XML 53 R39.htm IDEA: XBRL DOCUMENT
v3.24.3

Derivative and Hedging Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 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:
|  | September 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 |  | $ | 4,246 |  |  | $ | 12 |  |  | $ | 32 |  |  | $ | 1,006 |  |  | $ | 2 |  |  | $ | 25 |
Interest rate contracts in a fair value hedge 2 |  | 1,000 |  |  | — |  |  | 54 |  |  | 1,000 |  |  | — |  |  | 79 |
Foreign exchange contracts in a net investment hedge 1 |  | 2,679 |  |  | — |  |  | 105 |  |  | — |  |  | — |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | 2,025 |  |  | 22 |  |  | 16 |  |  | 5,424 |  |  | 34 |  |  | 79 |
Total derivative assets/liabilities |  | $ | 9,950 |  |  | $ | 34 |  |  | $ | 207 |  |  | $ | 7,430 |  |  | $ | 36 |  |  | $ | 183 |
1 Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets, other assets, other current liabilities, and other 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 September 30, |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | Three Months Ended September 30,
|  | 2024 |  | 2023 |  |  | 2024 |  | 2023
|  | (in millions) |  |  | (in millions)
Derivative financial instruments in a cash flow hedge relationship: |  |  |  |
Foreign exchange contracts 1 |  | $ | (110) |  |  | $ | 17 |  |  | Net revenue |  | $ | — |  |  | $ | (10) |
|  |  |  |  |  | General and administrative 2 |  | $ | (122) |  |  | $ | — |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | (2) |  |  | $ | (2) |
Derivative financial instruments in a net investment hedge relationship: |  |  |  |
Foreign exchange contracts |  | $ | (106) |  |  | $ | 84 |  |  |  |  |  |  |
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)
|  | Nine Months Ended September 30, |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  |  | 2024 |  | 2023
|  | (in millions) |  |  | (in millions)
Derivative financial instruments in a cash flow hedge relationship: |  |  |  |
Foreign exchange contracts 1 |  | $ | 3 |  |  | $ | (7) |  |  | Net revenue |  | $ | — |  |  | $ | (24) |
|  |  |  |  |  | General and administrative 2 |  | $ | (56) |  |  | $ | — |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | (5) |  |  | $ | (5) |
Derivative financial instruments in a net investment hedge relationship: |  |  |  |
Foreign exchange contracts |  | $ | (115) |  |  | $ | 38 |  |  |  |  |  |  |
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 September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (in millions)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |
General and administrative |  | $ | 1 |  |  | $ | (4) |  |  | $ | 72 |  |  | $ | 21 |

X
- References No definition available. + Details
Name: | us-gaap_ForeignCurrencyDerivativesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration