v3.25.0.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Outstanding Derivative Instruments
The following table presents the fair values of our outstanding derivative instruments as of the dates indicated (in millions):
December 31,
 Balance Sheet Location20242023
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$41 $10 
Foreign exchange contracts not designated as hedging instrumentsOther current assets20 13 
Interest rate contracts designated as cash flow hedgesOther current assets7 — 
Warrant
Other current assets— 364 
Foreign exchange contracts designated as cash flow hedgesOther assets14 9 
Other
Other assets15 — 
Total derivative assets$97 $396 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$— $14 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities18 19 
Total derivative liabilities$18 $33 
Total fair value of derivative instruments$79 $363 
Schedule of Activity of Derivative Contracts that Qualify for Hedge Accounting and the Impact of Designated Derivative Contracts on Accumulated Other Comprehensive Income
The following tables present the activity of derivative instruments designated as cash flow hedges as of December 31, 2024 and 2023, and the impact of these derivative contracts on AOCI for the periods indicated (in millions):
 December 31, 2023
Amount of Gain Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to EarningsDecember 31, 2024
Foreign exchange contracts designated as cash flow hedges$(64)$33 $(56)$25 
Interest rate contracts designated as cash flow hedges51 7 8 50 
Total$(13)$40 $(48)$75 
 December 31, 2022
Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain Reclassified From AOCI to Earnings
December 31, 2023
Foreign exchange contracts designated as cash flow hedges$52 $(63)$53 $(64)
Interest rate contracts designated as cash flow hedges62 — 11 51 
Total$114 $(63)$64 $(13)
Schedule of Location in Financial Statements of Recognized Gains or Losses Related to Derivative Instruments
The following table summarizes the total gain (loss) recognized in the consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Year Ended December 31,
 202420232022
Foreign exchange contracts designated as cash flow hedges recognized in net revenues$(54)$56 $140 
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues (2)(3)(2)
Foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net
22 4 20 
Total gain (loss) recognized from foreign exchange derivative contracts in the consolidated statement of income$(34)$57 $158 

The following table summarizes the total gain recognized in the consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions):
Year Ended December 31,
 202420232022
Interest rate contracts designated as cash flow hedges recognized in interest income and other, net
$8 $11 $9 
Interest rate contracts designated as fair value hedges recognized in interest income and other, net
2 — — 
Total gain recognized from interest rate derivative contracts in the consolidated statement of income
$10 $11 $9 
The following table summarizes the total gain (loss) recognized in the consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): 
Year Ended December 31,
 202420232022
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net$158 $150 $(230)
Schedule of Notional Amounts of Derivatives Outstanding The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
December 31,
20242023
Foreign exchange contracts designated as cash flow hedges$1,329 $1,699 
Foreign exchange contracts not designated as hedging instruments1,667 2,225 
Interest rate contracts designated as cash flow hedges150 — 
Total$3,146 $3,924