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Derivative and Hedging Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Foreign Currency Derivatives [Abstract]  
Fair value of Company's derivative financial instruments
The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts:
September 30, 2024December 31, 2023
 NotionalDerivative assetsDerivative liabilitiesNotionalDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1
$4,246 $12 $32 $1,006 $2 $25 
Interest rate contracts in a fair value hedge 2
1,000 — 54 1,000 — 79 
Foreign exchange contracts in a net investment hedge 1
2,679 — 105 — — — 
Derivatives not designated as hedging instruments
Foreign exchange contracts 1
2,025 22 16 5,424 34 79 
Total derivative assets/liabilities$9,950 $34 $207 $7,430 $36 $183 
1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets, other assets, other current liabilities, and other liabilities on the consolidated balance sheet.
2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheet.
Gain (loss) related to the Company's derivative financial instruments designated as hedging instruments
The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:
Gain (Loss)
Recognized in Other Comprehensive Income (Loss)
Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30,
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Three Months Ended September 30,
2024202320242023
(in millions)(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts 1
$(110)$17 Net revenue$— $(10)
General and administrative 2
$(122)$— 
Interest rate contracts$— $— Interest expense$(2)$(2)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts$(106)$84 
1Includes immaterial amounts excluded from the effectiveness assessment recognized in other comprehensive income (loss).
2Includes immaterial amounts excluded from the effectiveness assessment recognized in earnings.
Gain (Loss)
Recognized in Other Comprehensive Income (Loss)
Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (Loss)
Nine Months Ended September 30,
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Nine Months Ended September 30,
2024202320242023
(in millions)(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts 1
$3 $(7)Net revenue$— $(24)
General and administrative 2
$(56)$— 
Interest rate contracts$— $— Interest expense$(5)$(5)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts $(115)$38 
1Includes immaterial amounts excluded from the effectiveness assessment recognized in other comprehensive income (loss).
2Includes immaterial amounts excluded from the effectiveness assessment recognized in earnings.
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 non-designated derivative contracts is summarized below: 
 Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Derivatives not designated as hedging instruments:
Foreign exchange contracts
General and administrative$1 $(4)$72 $21