v3.24.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivative Instruments Designated as Hedges
The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:
(in millions)Balance Sheet ClassificationSeptember 30, 2024December 31, 2023
AssetsLiabilitiesNotionalAssetsLiabilitiesNotional
Derivatives designated as hedging instruments:
Interest rate swapsOther current assets, other assets and other current liabilities$— $70 $2,489 $13 $51 $3,300 
Cross-currency swaps Other current liabilities — 102 2,739 — 108 2,750 
Foreign exchange forward contractsOther current assets and other current liabilities6 — 118 2 — 121 
Total derivatives$6 $172 $15 $159 
Schedule of Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income
The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Interest rate swaps$(70)$(1)$(32)$(6)
Foreign exchange forward contracts4 (9)4 (4)
Total$(66)$(10)$(28)$(10)