v3.26.1
Derivative and Hedging Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026December 31, 2025
 NotionalDerivative assetsDerivative liabilitiesNotionalDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1
$4,796 $42 $26 $5,050 $16 $142 
Interest rate contracts in a fair value hedge 2
1,000 — 25 1,000 — 27 
Derivatives not designated as hedging instruments
Foreign exchange contracts 1
5,006 12 71 4,866 19 18 
Total
$10,802 $54 $122 $10,916 $35 $187 
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 financial instruments designated as hedging instruments
The pre-tax gain (loss) related to the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments were 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,
2026202520262025
(in millions)(in millions)
Foreign exchange contracts 1
$118 $(48)Net revenue$(21)$5 
General and administrative 2
$94 $(101)
1Includes immaterial forward points excluded from the effectiveness assessment recognized in other comprehensive income (loss).
2Includes immaterial forward points excluded from the effectiveness assessment recognized in earnings.
Gain (loss) in income for contracts designated as net investment hedging instruments
The pre-tax gain (loss) recognized in other comprehensive income (loss) related to the Company's foreign exchange derivative contracts designated as net investment hedging instruments were as follows:
Three Months Ended March 31,
20262025
(in millions)
Foreign exchange contracts$— $12 
Gain (loss) recognized in income for the contracts to purchase and sell foreign currency summary
The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts were as follows: 
 Three Months Ended March 31,
20262025
(in millions)
Foreign exchange contracts
General and administrative$(20)$20