Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of outstanding derivative instruments

The fair value of our outstanding derivative instruments as of March 31, 2020 and December 31, 2019 was as follows:

	Balance Sheet Location	March 31, 2020		December 31, 2019
		(In millions)
Derivative Assets:
Foreign currency exchange contracts designated as hedging instruments	Other current assets	$	168	$	45
Foreign currency exchange contracts designated as hedging instruments	Other assets (non-current)	22		1
Foreign currency exchange contracts not designated as hedging instruments	Other current assets	176		89
Total derivative assets		$	366	$	135
Derivative Liabilities:
Foreign currency exchange contracts designated as hedging instruments	Other current liabilities	$	—	$	58
Foreign currency exchange contracts designated as hedging instruments	Other long-term liabilities	—		13
Foreign currency exchange contracts not designated as hedging instruments	Other current liabilities	209		51
Total derivative liabilities		$	209	$	122

Recognized gains or losses related to derivative instruments

The following table provides the location in the condensed consolidated statements of income and amount of recognized gains or losses related to our derivative instruments designated as hedging instruments:

	Three Months Ended March 31,
	2020		2019
	(In millions)
	Net revenues
Total amounts presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded	$	4,618	$	4,128
Gains on foreign exchange contracts designated as cash flow hedges reclassified from AOCI	$	42	$	52

The following table provides the location in the condensed consolidated statements of income and amount of recognized gains or losses related to our derivative instruments not designated as hedging instruments:

	Three Months Ended March 31,
	2020		2019
	(In millions)
Gains (losses) on foreign exchange contracts recognized in other income (expense), net	$	37	$	(10	)

Schedule of notional amounts of outstanding derivatives

The following table provides the notional amounts of our outstanding derivatives:

	March 31, 2020		December 31, 2019
	(In millions)
Foreign exchange contracts designated as hedging instruments	$	4,424	$	4,550
Foreign exchange contracts not designated as hedging instruments	12,372		17,131
Total	$	16,796	$	21,681