Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

At December 31, 2023 there were four interest rate derivatives outstanding on our finance receivable secured borrowings that are designated as cash flow hedges as follows:


Borrowing	Derivative Type	Principal Debt (1)		Notional Amount		Expected Maturity	Pre-Hedged Rate		Hedged Rate		Net Fair Value

U.S. (September 2021)	Cap	$	25	$	30	2024	6.76	%	0.50	%	—

Canada	Swap	77		77		2026	6.74	%	5.19	%	(1)
France	Cap	182		118		2026	5.42	%	3.00	%	—
France	Cap	—		65		2026	5.42	%	4.00	%	1
Total		$	284	$	290						$	—

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(1)Reflects principal debt and excludes debt issuance costs of $1 at December 31, 2023.

Schedule of Foreign Exchange Contracts Gross Notional values

The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2023:


	Year Ended December 31,
	2023				2022
Currencies Hedged (Buy/Sell)	Gross Notional Value		Fair Value Asset(1)		Gross Notional Value		Fair Value Asset(1)
Euro/U.K. Pound Sterling	$	385	$	3	$	297	$	6
U.S. Dollar/Euro	359		(3)		127		(1)
Euro/Canadian Dollar	169		—		131		—
Euro/U.S. Dollar	150		1		70		—
Japanese Yen/U.S. Dollar	113		1		389		3
Japanese Yen/Euro	60		—		250		(1)
U.S. Dollar/Canadian Dollar	—		—		53		1
Swedish Krona/Euro	—		—		49		—
Euro/Swedish Krona	—		—		45		—
U.K. Pound Sterling/Euro	36		—		—		—
Euro/Danish Krone	25		—		—		—








Canadian Dollar/Euro	24		—		—		—







All Other	75		—		130		—
Total Foreign exchange hedging	$	1,396	$	2	$	1,541	$	8

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(1)Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2023.

Schedule of Cash Flow Hedges Gain (Loss)

The following table provide a summary of gains (losses) on derivative instruments:


	Derivative (Loss) Gain Recognized in OCI (Effective Portion)							(Loss) Gain Reclassified from AOCI to Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Year Ended December 31,						Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Year Ended December 31,
	2023		2022		2021			2023		2022		2021
Foreign exchange contracts – forwards/options	$	(17)	$	(41)	$	(12)	Cost of sales	$	(22)	$	(36)	$	(7)
Interest rate contracts	(1)		6		—		Interest expense	4		1		—
Total	$	(18)	$	(35)	$	(12)		$	(18)	$	(35)	$	(7)

Schedule of Derivatives not Designated as Hedging Instruments Gains (Losses)

The following table provides a summary of gains (losses) on non-designated derivative instruments:


		Year Ended December 31,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	2023		2022		2021
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net	$	26	$	17	$	(26)