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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 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						September 30, 2025						December 31, 2024
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges			Other current assets						$	11					$	41
Foreign exchange contracts not designated as hedging instruments			Other current assets						9						20
Interest rate contracts designated as cash flow hedges			Other current assets						—						7
Foreign exchange contracts designated as cash flow hedges			Other assets						12						14
Warrants and other			Other assets						17						15
Total derivative assets									$	49					$	97
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges			Other current liabilities						$	8					$	—
Foreign exchange contracts not designated as hedging instruments			Other current liabilities						2						18
Interest rate contracts designated as cash flow hedges			Other current liabilities						4						—
Total derivative liabilities									$	14					$	18
Total fair value of derivative instruments									$	35					$	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 September 30, 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 (Loss) Reclassified From AOCI to Earnings						September 30, 2025
Foreign exchange contracts designated as cash flow hedges			$	25					$	(98)					$	(22)					$	(51)
Interest rate contracts designated as cash flow hedges			50						(4)						6						40
Total			$	75					$	(102)					$	(16)					$	(11)

			December 31, 2023						Amount of Loss Recognized in Other Comprehensive Income						Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings						September 30, 2024
Foreign exchange contracts designated as cash flow hedges			$	(64)					$	(26)					$	(32)					$	(58)
Interest rate contracts designated as cash flow hedges			51						—						6						45
Total			$	(13)					$	(26)					$	(26)					$	(13)

Schedule of Recognized Gains or Losses Related to Derivative Instruments

The following table summarizes the total 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Loss from foreign exchange contracts designated as cash flow hedges recognized in net revenues			$	(24)					$	(11)					$	(22)					$	(31)
Loss from foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues			—						(1)						—						(1)
Gain (loss) from foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net			7						(16)						2						4
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income			$	(17)					$	(28)					$	(20)					$	(28)

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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Gain from interest rate contracts designated as cash flow hedges recognized in interest expense			$	2					$	2					$	6					$	6
Gain from interest rate contracts designated as fair value hedges recognized in interest expense			—						—						—						2
Total gain recognized from interest rate derivative contracts in the condensed consolidated statement of income			$	2					$	2					$	6					$	8

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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Gain attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net			$	2					$	145					$	2					$	120

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):

			September 30, 2025						December 31, 2024
Foreign exchange contracts designated as cash flow hedges			$	1,714					$	1,329
Foreign exchange contracts not designated as hedging instruments			1,902						1,667
Interest rate contracts designated as cash flow hedges			200						150
Total			$	3,816					$	3,146

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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.

+ References

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-SubTopic 10
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-Section 50
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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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