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Derivative and Hedging Instruments (Tables) | 6 Months Ended
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Jun. 30, 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:
|  | June 30, 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 |  | $ | 714 |  |  | $ | 5 |  |  | $ | 26 |  |  | $ | 642 |  |  | $ | 4 |  |  | $ | 15 |
Interest rate contracts in a fair value hedge 2 |  | 1,000 |  |  | — |  |  | 105 |  |  | 1,000 |  |  | — |  |  | 105 |
Foreign exchange contracts in a net investment hedge 1 |  | 2,235 |  |  | 12 |  |  | 17 |  |  | 1,814 |  |  | 103 |  |  | 4 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | 2,193 |  |  | 32 |  |  | 12 |  |  | 521 |  |  | 1 |  |  | 2 |
Total derivative assets/liabilities |  | $ | 6,142 |  |  | $ | 49 |  |  | $ | 160 |  |  | $ | 3,977 |  |  | $ | 108 |  |  | $ | 126 |
1 Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets and other current liabilities, respectively, on the consolidated balance sheet. 2 Interest 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 June 30, |  | Location of Gain (Loss) Reclassified from AOCI into Earnings |  | Three Months Ended June 30,
|  | 2023 |  | 2022 |  |  | 2023 |  | 2022
|  | (in millions) |  |  | (in millions)
Derivative financial instruments in a cash flow hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (14) |  |  | $ | 6 |  |  | Net revenue |  | $ | (8) |  |  | $ | 1 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | (1) |  |  | $ | (1) |
Derivative financial instruments in a net investment hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (7) |  |  | $ | 166 |  |  |  |  |  |  |
|  | Gain (Loss) Recognized in OCI |  |  |  | Gain (Loss) Reclassified from AOCI
|  | Six Months Ended June 30, |  | Location of Gain (Loss) Reclassified from AOCI into Earnings |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  |  | 2023 |  | 2022
|  | (in millions) |  |  | (in millions)
Derivative financial instruments in a cash flow hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (24) |  |  | $ | 7 |  |  | Net revenue |  | $ | (14) |  |  | $ | 8 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | (3) |  |  | $ | (3) |
Derivative financial instruments in a net investment hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (46) |  |  | $ | 201 |  |  |  |  |  |  |
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 June 30, |  | Six Months Ended June 30,
Derivatives not designated as hedging instruments: |  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (in millions)
Foreign exchange derivative contracts |  |  |  |  |  |  |  |
General and administrative |  | $ | 10 |  |  | $ | 12 |  |  | $ | 25 |  |  | $ | 13 |

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- Definition 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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