Derivative and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Foreign Currency Derivatives [Abstract]

The Company’s derivative contracts are summarized below:


	December 31, 2020				December 31, 2019
	Notional		Fair Value		Notional		Fair Value
	(in millions)
Commitments to purchase foreign currency	$	389	$	17	$	185	$	3
Commitments to sell foreign currency	1,110		(26)		1,506		(25)
Options to sell foreign currency	—		—		21		2

Balance sheet location
Prepaid expenses and other current assets 1			$	19			$	12
Other current liabilities 1			(28)				(32)

1The derivative contracts are subject to enforceable master netting arrangements, which contain various netting and setoff provisions.

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

The amount of gain (loss) recognized on the consolidated statement of operations for the contracts to purchase and sell foreign currency is summarized below:


	Year Ended December 31,
	2020		2019		2018
	(in millions)
Foreign exchange derivative contracts
General and administrative	$	40	$	(39)	$	53