v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts
The following table presents the notional amounts of the Company’s outstanding derivative instruments:
Notional Amount as of
June 30, 2026December 31, 2025
(In millions)
Designated as hedging instrument
Foreign exchange contracts$1,290 $789 
Cross currency swap contracts631 611 
Future contracts507 328 
Not designated as hedging instrument
Interest rate swap contracts$123 $116 
Foreign exchange contracts313 100 
Future contracts3 — 
Schedule of Outstanding Derivative Instruments
The fair values of the Company’s outstanding derivative instruments as of June 30, 2026 and December 31, 2025 were as follows:
Derivative instrumentsBalance sheet locationJune 30, December 31,
20262025
(In millions)
Foreign exchange contracts designated as cash flow hedgesOther current assets$5 $4 
Foreign exchange contracts not designated as hedging instrumentsOther current assets2 — 
Future contracts designated as fair value hedgesOther current assets3 — 
Interest rate swap contracts not designated as hedging instrumentsOther current assets15 14 
Cross currency swap contracts designated as fair value hedgeOther current assets— 4 
Interest rate swap contracts not designated as hedging instrumentsOther non-current assets22 19 
Cross currency swap contracts designated as fair value hedgeOther current liabilities57 12 
Interest rate swap contracts not designated as hedging instrumentsOther current liabilities24 23 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities1 7 
Future contracts designated as fair value hedgesOther current liabilities4 — 
Cross currency swap contracts designated as cash flow hedgesOther current liabilities19 — 
Foreign exchange contracts designated as cash flow hedgesOther current liabilities62 36 
Interest rate swap contracts not designated as hedging instrumentsOther non-current liabilities7 5 
Schedule of Effect of Derivative Contracts on Comprehensive Income
The effects of derivative contracts on the interim condensed consolidated statement of comprehensive income for the six-month periods ended June 30, 2026 and 2025 were as follows:
December 31,
2025		Amount of loss recognized in other comprehensive incomeAmount of loss reclassified from accumulated other comprehensive lossJune 30,
2026
(In millions)
Derivative contracts designated as cash flow hedges$(30)$(95)$82 $(43)
$(30)$(95)$82 $(43)

December 31,
2024		Amount of loss recognized in other comprehensive incomeAmount of loss reclassified from accumulated other comprehensive lossJune 30,
2025
(In millions)
Derivative contracts designated as cash flow hedges$5 $(42)$3 $(34)
$5 $(42)$3 $(34)
Schedule Of Company's Fair Value Hedge Relationships
The effect of the Company’s fair value hedge relationships over its fixed-rate financial debt on the interim condensed consolidated statements of income for the six and three-month periods ended June 30, 2026 and 2025 were as follows:
Six Months Ended June 30,Three Months Ended June 30,
2026202520262025
(In millions)(In millions)
Cost of net revenues and financial expenses$(16)$(19)$(8)$(11)
Interest expense and other financial losses(11)— (6)— 
Foreign currency losses, net(36)(30)(5)(8)
$(63)$(49)$(19)$(19)
Schedule of 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 six and three-month periods ended June 30, 2026 and 2025 were as follows:
Six Months Ended June 30,Three Months Ended June 30,
2026202520262025
(In millions)(In millions)
Foreign exchange contracts not designated as hedging instruments recognized in Foreign currency losses, net$13 $— $10 $— 
Interest rate contracts not designated as hedging instruments recognized in Interest expense and other financial losses— 1 (1)— 
Foreign exchange contracts not designated as hedging instruments recognized in Interest expense and other financial losses(21)(1)(5)(1)
$(8)$— $4 $(1)