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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule 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, 2025 |  | December 31, 2024
Derivative Assets: |  |  |  |  |
Foreign exchange contracts designated as cash flow hedges | Other current assets |  | $ | 22 |  |  | $ | 41 |
Foreign exchange contracts not designated as hedging instruments | Other current assets |  | 15 |  |  | 20 |
Interest rate contracts designated as cash flow hedges | Other current assets |  | 3 |  |  | 7 |
Foreign exchange contracts designated as cash flow hedges | Other assets |  | 11 |  |  | 14 |
Other | Other assets |  | 15 |  |  | 15 |
Total derivative assets |  |  | $ | 66 |  |  | $ | 97 |
Derivative Liabilities: |  |  |  |  |
Foreign exchange contracts designated as cash flow hedges | Other current liabilities |  | $ | 10 |  |  | $ | — |
Foreign exchange contracts not designated as hedging instruments | Other current liabilities |  | 6 |  |  | 18 |
Total derivative liabilities |  |  | $ | 16 |  |  | $ | 18 |
Total fair value of derivative instruments |  |  | $ | 50 |  |  | $ | 79 |
Schedule of 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, 2025 and December 31, 2024, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions):
| December 31, 2024 |  | Amount of Loss Recognized in Other Comprehensive Income |  | Less: Amount of Gain Reclassified From AOCI to Earnings |  | March 31, 2025
Foreign exchange contracts designated as cash flow hedges | $ | 25 |  |  | $ | (45) |  |  | $ | 8 |  |  | $ | (28) |
Interest rate contracts designated as cash flow hedges | 50 |  |  | (4) |  |  | 2 |  |  | 44 |
Total | $ | 75 |  |  | $ | (49) |  |  | $ | 10 |  |  | $ | 16 |
| December 31, 2023 |  | Amount of Gain 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 |
Schedule of 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, |  |
| 2025 |  | 2024 |  |  |  |
Gain (loss) from foreign exchange contracts designated as cash flow hedges recognized in net revenues | $ | 8 |  |  | $ | (10) |  |  |  |  |
Gain from foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net | 1 |  |  | 8 |  |  |  |  |
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income | $ | 9 |  |  | $ | (2) |  |  |  |  |
The following table summarizes the total gain 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, |  |
| 2025 |  | 2024 |  |  |  |
Gain from interest rate contracts designated as cash flow hedges recognized in interest expense | $ | 2 |  |  | $ | 2 |  |  |  |  |
Gain from interest rate contracts designated as fair value hedges recognized in interest expense | — |  |  | 1 |  |  |  |  |
Total gain recognized from interest rate derivative contracts in the condensed consolidated statement of income | $ | 2 |  |  | $ | 3 |  |  |  |  |
The following table summarizes the total gain 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, |  |
| 2025 |  | 2024 |  |  |  |
Gain attributable to changes in the fair value of warrant recognized in loss on equity investments and warrant, net | $ | — |  |  | $ | 149 |  |  |  |  |
Schedule of 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, 2025 |  | December 31, 2024
Foreign exchange contracts designated as cash flow hedges | $ | 1,813 |  |  | $ | 1,329 |
Foreign exchange contracts not designated as hedging instruments | 1,463 |  |  | 1,667 |
Interest rate contracts designated as cash flow hedges | 150 |  |  | 150 |
Total | $ | 3,426 |  |  | $ | 3,146 |

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