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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
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 |  | March 31, 2024 |  | December 31, 2023
Derivative Assets: |  |  |  |  |
Foreign exchange contracts designated as cash flow hedges | Other current assets |  | $ | 14 |  |  | $ | 10 |
Foreign exchange contracts not designated as hedging instruments | Other current assets |  | 7 |  |  | 13 |
Warrant | Other current assets |  | 513 |  |  | 364 |
Foreign exchange contracts designated as cash flow hedges | Other assets |  | 8 |  |  | 9 |
Total derivative assets |  |  | $ | 542 |  |  | $ | 396 |
Derivative Liabilities: |  |  |  |  |
Foreign exchange contracts designated as cash flow hedges | Other current liabilities |  | $ | 2 |  |  | $ | 14 |
Foreign exchange contracts not designated as hedging instruments | Other current liabilities |  | 5 |  |  | 19 |
Total derivative liabilities |  |  | $ | 7 |  |  | $ | 33 |
Total fair value of derivative instruments |  |  | $ | 535 |  |  | $ | 363 |
Impact of derivative contracts on accumulated other comprehensive income | The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of March 31, 2024 and December 31, 2023, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions):
| December 31, 2023 |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income |  | Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings |  | March 31, 2024
Foreign exchange contracts designated as cash flow hedges | $ | (64) |  |  | $ | 14 |  |  | $ | (10) |  |  | $ | (40) |
Interest rate contracts designated as cash flow hedges | 51 |  |  | — |  |  | 2 |  |  | 49 |
Total | $ | (13) |  |  | $ | 14 |  |  | $ | (8) |  |  | $ | 9 |
| December 31, 2022 |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income |  | Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings |  | March 31, 2023
Foreign exchange contracts designated as cash flow hedges | $ | 52 |  |  | $ | (21) |  |  | $ | 28 |  |  | $ | 3 |
Interest rate contracts designated as cash flow hedges | 62 |  |  | — |  |  | 4 |  |  | 58 |
Total | $ | 114 |  |  | $ | (21) |  |  | $ | 32 |  |  | $ | 61 |
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 March 31, |  |
| 2024 |  | 2023 |  |  |  |
Foreign exchange contracts designated as cash flow hedges recognized in net revenues | $ | (10) |  |  | $ | 29 |  |  |  |  |
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues | — |  |  | (1) |  |  |  |  |
Foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net | 8 |  |  | (4) |  |  |  |  |
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income | $ | (2) |  |  | $ | 24 |  |  |  |  |
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 March 31, |  |
| 2024 |  | 2023 |  |  |  |
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest expense | $ | 2 |  |  | $ | 4 |  |  |  |  |
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest expense | 1 |  |  | — |  |  |  |  |
Total gain (loss) recognized from interest rate derivative contracts in the condensed consolidated statement of income | $ | 3 |  |  | $ | 4 |  |  |  |  |
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 March 31, |  |
| 2024 |  | 2023 |  |  |  |
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net | $ | 149 |  |  | $ | 38 |  |  |  |  |
Notional amounts of outstanding derivatives | The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
| March 31, 2024 |  | December 31, 2023
Foreign exchange contracts designated as cash flow hedges | $ | 1,561 |  |  | $ | 1,699 |
Foreign exchange contracts not designated as hedging instruments | 1,547 |  |  | 2,225 |
Total | $ | 3,108 |  |  | $ | 3,924 |

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