $7 $— 
Cross currency contracts120 13 — 120 10 — 
Foreign currency forward contracts5 — — — — — 
Fair value hedges:     
Cross currency contracts737 33 — 721 17 — 
Net investment hedges:     
Cross currency contracts230 25 — 230 20 — 
Total derivatives designated as hedging instruments2,212 94 — 2,191 54 — 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts137 — — 73 — 1 
Total derivatives not designated as hedging instruments137 — — 73 — 1 
Total derivatives$2,349 $94 $— $2,264 $54 $1 
Summary of Effect of Derivatives on Consolidated Statements of Operations and Accumulated Other Comprehensive Income (Loss)
The following table presents the after tax effect of derivatives on the condensed consolidated statements of operations:
Amount of income (expense) recognized in income
DerivativesLocation of income (expense)
recognized in the condensed consolidated statements of operations		Three Months Ended June 30,
20242023
Cash flow hedging relationships:
Interest rate swapsInterest expense, net$9 $7 
Cross currency contractsInvestment expense (income) and other, net1 (1)
Cross currency contractsInterest expense, net1 (1)
Foreign currency forward contractsInvestment expense (income) and other, net— — 
Fair value hedging relationships:
Cross currency contractsInvestment expense (income) and other, net3 (13)
Cross currency contractsInterest expense, net— 1 
Net investment hedging relationships:
Cross currency contractsInterest expense, net1 1 
Not designated as hedging instruments:
Foreign currency forward contractsInvestment expense (income) and other, net— (1)
Amount of income (expense) recognized in income
DerivativesLocation of income (expense)
recognized in the condensed consolidated statements of operations		Six Months Ended June 30,
20242023
Cash flow hedging relationships:
Interest rate swapsInterest expense, net$18 $15 
Cross currency contractsInvestment expense (income) and other, net3 (2)
Cross currency contractsInterest expense, net1 1 
Foreign currency forward contractsInvestment expense (income) and other, net— — 
Fair value hedging relationships:
Cross currency contractsInvestment expense (income) and other, net15 (22)
Cross currency contractsInterest expense, net1 1 
Net investment hedging relationships:
Cross currency contractsInterest expense, net2 2 
Not designated as hedging instruments:
Foreign currency forward contractsInvestment expense (income) and other, net— (1)
The following table presents the effect of cash flow and fair value hedge accounting on accumulated other comprehensive income (loss) ("AOCI"):
Amount of gain (loss)
recognized in other
comprehensive income		Location of gain (loss) reclassified from
AOCI into income		Amount of gain (loss)
reclassified from
AOCI into income
Three Months Ended June 30,Three Months Ended June 30,
Derivatives2024202320242023
Cash flow hedging relationships:
Interest rate swaps$1 $17 Interest expense, net$4 $4 
Cross currency contracts1 (2)Investment expense (income) and other, net1 (1)
Forward currency forward contracts— — Investment expense (income) and other, net— — 
Fair value hedging relationships:
Cross currency contracts— 4 Investment expense (income) and other, net3 (14)
Net investment hedging relationships:
Cross currency contracts2 (4)Interest expense, net1 1 
Amount of gain (loss)
recognized in other
comprehensive income		Location of gain (loss) reclassified from
AOCI into income		Amount of gain (loss)
reclassified from
AOCI into income
Six Months Ended June 30,Six Months Ended June 30,
Derivatives2024202320242023
Cash flow hedging relationships:
Interest rate swaps$13 $8 Interest expense, net$8 $8 
Cross currency contracts— (1)Investment expense (income) and other, net3 (2)
Forward currency forward contracts— — Investment expense (income) and other, net— — 
Fair value hedging relationships:
Cross currency contracts1 4 Investment expense (income) and other, net15 (22)
Net investment hedging relationships:
Cross currency contracts4 (5)Interest expense, net— —