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Derivative and Hedging Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Foreign Currency Derivatives [Abstract]  
Derivative contract summary
The Company’s derivative contracts are summarized below:
 
 
March 31, 2020
 
December 31, 2019
 
 
Notional
 
Estimated Fair
Value
 
Notional
 
Estimated Fair
Value
 
 
(in millions)
Commitments to purchase foreign currency
 
$
376

 
$
(12
)
 
$
185

 
$
3

Commitments to sell foreign currency
 
1,553

 
75

 
1,506

 
(25
)
Options to sell foreign currency
 
26

 
4

 
21

 
2

Balance sheet location
 
 
 
 
 
 
 
 
Prepaid expenses and other current assets 1
 
 
 
87

 
 
 
12

Other current liabilities 1
 
 
 
(20
)
 
 
 
(32
)

1 
The derivative contracts are subject to enforceable master netting arrangements, which contain various netting and setoff provisions.
Gain (loss) recognized in income for the contracts to purchase and sell foreign currency summary
The amount of gain (loss) recognized on the consolidated statement of operations for the contracts to purchase and sell foreign currency is summarized below: 
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
 
(in millions)
Foreign exchange derivative contracts
 
 
 
 
General and administrative
 
$
107

 
$
(5
)