v3.10.0.1

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of outstanding derivative instruments

The fair values of our outstanding derivative instruments as of September 30, 2018 and December 31, 2017 were as follows (in millions):

	Balance Sheet Location		September 30, 2018				December 31, 2017
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other Current Assets		$	62			$	16
Foreign exchange contracts designated as net investment hedges	Other Current Assets		9				—
Foreign exchange contracts not designated as hedging instruments	Other Current Assets		14				10
Warrant	Other Assets		276				—
Foreign exchange contracts designated as cash flow hedges	Other Assets		2				—
Interest rate contracts designated as fair value hedges	Other Assets		—				2
Total derivative assets			$	363			$	28
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other Current Liabilities		$	—			$	18
Foreign exchange contracts designated as net investment hedges	Other Current Liabilities		2				—
Interest rate contracts designated as fair value hedges	Other Current Liabilities		9				—
Foreign exchange contracts not designated as hedging instruments	Other Current Liabilities		12				11
Interest rate contracts designated as fair value hedges	Other Liabilities		32				—
Total derivative liabilities			$	55			$	29
Total fair value of derivative instruments			$	308			$	(1	)

Impact of derivative contracts on accumulated other comprehensive income

The following tables present the activity of derivative instruments designated as cash flow hedges as of September 30, 2018 and December 31, 2017, and the impact of these derivative contracts on AOCI for the nine months ended September 30, 2018 and 2017 (in millions): 

	December 31, 2017				Amount of Gain (Loss) Recognized in Other Comprehensive  Income				Amount of Gain (Loss) Reclassified From AOCI to Earnings				September 30, 2018
Foreign exchange contracts designated as cash flow hedges	$	(57	)		$	54			$	(37	)		$	34

	December 31, 2016				Amount of Gain (Loss) Recognized in Other Comprehensive  Income				Amount of Gain (Loss) Reclassified From AOCI to Earnings				September 30, 2017
Foreign exchange contracts designated as cash flow hedges	$	54			$	(94	)		$	28			$	(68	)

Recognized gains or losses related to derivative instruments

The following table provides a summary of the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location (in millions): 

	Three Months Ended September 30,								Nine Months Ended September 30,
	2018				2017				2018				2017
Foreign exchange contracts designated as cash flow hedges recognized in net revenues	$	12			$	(7	)		$	(37	)		$	(7	)
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues and operating expenses	—				—				—				11
Foreign exchange contracts designated as cash flow hedges recognized in interest and other, net	—				—				—				24
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net	2				(6		)		4				(14		)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income	$	14			$	(13	)		$	(33	)		$	14

The following table provides a summary of the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location (in millions): 

	Three Months Ended September 30,								Nine Months Ended September 30,
	2018				2017				2018				2017
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest and other, net	$	(4	)		$	(5	)		$	(43	)		$	(4	)
Gain (loss) from hedged items attributable to hedged risk recognized in interest and other, net	4				5				43				4
Total gain (loss) recognized from interest rate derivative contracts in the condensed consolidated statement of income	$	—			$	—			$	—			$	—

Notional amounts of outstanding derivatives

The following table provides the notional amounts of our outstanding derivatives as of September 30, 2018 and December 31, 2017 (in millions):

	September 30, 2018				December 31, 2017
Foreign exchange contracts designated as cash flow hedges	$	1,857			$	1,990
Foreign exchange contracts designated as net investment hedges	1,002				—
Foreign exchange contracts not designated as hedging instruments	2,851				2,349
Interest rate contracts designated as fair value hedges	2,400				2,400
Total	$	8,110			$	6,739

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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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.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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