v3.24.2.u1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Outstanding Derivative Instruments The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30,
2024		December 31,
2023
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$18 $10 
Foreign exchange contracts not designated as hedging instrumentsOther current assets10 13 
WarrantOther current assets339 364 
Foreign exchange contracts designated as cash flow hedgesOther assets13 9 
Total derivative assets$380 $396 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$2 $14 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities8 19 
Total derivative liabilities$10 $33 
Total fair value of derivative instruments$370 $363 
Impact of Derivative Contracts on Accumulated Other Comprehensive Income
The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of June 30, 2024 and December 31, 2023, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions): 
 December 31, 2023Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2024
Foreign exchange contracts designated as cash flow hedges$(64)$13 $(20)$(31)
Interest rate contracts designated as cash flow hedges51 — 4 47 
Total
$(13)$13 $(16)$16 
 December 31, 2022Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2023
Foreign exchange contracts designated as cash flow hedges$52 $(41)$42 $(31)
Interest rate contracts designated as cash flow hedges62 — 7 55 
Total
$114 $(41)$49 $24 
Recognized Gains or Losses Related to Derivative Instruments
The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Foreign exchange contracts designated as cash flow hedges recognized in net revenues$(10)$14 $(20)$43 
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues— — — (1)
Foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net
12 10 20 6 
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income$2 $24 $— $48 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest expense
$2 $3 $4 $7 
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest expense
1 — 2 — 
Total gain (loss) recognized from interest rate derivative contracts in the condensed consolidated statement of income$3 $3 $6 $7 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): 
Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net$(174)$31 $(25)$69 
Notional Amounts of Outstanding Derivatives The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
June 30,
2024		December 31,
2023
Foreign exchange contracts designated as cash flow hedges$1,586 $1,699 
Foreign exchange contracts not designated as hedging instruments1,743 2,225 
Total$3,329 $3,924