Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		December 31, 2022
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other current assets	$	26	$	89
Foreign exchange contracts not designated as hedging instruments	Other current assets	29		18
Interest rate contracts designated as cash flow hedges	Other current assets	—		2
Warrant	Other assets	283		214
Foreign exchange contracts designated as cash flow hedges	Other assets	14		13
Total derivative assets		$	352	$	336
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other current liabilities	$	8	$	12
Foreign exchange contracts not designated as hedging instruments	Other current liabilities	22		34
Foreign exchange contracts designated as cash flow hedges	Other liabilities	—		1
Total derivative liabilities		$	30	$	47
Total fair value of derivative instruments		$	322	$	289

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 June 30, 2023 and December 31, 2022, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 

	December 31, 2022		Amount of Gain (Loss) Recognized in Other Comprehensive Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		June 30, 2023
Foreign exchange contracts designated as cash flow hedges	$	52	$	(41)	$	43	$	(32)
Interest rate contracts designated as cash flow hedges	62		—		6		56
Total	$	114	$	(41)	$	49	$	24

	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	40		—		(2)		42
Total	$	65	$	140	$	14	$	191

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,
	2023		2022		2023		2022
Foreign exchange contracts designated as cash flow hedges recognized in net revenues	$	14	$	9	$	43	$	15
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 and other, net	10		25		6		40
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income	$	24	$	34	$	48	$	55

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,
	2023		2022		2023		2022
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net	$	3	$	2	$	7	$	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,
	2023		2022		2023		2022
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net	$	31	$	(104)	$	69	$	(219)

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, 2023		December 31, 2022
Foreign exchange contracts designated as cash flow hedges	$	1,822	$	1,741
Foreign exchange contracts not designated as hedging instruments	2,527		2,181
Interest rate contracts designated as cash flow hedges	—		400
Total	$	4,349	$	4,322