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DERIVATIVE INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Amounts
The following table presents the notional amounts of the Company’s outstanding derivative instruments:
Notional Amount as of
September 30, 2024December 31, 2023
(In millions)
Designated as hedging instrument
Foreign exchange contracts$86 $91 
Cross currency swap contracts177 244 
Not designated as hedging instrument
Foreign exchange contracts$— $16 
Interest rate swap contracts165 245 
Summary of Outstanding Derivative Instruments
The fair values of the Company’s outstanding derivative instruments as of September 30, 2024 and December 31, 2023 were as follows:
Derivative instrumentsSeptember 30, December 31,
20242023
(In millions)
Foreign exchange contracts designated as cash flow hedgesOther current assets$$— 
Cross currency swap contracts designated as fair value hedgeOther current assets
Interest rate swap contracts not designated as hedging instrumentsOther non-current assets20 22 
Cross currency swap contracts designated as net investment hedgeOther current liabilities— 
Cross currency swap contracts designated as fair value hedgeOther current liabilities
Interest rate swap contracts not designated as hedging instrumentsOther current liabilities
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities— 
Foreign exchange contracts designated as cash flow hedgesOther current liabilities
Interest rate swap contracts not designated as hedging instrumentsOther non-current liabilities10 10 
Effect of Derivative Contracts on Comprehensive Income
The effects of derivative contracts on the interim condensed consolidated statement of comprehensive income for the nine-month periods ended September 30, 2024 and 2023 were as follows:
December 31,
2023
Amount of gain recognized in other comprehensive incomeAmount of (gain) loss reclassified from accumulated other comprehensive incomeSeptember 30,
2024
(In millions)
Foreign exchange contracts designated as cash flow hedges$(4)$$(2)$
Cross currency swap contracts designated as net investment hedge(3)— 
$(7)$9 $(1)$1 

December 31,
2022
Amount of gain (loss) recognized in other comprehensive incomeAmount of (gain) loss reclassified from accumulated other comprehensive incomeSeptember 30,
2023
(In millions)
Foreign exchange contracts designated as cash flow hedges$(2)$(9)$$(2)
Interest swap contracts designated as cash flow hedges(2)(6)— 
Cross currency swap contracts designated as net investment hedge(1)(7)(3)
$(5)$(8)$8 $(5)
Effect of Derivative Contracts on Income Statement
The effects of derivative contracts not designated as hedging instruments on the interim condensed consolidated statements of income for the nine and three-month periods ended September 30, 2024 and 2023 were as follows:
Nine months period ended September 30,Three months period ended September 30,
2024202320242023
(In millions)(In millions)
Foreign exchange contracts not designated as hedging instruments recognized in Foreign currency losses, net$— $(10)$— $
Interest rate contracts not designated as hedging instruments recognized in Interest expense and other financial losses(7)(1)(4)
$(7)$(9)$(1)$(3)