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Derivative and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023																		December 31, 2022
						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						$	709					$	5					$	19					$	642					$	4					$	15
Interest rate contracts in a fair value hedge 2						1,000						—						89						1,000						—						105
Foreign exchange contracts in a net investment hedge 1						2,229						16						16						1,814						103						4
Derivatives not designated as hedging instruments
Foreign exchange contracts 1						1,988						26						8						521						1						2
Total derivative assets/liabilities						$	5,926					$	47					$	132					$	3,977					$	108					$	126

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.

Gain (loss) related to the Company's derivative financial instruments designated as hedging instruments

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,
						2023						2022												2023						2022
						(in millions)																		(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts						$	(10)					$	1					Net revenue						$	(6)					$	7
Interest rate contracts						$	—					$	—					Interest expense						$	(2)					$	(2)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts						$	(39)					$	35

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:																		2023						2022
																		(in millions)
Foreign exchange derivative contracts
General and administrative																		$	15					$	1

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959

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