Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair value, assets measured on a recurring and/or non-recurring basis

The table below segregates all of our financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date (amounts in millions):

				Fair Value Measurements at September 30, 2019 Using
	As of September 30, 2019			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance Sheet Classification
Financial Assets:
Recurring fair value measurements:
Money market funds	$	4,616		$	4,616	$	—		$	—	Cash and cash equivalents
Foreign government treasury bills	36			36		—			—		Cash and cash equivalents
Foreign currency forward contracts designated as hedges	23			—		23			—		Other current assets
Foreign currency forward contracts not designated as hedges	8			—		8			—		Other current assets
Total recurring fair value measurements	$	4,683		$	4,652	$	31		$	—
Financial Liabilities:
Foreign currency forward contracts not designated as hedges	$	(4	)	$	—	$	(4	)	$	—	Accrued expenses and other liabilities

				Fair Value Measurements at December 31, 2018 Using
	As of December 31, 2018			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance Sheet Classification
Financial Assets:
Recurring fair value measurements:
Money market funds	$	3,925		$	3,925	$	—		$	—	Cash and cash equivalents
Foreign government treasury bills	32			32		—			—		Cash and cash equivalents
U.S. treasuries and government agency securities	150			150		—			—		Other current assets
Foreign currency forward contracts designated as hedges	13			—		13			—		Other current assets
Foreign currency forward contracts not designated as hedges	1			—		1			—		Other current assets
Total recurring fair value measurements	$	4,121		$	4,107	$	14		$	—
Financial Liabilities:
Foreign currency forward contracts designated as hedges	$	(1	)	$	—	$	(1	)	$	—	Accrued expenses and other liabilities

Foreign currency forward contracts

The gross notional amounts and fair values of our foreign currency forward contracts not designated as hedges are as follows (amounts in millions):

	As of September 30, 2019					As of December 31, 2018
	Notional amount		Fair value gain (loss)			Notional amount		Fair value gain (loss)
Foreign Currency:
Buy USD, Sell EUR	$	81	$	5		$	—	$	—
Buy EUR, Sell USD	79		(3		)	—		—
Buy USD, Sell SEK	46		2			—		—
Buy SEK, Sell USD	45		(1		)	—		—
Buy USD, Sell GBP	13		1			55		1
Buy GBP, Sell USD	13		—			—		—

The total gross notional amounts and fair values of our Cash Flow Hedges are as follows (amounts in millions):

	As of September 30, 2019				As of December 31, 2018
	Notional amount		Fair value gain (loss)		Notional amount		Fair value gain (loss)
Foreign Currency:
Buy USD, Sell Euro	$	310	$	23	$	723	$	12

Net realized gains (losses) reclassified out of accumulated other comprehensive income (loss)

The amount of pre-tax net realized gains (losses) associated with our Cash Flow Hedges that were reclassified out of “Accumulated other comprehensive income (loss)” and into earnings was as follows (amounts in millions):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,					Statement of Operations Classification
	2019		2018		2019		2018
Cash Flow Hedges	$	7	$	3	$	24	$	(11	)	Net revenues