Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of outstanding derivative instruments

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

		December 31,
	Balance Sheet Location	2021		2020
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other current assets	$	63	$	12
Foreign exchange contracts not designated as hedging instruments	Other current assets	22		23
Warrant	Warrant asset	444		1,051
Foreign exchange contracts designated as cash flow hedges	Other assets	24		14
Interest rate contracts designated as cash flow hedges	Other assets	—		13
Total derivative assets		$	553	$	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	17		25
Interest rate contracts designated as cash flow hedges	Other current liabilities	—		1
Interest rate contracts designated as cash flow hedges	Other liabilities	—		1
Total derivative liabilities		$	17	$	44
Total fair value of derivative instruments		$	536	$	1,069

Summary of activity of derivative contracts that qualify for hedge accounting and the impact of designated derivative contracts on accumulated other comprehensive income

The following tables present the activity of derivative instruments designated as cash flow hedges as of December 31, 2021 and 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		December 31, 2021
Foreign exchange contracts designated as cash flow hedges	$	(95)	$	59	$	(61)	$	25
Interest rate contracts designated as cash flow hedges	10		22		2		30
Total	$	(85)	$	81	$	(59)	$	55

	December 31, 2019		Amount of Gain (Loss) Recognized in Other Comprehensive Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		December 31, 2020
Foreign exchange contracts designated as cash flow hedges	$	(9)	$	(71)	$	15	$	(95)
Interest rate contracts designated as cash flow hedges	—		10		—		10
Total	$	(9)	$	(61)	$	15	$	(85)

Schedule of location in financial statements of recognized gains or losses related to derivative instruments

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

	Year Ended December 31,
	2021		2020		2019
Foreign exchange contracts designated as cash flow hedges recognized in net revenues	$	(65)	$	15	$	81
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues	4		—		—
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net	11		(18)		(8)
Total gain (loss) recognized from foreign exchange derivative contracts in the consolidated statement of income	$	(50)	$	(3)	$	73

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

	Year Ended December 31,
	2021		2020		2019
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest and other, net	$	—	$	—	$	34
Gain (loss) from hedged items attributable to hedged risk recognized in interest and other, net	—		—		(34)
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net	2		—		—
Total gain (loss) recognized from interest rate derivative contracts in the consolidated statement of income	$	2	$	—	$	—

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

	Year Ended December 31,
	2021		2020		2019
Gain attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net	$	354	$	770	$	133

Schedule of notional amounts of derivatives outstanding

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

	December 31,
	2021		2020
Foreign exchange contracts designated as cash flow hedges	$	2,066	$	2,305
Foreign exchange contracts not designated as hedging instruments	3,159		3,016
Interest rate contracts designated as cash flow hedges	400		1,100
Total	$	5,625	$	6,421