v3.23.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value of outstanding derivative instruments
The fair value of our outstanding derivative instruments as of June 30, 2023 and December 31, 2022 was as follows:

 Balance Sheet LocationJune 30,
2023		December 31,
2022
(In millions)
Derivative Assets:
Foreign currency exchange contracts designated as hedging instrumentsOther current assets$47 $167 
Foreign currency exchange contracts designated as hedging instrumentsOther assets (non-current)42 15 
Foreign currency exchange contracts not designated as hedging instrumentsOther current assets112 62 
Total derivative assets$201 $244 
Derivative Liabilities:
Foreign currency exchange contracts designated as hedging instrumentsOther current liabilities$69 $68 
Foreign currency exchange contracts designated as hedging instrumentsOther long-term liabilities— 133 
Foreign currency exchange contracts not designated as hedging instrumentsOther current liabilities44 97 
Total derivative liabilities$113 $298 
Schedule of offsetting assets The following table provides the collateral posted and received:
 June 30,
2023		December 31,
2022
(In millions)
Cash collateral posted(1)
$35 $24 
Cash collateral received(2)
$28 $203 
(1) Right to reclaim cash collateral related to our derivative liabilities recognized in other current assets on our condensed consolidated balance sheets.
(2) Obligation to return counterparty cash collateral related to our derivative assets recognized in other current liabilities on our condensed consolidated balance sheets.
Schedule of offsetting liabilities The following table provides the collateral posted and received:
 June 30,
2023		December 31,
2022
(In millions)
Cash collateral posted(1)
$35 $24 
Cash collateral received(2)
$28 $203 
(1) Right to reclaim cash collateral related to our derivative liabilities recognized in other current assets on our condensed consolidated balance sheets.
(2) Obligation to return counterparty cash collateral related to our derivative assets recognized in other current liabilities on our condensed consolidated balance sheets.
Gains or losses related to derivative instruments designated as hedging instruments
The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended June 30,
 20232022
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$7,287 $170 $6,806 $(715)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of gains on foreign currency exchange contracts reclassified from AOCI34 — 107 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of gains on foreign currency exchange contracts excluded from the assessment of effectiveness
— 29 — 17 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of (losses) gains on foreign currency exchange contracts — (81)— 147 
Total gains (losses)$34 $(52)$107 $164 

Six Months Ended June 30,
 20232022
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$14,327 $245 $13,289 $(797)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of gains on foreign exchange contracts reclassified from AOCI110 — 154 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of gains on foreign exchange contracts excluded from the assessment of effectiveness
— 59 — 26 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of (losses) gains on foreign exchange contracts — (156)— 108 
Total gains (losses)$110 $(97)$154 $134 
The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
(In millions)
Unrealized gains (losses) on foreign exchange contracts designated as cash flow hedges$11 $320 $(24)$364 
Unrealized gains on foreign exchange contracts designated as net investment hedges169 135 196 156 
Total unrealized gains recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)$180 $455 $172 $520 
Recognized gains or losses related to derivative instruments not designated as hedging instruments
The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended June 30,
 20232022
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$7,287 $170 $6,806 $(715)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of gains on foreign currency exchange contracts reclassified from AOCI34 — 107 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of gains on foreign currency exchange contracts excluded from the assessment of effectiveness
— 29 — 17 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of (losses) gains on foreign currency exchange contracts — (81)— 147 
Total gains (losses)$34 $(52)$107 $164 

Six Months Ended June 30,
 20232022
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$14,327 $245 $13,289 $(797)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of gains on foreign exchange contracts reclassified from AOCI110 — 154 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of gains on foreign exchange contracts excluded from the assessment of effectiveness
— 59 — 26 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of (losses) gains on foreign exchange contracts — (156)— 108 
Total gains (losses)$110 $(97)$154 $134 
Schedule of notional amounts of outstanding derivatives The following table provides the notional amounts of our outstanding derivatives:
June 30,
2023		December 31,
2022
(In millions)
Foreign exchange contracts designated as hedging instruments$6,154 $7,149 
Foreign exchange contracts not designated as hedging instruments10,222 11,840 
Total$16,376 $18,989