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DERIVATIVES (Tables)
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Instruments
The following table presents the fair value of derivative instruments:
December 31, 2023December 31, 2022
Outstanding GrossOther
Assets
OtherOutstanding GrossOther
Assets
Other
Notional AmountNoncurrent liabilitiesNotional AmountNoncurrent liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps$1,120 $$— $1,120 $14 $— 
Cross currency contracts120 10 — 120 17 — 
Foreign currency forward contracts — — — — — — 
Fair value hedges:
Cross currency contracts721 17 — 721 50 — 
Net investment hedges:
Cross currency contracts230 20 — 230 32 — 
Total derivatives designated as hedging instruments$2,191 $54 $— $2,191 $113 $— 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts73 — 118 — — 
Total derivatives not designated as hedging instruments$73 $— $$118 $— $— 
Total derivatives$2,264 $54 $$2,309 $113 $— 
Summary of Effect of Derivatives on Consolidated Statements of Operations and Accumulated Other Comprehensive Income (Loss)
The following table presents the effect of derivatives on the consolidated statements of operations:
Amount of income (expense) recognized in income
Location of income (expense)
recognized in income
Year ended December 31,
Derivatives202320222021
Cash flow hedging relationships:
Interest rate swapsInterest expense, net$32 $$(11)
Cross currency contractsInvestment income and other, net(3)
Cross currency contractsInterest expense, net— 
Fair value hedging relationships:
Cross currency contractsInvestment income and other, net(25)53 — 
Cross currency contractsInterest expense, net— 
Net investment hedging relationships:
Cross currency contractsInterest expense, net
Not designated as hedging instruments:
Foreign currency forward contractsInvestment income and other, net
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 incomeAmount of gain (loss)
reclassified from
AOCI into income
Year ended December 31, Year ended December 31,
Derivatives202320222021202320222021
Cash flow hedging relationships:
Interest rate swaps$(6)$48 $18 Interest expense, net$16 $$— 
Cross currency contracts(3)— Investment income and other, net(3)10 (7)
Fair value hedging relationships:
Cross currency contracts(6)(2)— Investment income and other, net(25)53 — 
Net investment hedging relationships:
Cross currency contracts(9)14 Interest expense, net— (1)