v3.25.4
Derivative and Hedging Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Summary of Derivative Instruments [Abstract]  
Summary of Derivative Financial Instruments at Fair Value and Related Notional Amounts
The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts at December 31:
20252024
 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
$5,050 $16 $142 $3,951 $135 $6 
Interest rate contracts in a fair value hedge 2
1,000 — 27 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
4,866 19 18 2,741 17 30 
Total
$10,916 $35 $187 $10,203 $206 $99 
1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets, other assets, other current liabilities and other liabilities on the consolidated balance sheets.
2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheets.
Gain (Loss) Related to the Company's Derivative Contracts Designated as Hedging Instruments
The pre-tax gain (loss) related to the Company's foreign exchange derivative contracts designated as cash flow hedging instruments for the years ended December 31 were as follows:
Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
202520242023202520242023
(in millions)(in millions)
Foreign exchange contracts 1
$(301)$161 $(41)Net revenue$(45)$8 $(29)
General and administrative 2
$(343)$177 $— 
1Includes immaterial amounts excluded from the effectiveness assessment recognized in other comprehensive income (loss).
2Includes immaterial amounts excluded from the effectiveness assessment recognized in earnings.
Schedule of Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss)
The pre-tax gain (loss) recognized in other comprehensive income (loss) related to the Company's derivative financial instruments designated as net investment hedging instruments for the years ended December 31 were as follows:
202520242023
 (in millions)
Foreign exchange contracts
$12 $43 $(98)
Gain (Loss) Recognized for Non-Designated Derivative Contracts
The amount of gain recognized on the consolidated statements of operations for non-designated derivative contracts for the years ended December 31 were as follows:
202520242023
 (in millions)
Foreign exchange contracts
General and administrative$64 $32 $42