v3.23.3
Derivative Instruments and Hedging (Tables)
 9 Months Ended
Sep. 30, 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)
Location
December 31,
2022		September 30,
2023
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$— $40 
Foreign exchange contracts (noncurrent)Other assets, noncurrent— 4 
Total derivatives designated as hedging instruments$— $44 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$14 $58 
Total derivatives not designated as hedging instruments$14 $58 

Derivative Liabilities(1)
Location
December 31,
2022		September 30,
2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Accrued expenses and other current liabilities$31 $10 
Total derivatives not designated as hedging instruments$31 $10 

(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, net of tax (in millions):

Gain Recognized in Other Comprehensive Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
20232023
Derivatives designated as cash flow hedges:
Foreign exchange contracts$36 $34 
Total designated cash flow hedges$36 $34 
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 DerivativesUnrealized Gain on Derivatives
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
20222023202220232022202320222023
Derivatives not designated as hedging instruments:
Foreign exchange contracts$61 $(7)$101 $(91)$13 $54 $38 $66 
Total derivatives not designated as hedging instruments$61 $(7)$101 $(91)$13 $54 $38 $66