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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of outstanding derivative instruments
The fair values of our outstanding derivative instruments as of December 31, 2019 and 2018 were as follows (in millions):
 
Balance Sheet Location
 
December 31,
2019
 
December 31,
2018
Derivative Assets:
 
 
 
 
 
Foreign exchange contracts designated as cash flow hedges
Other Current Assets
 
$
36

 
$
72

Foreign exchange contracts not designated as hedging instruments
Other Current Assets
 
17

 
38

Warrant
Other Assets
 
281

 
148

Foreign exchange contracts designated as cash flow hedges
Other Assets
 
15

 
4

Total derivative assets
 
 
$
349

 
$
262

 
 
 
 
 
 
Derivative Liabilities:
 
 
 
 
 
Foreign exchange contracts designated as cash flow hedges
Other Current Liabilities
 
$
2

 
$
—

Foreign exchange contracts designated as net investment hedges
Other Current Liabilities
 
2

 
1

Interest rate contracts designated as fair value hedges
Other Current Liabilities
 
—

 
7

Foreign exchange contracts not designated as hedging instruments
Other Current Liabilities
 
21

 
30

Interest rate contracts designated as fair value hedges
Other Liabilities
 
—

 
10

Total derivative liabilities
 
 
$
25

 
$
48

 
 
 
 
 
 
Total fair value of derivative instruments
 
 
$
324

 
$
214
Summary of activity of derivative contracts that qualify for hedge accounting and the impact of designated derivative contracts on accumulated other comprehensive income
The following tables present the activity of derivative instruments designated as cash flow hedges as of December 31, 2019 and 2018, and the impact of these derivative contracts on AOCI for the years ended December 31, 2019 and 2018 (in millions):
 
December 31, 2018
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive 
Income
 
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
 
December 31, 2019
Foreign exchange contracts designated as cash flow hedges
$
68

 
4

 
81

 
$
(9
)

 
December 31, 2017
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive 
Income
 
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
 
December 31, 2018
Foreign exchange contracts designated as cash flow hedges
$
(57
)
 
117

 
(8
)
 
$
68
Schedule of location in financial statements of recognized gains or losses related to derivative instruments
The following table provides a summary of the total gain (loss) recognized in the consolidated statement of income from our foreign exchange derivative contracts by location (in millions):
 
Year Ended December 31,
 
2019
 
2018
 
2017
Foreign exchange contracts designated as cash flow hedges recognized in net revenues
$
81

 
$
(8
)
 
$
(28
)
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues
—

 
—

 
11

Foreign exchange contracts designated as cash flow hedges recognized in interest and other, net
—

 
—

 
24

Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net
(11
)
 
9

 
(16
)
Total gain (loss) recognized from foreign exchange derivative contracts in the consolidated statement of income
$
70

 
$
1

 
$
(9
)

The following table provides a summary of the total gain (loss) recognized in the consolidated statement of income from our interest rate derivative contracts by location (in millions):
 
Year Ended December 31,
 
2019
 
2018
 
2017
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest and other, net
$
34

 
$
(19
)
 
$
(21
)
Gain (loss) from hedged items attributable to hedged risk recognized in interest and other, net
(34
)
 
19

 
21

Total gain (loss) recognized from interest rate derivative contracts in the consolidated statement of income
$
—

 
$
—

 
$
—


The following table provides a summary of the total gain recognized in the consolidated statement of income due to changes in the fair value of the warrant (in millions): 
 
Year Ended December 31,
 
2019
 
2018
 
2017
Gain attributable to changes in the fair value of warrant recognized in interest and other, net
$
133

 
$
104

 
$
—
Schedule of notional amounts of derivatives outstanding The following table provides the notional amounts of our outstanding derivatives as of December 31, 2019 and 2018 (in millions):
 
December 31,
 
2019
 
2018
Foreign exchange contracts designated as cash flow hedges
$
1,983

 
$
1,510

Foreign exchange contracts designated as net investment hedges
200

 
804

Foreign exchange contracts not designated as hedging instruments
2,710

 
3,517

Interest rate contracts designated as fair value hedges
—

 
2,400

Total
$
4,893

 
$
8,231