Derivative and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Foreign Currency Derivatives [Abstract]

Fair value of Company's derivative financial instruments

The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts:


	March 31, 2025						December 31, 2024
	Notional		Derivative assets		Derivative liabilities		Notional		Derivative assets		Derivative liabilities
	(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1	$	4,727	$	95	$	19	$	3,951	$	135	$	6
Interest rate contracts in a fair value hedge 2	1,000		—		50		1,000		—		63
Foreign exchange contracts in a net investment hedge 1	—		—		—		2,511		54		—
Derivatives not designated as hedging instruments
Foreign exchange contracts 1	3,975		8		17		2,741		17		30
Total	$	9,702	$	103	$	86	$	10,203	$	206	$	99

1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets, other assets and other current liabilities on the consolidated balance sheets.

2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheets.

The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:


	Gain (Loss) Recognized in Other Comprehensive Income (Loss)					Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings	Three Months Ended March 31,
	2025		2024			2025		2024
	(in millions)					(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts 1	$	(48)	$	22	Net revenue	$	5	$	(3)
					General and administrative 2	$	(101)	$	—

Interest rate contracts	$	—	$	—	Interest expense	$	(2)	$	(2)

Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts	$	12	$	3

1Includes immaterial forward points excluded from the effectiveness assessment recognized in other comprehensive income (loss).

2Includes immaterial forward points excluded from the effectiveness assessment recognized in earnings.

Gain (loss) recognized in income for the contracts to purchase and sell foreign currency summary

The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts is summarized below:


	Three Months Ended March 31,
		2025		2024
		(in millions)
Derivatives not designated as hedging instruments:
Foreign exchange contracts
General and administrative		$	20	$	72