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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of fair value of outstanding derivative instruments | The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):
| Balance Sheet Location |  | June 30, 2022 |  | December 31, 2021
Derivative Assets: |  |  |  |  |
Foreign exchange contracts designated as cash flow hedges | Other current assets |  | $ | 142 |  |  | $ | 63 |
Foreign exchange contracts not designated as hedging instruments | Other current assets |  | 55 |  |  | 22 |
Interest rate contracts designated as cash flow hedges | Other current assets |  | 7 |  |  | — |
Warrant | Other assets |  | 225 |  |  | 444 |
Foreign exchange contracts designated as cash flow hedges | Other assets |  | 25 |  |  | 24 |
Total derivative assets |  |  | $ | 454 |  |  | $ | 553 |
Derivative Liabilities: |  |  |  |  |
Foreign exchange contracts designated as cash flow hedges | Other current liabilities |  | $ | 36 |  |  | $ | — |
Foreign exchange contracts not designated as hedging instruments | Other current liabilities |  | — |  |  | 17 |
Total derivative liabilities |  |  | $ | 36 |  |  | $ | 17 |
Total fair value of derivative instruments |  |  | $ | 418 |  |  | $ | 536 |
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 June 30, 2022 and December 31, 2021, and the impact of these derivative contracts on AOCI for the periods indicated (in millions):
| December 31, 2021 |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income |  | Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings |  | June 30, 2022
Foreign exchange contracts designated as cash flow hedges | $ | 25 |  |  | $ | 140 |  |  | $ | 16 |  |  | $ | 149 |
Interest rate contracts designated as cash flow hedges | 30 |  |  | — |  |  | (2) |  |  | 32 |
Total | $ | 55 |  |  | $ | 140 |  |  | $ | 14 |  |  | $ | 181 |
| December 31, 2020 |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income |  | Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings |  | June 30, 2021
Foreign exchange contracts designated as cash flow hedges | $ | (95) |  |  | $ | (6) |  |  | $ | (44) |  |  | $ | (57) |
Interest rate contracts designated as cash flow hedges | 10 |  |  | 22 |  |  | — |  |  | 32 |
Total | $ | (85) |  |  | $ | 16 |  |  | $ | (44) |  |  | $ | (25) |
Recognized gains or losses related to derivative instruments | The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Foreign exchange contracts designated as cash flow hedges recognized in net revenues | $ | 9 |  |  | $ | (18) |  |  | $ | 15 |  |  | $ | (46) |
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues | — |  |  | 1 |  |  | — |  |  | 2 |
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net | 25 |  |  | — |  |  | 40 |  |  | (6) |
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income | $ | 34 |  |  | $ | (17) |  |  | $ | 55 |  |  | $ | (50) |
The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net | $ | (2) |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | — |
The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net | $ | (104) |  |  | $ | 108 |  |  | $ | (219) |  |  | $ | 72 |
Notional amounts of outstanding derivatives | The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
| June 30, 2022 |  | December 31, 2021
Foreign exchange contracts designated as cash flow hedges | $ | 1,688 |  |  | $ | 2,066 |
Foreign exchange contracts not designated as hedging instruments | 2,436 |  |  | 3,159 |
Interest rate contracts designated as cash flow hedges | 550 |  |  | 400 |
Total | $ | 4,674 |  |  | $ | 5,625 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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