Derivative and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 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:


	March 31, 2024						December 31, 2023
	Notional		Derivative assets		Derivative liabilities		Notional		Derivative assets		Derivative liabilities
	(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1	$	951	$	13	$	11	$	1,006	$	2	$	25
Interest rate contracts in a fair value hedge 2	1,000		—		88		1,000		—		79

Derivatives not designated as hedging instruments
Foreign exchange contracts 1	5,526		41		20		5,424		34		79
Total derivative assets/liabilities	$	7,477	$	54	$	119	$	7,430	$	36	$	183

1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets and other current liabilities, respectively, on the consolidated balance sheet.

2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheet.

The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:


	Gain (Loss) Recognized in OCI					Gain (Loss) Reclassified from AOCI
	Three Months Ended March 31,				Location of Gain (Loss) Reclassified from AOCI into Earnings	Three Months Ended March 31,
	2024		2023			2024		2023
	(in millions)					(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts	$	22	$	(10)	Net revenue	$	(3)	$	(6)
Interest rate contracts	$	—	$	—	Interest expense	$	(2)	$	(2)

Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts	$	3	$	(39)

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 March 31,
Derivatives not designated as hedging instruments:		2024		2023
		(in millions)
Foreign exchange contracts
General and administrative		$	72	$	15