Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of outstanding derivative instruments

The fair values of our outstanding derivative instruments were as follows (in millions):

	Balance Sheet Location	March 31, 2021		December 31, 2020
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other Current Assets	$	22	$	12
Foreign exchange contracts designated as net investment hedges	Other Current Assets	1		—
Foreign exchange contracts not designated as hedging instruments	Other Current Assets	15		23
Interest rate contracts designated as cash flow hedges	Other Current Assets	56		—
Warrant	Warrant Asset	1,015		1,051
Foreign exchange contracts designated as cash flow hedges	Other Assets	20		14
Interest rate contracts designated as cash flow hedges	Other Assets	—		13
Total derivative assets		$	1,129	$	1,113
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other Current Liabilities	$	15	$	17
Foreign exchange contracts designated as net investment hedges	Other Current Liabilities	—		2
Foreign exchange contracts not designated as hedging instruments	Other Current Liabilities	13		25
Interest rate contracts designated as cash flow hedges	Other Current Liabilities	1		1
Interest rate contracts designated as cash flow hedges	Other Liabilities	1		1
Total derivative liabilities		$	30	$	46
Total fair value of derivative instruments		$	1,099	$	1,067

Impact of derivative contracts on accumulated other comprehensive income

The following tables present the activity of derivative instruments designated as cash flow hedges as of March 31, 2021 and December 31, 2020, and the impact of these derivative contracts on AOCI for the three months ended March 31, 2021 and 2020 (in millions): 

	December 31, 2020		Amount of Gain (Loss) Recognized in Other Comprehensive  Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		March 31, 2021
Foreign exchange contracts designated as cash flow hedges	$	(95)	$	3	$	(27)	$	(65)
Interest rate contracts designated as cash flow hedges	10		43		(1)		54
Total	$	(85)	$	46	$	(28)	$	(11)

	December 31, 2019		Amount of Gain (Loss) Recognized in Other Comprehensive  Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		March 31, 2020
Foreign exchange contracts designated as cash flow hedges	$	(9)	$	47	$	—	$	38

Recognized gains or losses related to derivative instruments

The following table provides a summary of the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location (in millions): 

	Three Months Ended March 31,
	2021		2020
Foreign exchange contracts designated as cash flow hedges recognized in net revenues	$	(28)	$	1
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues	1		—
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net	(6)		8
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income	$	(33)	$	9

The following table provides a summary of the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location (in millions): 

	Three Months Ended March 31,
	2021	2020
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net	(1)	—

The following table provides a summary of the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant (in millions): 

	Three Months Ended March 31,
	2021		2020
Gain (loss) attributable to changes in the fair value of warrant recognized in interest and other, net	$	(36)	$	12

Notional amounts of outstanding derivatives

The following table provides the notional amounts of our outstanding derivatives (in millions):

	March 31, 2021		December 31, 2020
Foreign exchange contracts designated as cash flow hedges	$	2,362	$	2,305
Foreign exchange contracts designated as net investment hedges	106		134
Foreign exchange contracts not designated as hedging instruments	3,158		3,027
Interest rate contracts designated as cash flow hedges	1,100		1,100
Total	$	6,726	$	6,566