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Derivative Instruments and Hedging (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets | The following table summarizes the effect of derivative instruments on the Company’s condensed consolidated balance sheets (in millions):
| Derivative Assets(1)
| Location | December 31, 2022 | September 30, 2023
Derivatives designated as hedging instruments: |  |  |
Foreign exchange contracts (current) | Prepaids and other current assets | $ | — |  | $ | 40 |
Foreign exchange contracts (noncurrent) | Other assets, noncurrent | — |  | 4 |
Total derivatives designated as hedging instruments |  | $ | — |  | $ | 44 |
Derivatives not designated as hedging instruments: |  |  |
Foreign exchange contracts (current) | Prepaids and other current assets | $ | 14 |  | $ | 58 |
Total derivatives not designated as hedging instruments |  | $ | 14 |  | $ | 58 |
| Derivative Liabilities(1)
| Location | December 31, 2022 | September 30, 2023
Derivatives not designated as hedging instruments: |  |  |
Foreign exchange contracts (current) | Accrued expenses and other current liabilities | $ | 31 |  | $ | 10 |
Total derivatives not designated as hedging instruments |  | $ | 31 |  | $ | 10 |
(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.
Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI | The following table summarizes the activity of derivative instruments designated as cash flow hedges and the impact of these derivative contracts on AOCI, net of tax (in millions):
|  | Gain Recognized in Other Comprehensive Income (Loss) |  |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |  |  |
|  | 2023 |  |  | 2023 |  |  |  |  |  |
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 36 |  |  |  | $ | 34 |  |  |  |  |  |  |
Total designated cash flow hedges |  | $ | 36 |  |  |  | $ | 34 |  |  |  |  |  |  |
Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations | The following table presents the activity of derivative instruments not designated as hedging instruments and the impact of these derivative contracts on the condensed consolidated statements of operations (in millions):
| Realized Gain (Loss) on Derivatives |  | Unrealized Gain on Derivatives
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 | 2023 |  | 2022 | 2023 |  | 2022 | 2023 |  | 2022 | 2023
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 61 |  | $ | (7) |  |  | $ | 101 |  | $ | (91) |  |  | $ | 13 |  | $ | 54 |  |  | $ | 38 |  | $ | 66 |
Total derivatives not designated as hedging instruments | $ | 61 |  | $ | (7) |  |  | $ | 101 |  | $ | (91) |  |  | $ | 13 |  | $ | 54 |  |  | $ | 38 |  | $ | 66 |

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