The following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the years ended December 31, 2024, 2023 and 2022.
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Gain (Loss) Recognized In |
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Accumulated Other |
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Cost of |
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Interest |
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Other |
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Comprehensive |
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Year Ended December 31, |
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Goods Sold |
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Expense, Net |
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Income, Net |
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Loss |
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2024 |
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Foreign currency forward contracts not designated as a hedging instrument |
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$ |
— |
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$ |
— |
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$ |
5 |
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$ |
— |
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Foreign currency forward contracts designated as a cash flow hedge |
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1 |
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— |
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— |
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7 |
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Interest rate swaps designated as a cash flow hedge |
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— |
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1 |
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— |
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9 |
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Euro-denominated debt designated as a net investment hedge |
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— |
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— |
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— |
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47 |
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Cross-currency swap designated as a net investment hedge |
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— |
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— |
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— |
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5 |
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2023 |
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Foreign currency forward contracts not designated as a hedging instrument |
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$ |
— |
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$ |
— |
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$ |
(7 |
) |
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$ |
— |
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Foreign currency forward contracts designated as a cash flow hedge |
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5 |
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— |
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— |
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(2 |
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Interest rate swaps designated as a cash flow hedge |
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— |
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4 |
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— |
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(6 |
) |
Euro-denominated debt designated as a net investment hedge |
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— |
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— |
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— |
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(27 |
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2022 |
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Foreign currency forward contracts not designated as a hedging instrument |
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$ |
— |
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$ |
— |
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$ |
2 |
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$ |
— |
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Foreign currency forward contracts designated as a cash flow hedge |
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19 |
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— |
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— |
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17 |
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Interest rate swaps designated as a cash flow hedge |
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— |
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5 |
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— |
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8 |
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Euro-denominated debt designated as a net investment hedge |
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— |
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— |
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— |
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53 |
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