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Derivative and Hedging Instruments (Tables)

9 Months Ended

Sep. 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:

						September 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						$	1,055					$	15					$	9					$	642					$	4					$	15
Interest rate contracts in a fair value hedge 2						1,000						—						109						1,000						—						105
Foreign exchange contracts in a net investment hedge 1						2,858						93						—						1,814						103						4
Derivatives not designated as hedging instruments
Foreign exchange contracts 1						2,099						12						13						521						1						2
Total derivative assets/liabilities						$	7,012					$	120					$	131					$	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 September 30,												Location of Gain (Loss) Reclassified from AOCI into Earnings						Three Months Ended September 30,
						2023						2022												2023						2022
						(in millions)																		(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts						$	17					$	14					Net revenue						$	(10)					$	6
Interest rate contracts						$	—					$	—					Interest expense						$	(2)					$	(2)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts						$	84					$	183

						Gain (Loss) Recognized in OCI																		Gain (Loss) Reclassified from AOCI
						Nine Months Ended September 30,												Location of Gain (Loss) Reclassified from AOCI into Earnings						Nine Months Ended September 30,
						2023						2022												2023						2022
						(in millions)																		(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts						$	(7)					$	21					Net revenue						$	(24)					$	14
Interest rate contracts						$	—					$	—					Interest expense						$	(5)					$	(5)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts						$	38					$	384

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 September 30,												Nine Months Ended September 30,
Derivatives not designated as hedging instruments:						2023						2022						2023						2022
						(in millions)
Foreign exchange contracts
General and administrative						$	(4)					$	13					$	21					$	25

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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.

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-Topic 815
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-Section 50
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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.

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

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