Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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	March 31, 2024		December 31, 2023
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other current assets	$	14	$	10
Foreign exchange contracts not designated as hedging instruments	Other current assets	7		13
Warrant	Other current assets	513		364
Foreign exchange contracts designated as cash flow hedges	Other assets	8		9
Total derivative assets		$	542	$	396
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other current liabilities	$	2	$	14
Foreign exchange contracts not designated as hedging instruments	Other current liabilities	5		19
Total derivative liabilities		$	7	$	33
Total fair value of derivative instruments		$	535	$	363

Impact of derivative contracts on accumulated other comprehensive income

The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of March 31, 2024 and December 31, 2023, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions): 

	December 31, 2023		Amount of Gain (Loss) Recognized in Other Comprehensive Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		March 31, 2024
Foreign exchange contracts designated as cash flow hedges	$	(64)	$	14	$	(10)	$	(40)
Interest rate contracts designated as cash flow hedges	51		—		2		49
Total	$	(13)	$	14	$	(8)	$	9

	December 31, 2022		Amount of Gain (Loss) Recognized in Other Comprehensive Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		March 31, 2023
Foreign exchange contracts designated as cash flow hedges	$	52	$	(21)	$	28	$	3
Interest rate contracts designated as cash flow hedges	62		—		4		58
Total	$	114	$	(21)	$	32	$	61

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 March 31,
	2024		2023
Foreign exchange contracts designated as cash flow hedges recognized in net revenues	$	(10)	$	29
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 income and other, net	8		(4)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income	$	(2)	$	24

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 March 31,
	2024		2023
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest expense	$	2	$	4
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest expense	1		—
Total gain (loss) recognized from interest rate derivative contracts in the condensed consolidated statement of income	$	3	$	4

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 March 31,
	2024		2023
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net	$	149	$	38

Notional amounts of outstanding derivatives

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

	March 31, 2024		December 31, 2023
Foreign exchange contracts designated as cash flow hedges	$	1,561	$	1,699
Foreign exchange contracts not designated as hedging instruments	1,547		2,225
Total	$	3,108	$	3,924