Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other current assets	$	82	$	63
Foreign exchange contracts not designated as hedging instruments	Other current assets	25		22
Interest rate contracts designated as cash flow hedges	Other current assets	4		—
Warrant	Other assets	329		444
Foreign exchange contracts designated as cash flow hedges	Other assets	25		24
Total derivative assets		$	465	$	553
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other current liabilities	$	6	$	—
Foreign exchange contracts not designated as hedging instruments	Other current liabilities	11		17
Foreign exchange contracts designated as cash flow hedges	Other liabilities	1		—
Total derivative liabilities		$	18	$	17
Total fair value of derivative instruments		$	447	$	536

Impact of derivative contracts on accumulated other comprehensive income

The following tables present the activity of derivative instruments designated as cash flow hedges as of March 31, 2022 and December 31, 2021, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 

	December 31, 2021		Amount of Gain (Loss) Recognized in Other Comprehensive Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		March 31, 2022
Foreign exchange contracts designated as cash flow hedges	$	25	$	25	$	6	$	44
Interest rate contracts designated as cash flow hedges	30		2		1		31
Total	$	55	$	27	$	7	$	75

	December 31, 2020		Amount of Gain (Loss) Recognized in Other Comprehensive Income		Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings		March 31, 2021
Foreign exchange contracts designated as cash flow hedges	$	(95)	$	3	$	(27)	$	(65)
Interest rate contracts designated as cash flow hedges	10		43		(1)		54
Total	$	(85)	$	46	$	(28)	$	(11)

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,
	2022		2021
Foreign exchange contracts designated as cash flow hedges recognized in net revenues	$	6	$	(28)
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	15		(6)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income	$	21	$	(33)

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,
	2022		2021
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net	$	1	$	(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 March 31,
	2022		2021
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net	$	(115)	$	(36)

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, 2022		December 31, 2021
Foreign exchange contracts designated as cash flow hedges	$	2,180	$	2,066
Foreign exchange contracts not designated as hedging instruments	2,229		3,159
Interest rate contracts designated as cash flow hedges	400		400
Total	$	4,809	$	5,625