v3.26.1
Derivatives and Hedging (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional and Fair Values of Derivative Instruments
The notional and fair values of derivative instruments are as follows (in millions):
 Notional Amount
Net Amount of Derivative Assets
 Presented in the Statements of Financial Position (1)
Net Amount of Derivative Liabilities
 Presented in the Statements of Financial Position (2)
 June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Foreign exchange contracts      
Accounted for as hedges
Cash flow hedges$476 $452 $7 $19 $6 $4 
Net investment hedges1,000 — 5 — 3 — 
Not accounted for as hedges (3)
803 467 3 3 1 — 
Total$2,279 $919 $15 $22 $10 $4 
(1)Included within Other current assets ($10 million at June 30, 2026 and $21 million at December 31, 2025) or Other non-current assets ($5 million at June 30, 2026 and $1 million at December 31, 2025).
(2)Included within Other current liabilities ($5 million at June 30, 2026 and $3 million at December 31, 2025) or Other non-current liabilities ($5 million at June 30, 2026 and $1 million at December 31, 2025).
(3)These contracts typically are for 90-day durations and executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.
Schedule of Derivative Gains (Losses)
The amounts of derivative gains (losses) recognized in Other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income are as follows (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Foreign exchange contracts
Cash flow hedges$(3)$20 $(8)$22 
Net investment hedges (1)
2 — 2 — 
Total$(1)$20 $(6)$22 
(1)Amounts represent gains recognized in Other comprehensive income (loss) during the period. As of June 30, 2026, the cumulative amount of gains after taxes recognized related to net investment hedges as Foreign currency translation adjustments in Accumulated other comprehensive income (loss) was $100 million. Refer to Note 11 “Shareholders’ Equity” for additional information regarding the Company’s Accumulated other comprehensive income (loss).
The amounts of derivative gains (losses) reclassified from Accumulated other comprehensive loss (income) (“AOCI”) to the Condensed Consolidated Statements of Income are as follows (in millions):
Classification of gains (losses) reclassified from AOCIThree Months Ended June 30,Six Months Ended June 30,
2026202520262025
Foreign exchange contracts
Cash flow hedgesTotal revenue$4 $7 $6 $5 
Compensation and benefits(1)— (2)— 
Interest expense1 1 1 1 
Total$4 $8 $5 $6