Derivative Instruments and Hedging (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets

The following table summarizes the effect of derivative instruments on the Company’s condensed consolidated balance sheets (in millions):


	Derivative assets(1)
		Fair value as of
	Location	December 31, 2022		March 31, 2023





Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)	Prepaids and other current assets	$	14	$	17
Total derivatives not designated as hedging instruments		$	14	$	17


	Derivative liabilities(1)
		Fair value as of
	Location	December 31, 2022		March 31, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)	Accrued expenses and other current liabilities	$	—	$	3
Foreign exchange contracts (noncurrent)	Other liabilities, noncurrent	—		1
Total derivatives designated as hedging instruments		$	—	$	4

Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)	Accrued expenses and other current liabilities	$	31	$	36
Total derivatives not designated as hedging instruments		$	31	$	36

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.

Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI

The following table summarizes the activity of derivative instruments designated as cash flow hedges and the impact of these derivative contracts on AOCI (in millions):


	Loss recognized in other comprehensive income (loss)		Gain (loss) reclassified from AOCI into revenues
	Three Months Ended March 31, 2023

Derivatives designated as cash flow hedges:
Foreign exchange contracts	$	4	$	—
Total designated cash flow hedges	$	4	$	—

Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations

The following table presents the activity of derivative instruments not designated as hedging instruments and the impact of these derivative contracts on the condensed consolidated statements of operations (in millions):


	Realized gain (loss) on derivatives				Unrealized gain (loss) on derivatives
	Three Months Ended March 31,				Three Months Ended March 31,
	2022		2023		2022		2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	13	$	(20)	$	(24)	$	(1)
Total derivatives not designated as hedging instruments	$	13	$	(20)	$	(24)	$	(1)