v3.26.1
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the Group's outstanding derivative instruments designated as cash flow hedges:
As of June 30, 2026As of December 31, 2025
Hedged ItemNotional ($ in millions)Expiration dateNotional ($ in millions)Expiration date
Cross-currency interest rate swapsUSD Senior Secured Notes 525April 15, 2028525April 15, 2026
Interest rate swapsTerm Loan B1,984September 30, 2026 to June 30, 20271,994September 30, 2026 to June 30, 2027
The following table summarizes the gains (losses) of the Company’s designated cash flow hedges for the three and six months ended June 30, 2026 and 2025:
Amount of (loss) gain recognized in OCILocation of loss (gain) recognized from AOCI into income (loss)Amount of loss (gain) reclassified from AOCI into net income (loss)
Three Months Ended June 30,
($ in millions)2026202520262025
Cross-currency interest rate swaps(7)(67)Interest expense, net—2
Other income (expense), net*166
Interest rate swaps5 0Interest expense, net(2)(3)
Total(2)(67)(1)65
Amount of gain (loss) recognized in OCILocation of (gain) loss recognized from AOCI into income (loss)Amount of (gain) loss reclassified from AOCI into net income (loss)
Six Months Ended June 30,
($ in millions)2026202520262025
Cross-currency interest rate swaps2(108)Interest expense, net—3
Other income (expense), net*(8)104
Interest rate swaps13(3)Interest expense, net(4)(6)
Total15(111)(12)101
* Included in foreign exchange gain, net, which is a component of other income (expense), net.
The following table summarizes the hedging instruments designated in net investment hedge relationships, which were considered highly effective:
As of June 30, 2026As of December 31, 2025
Notional ($ in millions)Expiration dateNotional ($ in millions)Expiration date
Euro denominated debt1,977November 30, 2028 to June 4, 20312,031November 30, 2028 to June 4, 2031
USD denominated debt— —200 November 30, 2030
Cross-currency interest rate swaps990June 4, 20271,017September 30, 2026 to June 30, 2027
Gains (losses) on derivatives designated as net investment hedges recognized in other comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 are summarized below (in millions):
Gains (losses) recognized in OCI
($ in millions)
Three Months Ended June 30,
20262025
Euro denominated debt28(10)
USD denominated debt— 12
Cross-currency interest rate swaps18(32)
Total46(30)
Gains (losses) recognized in OCI
($ in millions)
Six Months Ended June 30,
20262025
Euro denominated debt25(20)
USD denominated debt— 12
Cross-currency interest rate swaps22(36)
Total47(44)
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents amounts recorded in long-term debt in the Condensed Consolidated Balance Sheets related to the cumulative basis adjustment for fair value hedges ($ in millions):
As of June 30, 2026As of December 31, 2025
Carrying amount Cumulative basis adjustment included in the carrying amountCarrying amountCumulative basis adjustment included in the carrying amount
Long-term debt$1,642 $(4)$1,648 $3
Schedule of the Fair Value of Derivatives Assets and Liabilities
The following table summarizes the fair value of derivatives as of June 30, 2026 and December 31, 2025:
($ in millions)As of June 30, 2026As of December 31, 2025
Assets 1
Liabilities 2
Assets 1
Liabilities 2
Derivatives designated as cash flow hedges:
Cross-currency interest rate swaps18 (9)7 (43)
Interest rate swaps9 — 1 (2)
Total derivatives designated as cash flow hedges27 (9)8 (45)
Derivatives designated as fair value hedges:
Cross-currency interest rate swaps 17 — 7 (7)
Interest rate swaps6 (1)13 (4)
Total derivatives designated as fair value hedges23 (1)20 (11)
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps 10 (12)15 (30)
Total derivatives designated as net investment hedges10 (12)15 (30)
Total derivatives60 (22)43 (86)
1.Derivative assets are recorded within prepaid expenses and other current assets and other non-current assets in the Condensed Consolidated Balance Sheets
2.Derivative liabilities are recorded within other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets