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Derivative and Hedging Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 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 |  | $ | 4,061 |  |  | $ | 95 |  |  | $ | 6 |  |  | $ | 1,006 |  |  | $ | 2 |  |  | $ | 25 |
Interest rate contracts in a fair value hedge 2 |  | 1,000 |  |  | — |  |  | 83 |  |  | 1,000 |  |  | — |  |  | 79 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | 2,184 |  |  | 18 |  |  | 7 |  |  | 5,424 |  |  | 34 |  |  | 79 |
Total derivative assets/liabilities |  | $ | 7,245 |  |  | $ | 113 |  |  | $ | 96 |  |  | $ | 7,430 |  |  | $ | 36 |  |  | $ | 183 |
1 Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets, other assets, and other current liabilities 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 Other Comprehensive Income (Loss) |  |  |  | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
|  | Three Months Ended June 30, |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | Three Months Ended June 30,
|  | 2024 |  | 2023 |  |  | 2024 |  | 2023
|  | (in millions) |  |  | (in millions)
Derivative financial instruments in a cash flow hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | $ | 91 |  |  | $ | (14) |  |  | Net revenue |  | $ | 3 |  |  | $ | (8) |
|  |  |  |  |  | General and administrative 2 |  | $ | 66 |  |  | $ | — |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | (1) |  |  | $ | (1) |
Derivative financial instruments in a net investment hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (12) |  |  | $ | (7) |  |  |  |  |  |  |
1 Includes immaterial amounts excluded from the effectiveness assessment recognized in other comprehensive income (loss). 2 Includes immaterial amounts excluded from the effectiveness assessment recognized in earnings.
|  | Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  |  |  | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
|  | Six Months Ended June 30, |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  |  | 2024 |  | 2023
|  | (in millions) |  |  | (in millions)
Derivative financial instruments in a cash flow hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | $ | 113 |  |  | $ | (24) |  |  | Net revenue |  | $ | — |  |  | $ | (14) |
|  |  |  |  |  | General and administrative 2 |  | $ | 66 |  |  | $ | — |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | (3) |  |  | $ | (3) |
Derivative financial instruments in a net investment hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (9) |  |  | $ | (46) |  |  |  |  |  |  |
1 Includes immaterial amounts excluded from the effectiveness assessment recognized in other comprehensive income (loss). 2 Includes 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 statement of operations for non-designated derivative contracts is summarized below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (in millions)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |
General and administrative |  | $ | (1) |  |  | $ | 10 |  |  | $ | 71 |  |  | $ | 25 |

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