Derivative and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Derivative Instruments [Abstract]

Summary of Derivative Financial Instruments at Fair Value and Related Notional Amounts

The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts:


	December 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	$	3,951	$	135	$	6	$	1,006	$	2	$	25
Interest rate contracts in a fair value hedge 2	1,000		—		63		1,000		—		79
Foreign exchange contracts in a net investment hedge 1	2,511		54		—		—		—		—
Derivatives not designated as hedging instruments
Foreign exchange contracts 1	2,741		17		30		5,424		34		79
Total	$	10,203	$	206	$	99	$	7,430	$	36	$	183

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

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

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


	Gain (Loss) Recognized in Other Comprehensive Income (Loss)							Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
	Years ended December 31,						Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings	Years ended December 31,
	2024		2023		2022			2024		2023		2022
	(in millions)							(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts 1	$	161	$	(41)	$	1	Net revenue	$	8	$	(29)	$	16
							General and administrative 2	$	177	$	—	$	—

Interest rate contracts	$	—	$	—	$	—	Interest expense	$	(7)	$	(6)	$	(6)

Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts	$	43	$	(98)	$	177

1Includes immaterial amounts excluded from the effectiveness assessment recognized in other comprehensive income (loss).

2Includes immaterial amounts excluded from the effectiveness assessment recognized in earnings.

Gain (Loss) Recognized in Income for the Contracts to Purchase and Sell Foreign Currency Summary

The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts is summarized below:


	Years ended December 31,
Derivatives not designated as hedging instruments:	2024		2023		2022
	(in millions)
Foreign exchange contracts
General and administrative	$	32	$	42	$	21