| OTHER FINANCIAL STATEMENT DETAILS ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Gains (Losses) on Cash Flow Hedges | | Unrealized Gains (Losses) on Available-for-sale Debt Securities | | Foreign Currency Translation Adjustment (“CTA”) | | Net Investment Hedges CTA Gains (Losses) | | Estimated Tax (Expense) Benefit | | Total | | (In millions) | | Beginning balance | $ | (29) | | | $ | 5 | | | $ | (936) | | | $ | 313 | | | $ | 25 | | | $ | (622) | | | Other comprehensive income (loss) before reclassifications | (318) | | | (10) | | | 162 | | | — | | | (20) | | | (186) | | Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) | (70) | | | 1 | | | — | | | — | | | — | | | (69) | | | Net current period other comprehensive income (loss) | (248) | | | (11) | | | 162 | | | — | | | (20) | | | (117) | | | Ending balance | $ | (277) | | | $ | (6) | | | $ | (774) | | | $ | 313 | | | $ | 5 | | | $ | (739) | |
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Gains (Losses) on Cash Flow Hedges | | Unrealized Gains (Losses) on Available-for-sale Debt Securities | | Foreign CTA | | Net Investment Hedges CTA Gains (Losses) | | Estimated Tax (Expense) Benefit | | Total | | (In millions) | | Beginning balance | $ | 40 | | | $ | (51) | | | $ | (935) | | | $ | 290 | | | $ | (3) | | | $ | (659) | | | Other comprehensive income (loss) before reclassifications | 25 | | | 16 | | | (126) | | | 100 | | | (26) | | | (11) | | Less: Amount of net gains (losses) reclassified from AOCI | 22 | | | 1 | | | — | | | — | | | — | | | 23 | | | Net current period other comprehensive income (loss) | 3 | | | 15 | | | (126) | | | 100 | | | (26) | | | (34) | | | Ending balance | $ | 43 | | | $ | (36) | | | $ | (1,061) | | | $ | 390 | | | $ | (29) | | | $ | (693) | |
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Gains (Losses) on Cash Flow Hedges | | Unrealized Gains (Losses) on Available-for-sale Debt Securities | | Foreign CTA | | Net Investment Hedges CTA Gains (Losses) | | Estimated Tax (Expense) Benefit | | Total | | (In millions) | | Beginning balance | $ | 147 | | | $ | 14 | | | $ | (1,063) | | | $ | 313 | | | $ | 39 | | | $ | (550) | | | Other comprehensive income (loss) before reclassifications | (459) | | | (18) | | | 289 | | | — | | | (34) | | | (222) | | Less: Amount of net gains (losses) reclassified from AOCI | (35) | | | 2 | | | — | | | — | | | — | | | (33) | | | Net current period other comprehensive income (loss) | (424) | | | (20) | | | 289 | | | — | | | (34) | | | (189) | | | Ending balance | $ | (277) | | | $ | (6) | | | $ | (774) | | | $ | 313 | | | $ | 5 | | | $ | (739) | |
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Gains (Losses) on Cash Flow Hedges | | Unrealized Gains (Losses) on Available-for-sale Debt Securities | | Foreign CTA | | Net Investment Hedges CTA Gains (Losses) | | Estimated Tax (Expense) Benefit | | Total | | (In millions) | | Beginning balance | $ | (56) | | | $ | (134) | | | $ | (774) | | | $ | 191 | | | $ | 27 | | | $ | (746) | | | Other comprehensive income (loss) before reclassifications | 121 | | | 57 | | | (287) | | | 199 | | | (56) | | | 34 | | Less: Amount of net gains (losses) reclassified from AOCI | 22 | | | (41) | | | — | | | — | | | — | | | (19) | | | Net current period other comprehensive income (loss) | 99 | | | 98 | | | (287) | | | 199 | | | (56) | | | 53 | | | Ending balance | $ | 43 | | | $ | (36) | | | $ | (1,061) | | | $ | 390 | | | $ | (29) | | | $ | (693) | |
The following table provides details about reclassifications from AOCI for the periods presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Details about AOCI Components | | Amount of Gains (Losses) Reclassified from AOCI | | Affected Line Item in the Statements of Income (Loss) | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | (In millions) | | | Net gains (losses) on cash flow hedges—foreign exchange contracts | | $ | (70) | | | $ | 22 | | | $ | (35) | | | $ | 22 | | | Net revenues | Net gains (losses) on investments | | — | | | 1 | | | 1 | | | (41) | | | Net revenues | Net gains (losses) on investments | | 1 | | | — | | | 1 | | | — | | | Other income (expense), net | | | (69) | | | 23 | | | (33) | | | (19) | | | Income before income taxes | | | — | | | — | | | — | | | — | | | Income tax expense | | Total reclassifications for the period | | $ | (69) | | | $ | 23 | | | $ | (33) | | | $ | (19) | | | Net income (loss) |
OTHER INCOME (EXPENSE), NET
The following table reconciles the components of other income (expense), net for the periods presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | (In millions) | | Interest income | $ | 135 | | | $ | 165 | | | $ | 280 | | | $ | 331 | | | Interest expense | (114) | | | (93) | | | (217) | | | (179) | | | Net gains (losses) on strategic investments | 11 | | | (6) | | | 59 | | | (55) | | | Other | (7) | | | 8 | | | (24) | | | 18 | | | Other income (expense), net | $ | 25 | | | $ | 74 | | | $ | 98 | | | $ | 115 | |
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