Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Derivatives

Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions):

	September 30, 2023
	Notional Amount		Fair Value
			Asset(1)		Liability(2)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	$	1,147	$	7	$	12
Total derivatives	$	1,147	$	7	$	12

	December 31, 2022
	Notional Amount		Fair Value
			Asset(1)		Liability(2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	$	120	$	—	$	11
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	1,368		6		21
Total derivatives	$	1,488	$	6	$	32

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(1)As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets.

(2)As presented in the condensed consolidated balance sheets within other current liabilities.

Gains on our foreign currency derivatives, net of tax recognized in our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022 were as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts	$	—	$	62	$	—	$	133

The effect of our foreign currency derivatives in our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 was as follows (in millions):

		Three Months Ended September 30,				Nine Months Ended September 30,
	Statement of Income Classification	2023		2022		2023		2022
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts
Net gain (loss) reclassified from AOCI into income	Product sales	$	—	$	50	$	(8)	$	94
Derivatives not designated as hedging instruments:
Foreign currency forward contracts
Net realized and unrealized gain	Other expense, net	$	1	$	26	$	50	$	95