v3.25.2
Blue Chip Swap Securities - Argentina
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Blue Chip Swap Securities - Argentina
13 – Blue Chip Swap Securities - Argentina

The functional currency for our Argentine operations is the U.S. dollar and we use Argentina’s official exchange rate to remeasure our Argentine peso-denominated net monetary assets into U.S. dollars at each balance sheet date. The Central Bank of Argentina has maintained certain currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. As such, we have used an indirect foreign exchange mechanism known as a Blue Chip Swap (“BCS”) which allows entities to remit U.S. dollars from Argentina through the purchase and sale of securities. During the second quarter of 2025 and 2024, we completed a series of BCS transactions at implied exchange rates that were approximately 1% and 26% higher, respectively, than the official exchange rate, resulting in a loss of $1 million and $10 million, respectively. We continue to use the official exchange rate for remeasurement of our Argentine peso-denominated net monetary assets under U.S. GAAP as the BCS rates do not meet the criteria for remeasurement under U.S. GAAP.