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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of outstanding derivative instruments

The fair value of our outstanding derivative instruments as of March 31, 2021 and December 31, 2020 was as follows:

			Balance Sheet Location						March 31, 2021						December 31, 2020
									(In millions)
Derivative Assets:
Foreign currency exchange contracts designated as hedging instruments			Other current assets						$	40					$	—
Foreign currency exchange contracts designated as hedging instruments			Other assets (non-current)						15						—
Foreign currency exchange contracts not designated as hedging instruments			Other current assets						116						42
Total derivative assets									$	171					$	42
Derivative Liabilities:
Foreign currency exchange contracts designated as hedging instruments			Other current liabilities						$	171					$	287
Foreign currency exchange contracts designated as hedging instruments			Other long-term liabilities						8						35
Foreign currency exchange contracts not designated as hedging instruments			Other current liabilities						97						88
Total derivative liabilities									$	276					$	410

Schedule of offsetting assets

The following table provides the collateral exchanged:

						March 31, 2021						December 31, 2020
						(In millions)
Cash collateral posted(1)						$	163					$	340
Cash collateral received(2)						$	9					$	1

(1) Right to reclaim cash collateral related to our derivative liabilities recognized in other current assets on our condensed consolidated balance sheets.

(2) Obligation to return counterparty cash collateral related to our derivative assets recognized in other current liabilities on our condensed consolidated balance sheets.

Schedule of offsetting liabilities

The following table provides the collateral exchanged:

						March 31, 2021						December 31, 2020
						(In millions)
Cash collateral posted(1)						$	163					$	340
Cash collateral received(2)						$	9					$	1

(1) Right to reclaim cash collateral related to our derivative liabilities recognized in other current assets on our condensed consolidated balance sheets.

(2) Obligation to return counterparty cash collateral related to our derivative assets recognized in other current liabilities on our condensed consolidated balance sheets.

Recognized gains or losses related to derivative instruments designated as hedging instruments

The following table provides the location in the condensed consolidated statements of income and amount of recognized gains or losses related to our derivative instruments designated as hedging instruments:

			Three Months Ended March 31,
			2021						2020
			(In millions)
			Net revenues
Total amounts presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded			$	6,033					$	4,618
(Losses) gains on foreign exchange contracts designated as cash flow hedges reclassified from AOCI			$	(59)					$	42

Recognized gains or losses related to derivative instruments not designated as hedging instruments

The following table provides the location in the condensed consolidated statements of income and amount of recognized gains or losses related to our derivative instruments not designated as hedging instruments:

			Three Months Ended March 31,
			2021						2020
			(In millions)
Gains on foreign exchange contracts recognized in other income (expense), net			$	41					$	37

Schedule of notional amounts of outstanding derivatives

The following table provides the notional amounts of our outstanding derivatives:

			March 31, 2021						December 31, 2020
			(In millions)
Foreign exchange contracts designated as hedging instruments			$	5,466					$	5,335
Foreign exchange contracts not designated as hedging instruments			17,169						16,098
Total			$	22,635					$	21,433

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