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Derivative and Hedging Instruments (Tables) | 3 Months Ended
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Mar. 31, 2026
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, 2026 |  | December 31, 2025
|  | 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 |  | $ | 4,796 |  |  | $ | 42 |  |  | $ | 26 |  |  | $ | 5,050 |  |  | $ | 16 |  |  | $ | 142 |
Interest rate contracts in a fair value hedge 2 |  | 1,000 |  |  | — |  |  | 25 |  |  | 1,000 |  |  | — |  |  | 27 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | 5,006 |  |  | 12 |  |  | 71 |  |  | 4,866 |  |  | 19 |  |  | 18 |
Total |  | $ | 10,802 |  |  | $ | 54 |  |  | $ | 122 |  |  | $ | 10,916 |  |  | $ | 35 |  |  | $ | 187 |
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 sheets. 2 Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheets.
Gain (loss) related to the Company's derivative financial instruments designated as hedging instruments | The pre-tax gain (loss) related to the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments were as follows:
|  | Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  |  |  | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
|  | Three Months Ended March 31, |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | Three Months Ended March 31,
|  | 2026 |  | 2025 |  |  | 2026 |  | 2025
|  | (in millions) |  |  | (in millions)
Foreign exchange contracts 1 |  | $ | 118 |  |  | $ | (48) |  |  | Net revenue |  | $ | (21) |  |  | $ | 5 |
|  |  |  |  |  | General and administrative 2 |  | $ | 94 |  |  | $ | (101) |
1 Includes immaterial forward points excluded from the effectiveness assessment recognized in other comprehensive income (loss). 2 Includes immaterial forward points excluded from the effectiveness assessment recognized in earnings.
Gain (loss) in income for contracts designated as net investment hedging instruments | The pre-tax gain (loss) recognized in other comprehensive income (loss) related to the Company's foreign exchange derivative contracts designated as net investment hedging instruments were as follows:
|  | Three Months Ended March 31, |  |  |  |
|  | 2026 |  | 2025 |  |  |  |  |
|  | (in millions) |  |  |
Foreign exchange contracts |  | $ | — |  |  | $ | 12 |  |  |  |  |  |  |
Gain (loss) recognized in income for the contracts to purchase and sell foreign currency summary | The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts were as follows:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2026 |  | 2025
|  |  |  |  |  | (in millions)
Foreign exchange contracts |  |  |  |  |  |  |  |
General and administrative |  |  |  |  |  | $ | (20) |  |  | $ | 20 |

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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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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 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: 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 + Details
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- 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://www.xbrl.org/2009/role/commonPracticeRef -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://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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