Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of outstanding derivative instruments

The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):

	Balance Sheet Location	September 30, 2021		December 31, 2020
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other current assets	$	51	$	12
Foreign exchange contracts designated as net investment hedges	Current assets held for sale	36		—
Foreign exchange contracts not designated as hedging instruments	Other current assets	26		23
Warrant	Warrant asset	1,434		1,051
Foreign exchange contracts designated as cash flow hedges	Other assets	26		14
Interest rate contracts designated as cash flow hedges	Other assets	—		13
Total derivative assets		$	1,573	$	1,113
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other current liabilities	$	—	$	17
Foreign exchange contracts not designated as hedging instruments	Other current liabilities	8		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
Total derivative liabilities		$	9	$	44
Total fair value of derivative instruments		$	1,564	$	1,069

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 September 30, 2021 and December 31, 2020, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 

	December 31, 2020		Amount of Gain (Loss) Recognized in Other Comprehensive Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		September 30, 2021
Foreign exchange contracts designated as cash flow hedges	$	(95)	$	38	$	(62)	$	5
Interest rate contracts designated as cash flow hedges	10		21		1		30
Total	$	(85)	$	59	$	(61)	$	35

	December 31, 2019		Amount of Gain (Loss) Recognized in Other Comprehensive Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		September 30, 2020
Foreign exchange contracts designated as cash flow hedges	$	(9)	$	(17)	$	23	$	(49)
Total	$	(9)	$	(17)	$	23	$	(49)

Recognized gains or losses related to derivative instruments

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions): 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Foreign exchange contracts designated as cash flow hedges recognized in net revenues	$	(19)	$	6	$	(65)	$	23
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues	1		—		3		—
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net	2		(17)		(4)		(8)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income	$	(16)	$	(11)	$	(66)	$	15

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net	$	1	$	—	$	1	$	—

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Gain (loss) attributable to changes in the fair value of warrant recognized in interest and other, net	$	311	$	191	$	383	$	496

Notional amounts of outstanding derivatives

The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):

	September 30, 2021		December 31, 2020
Foreign exchange contracts designated as cash flow hedges	$	2,272	$	2,305
Foreign exchange contracts designated as net investment hedges	1,371		—
Foreign exchange contracts not designated as hedging instruments	4,709		3,016
Interest rate contracts designated as cash flow hedges	400		1,100
Total	$	8,752	$	6,421