v3.24.2.u1
Derivative Instruments and Hedging (Tables)
 6 Months Ended
Jun. 30, 2024
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 unaudited condensed consolidated balance sheets (in millions):

Derivative Assets(1)
Location
December 31,
2023		June 30,
2024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$4 $26 
Foreign exchange contracts (noncurrent)Other assets, noncurrent— 1 
Total derivatives designated as hedging instruments$4 $27 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $37 

Derivative Liabilities(1)
Location
December 31,
2023		June 30,
2024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$25 $3 
Foreign exchange contracts (noncurrent)Other liabilities, noncurrent5 — 
Total derivatives designated as hedging instruments$30 $3 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Accrued expenses, accounts payable, and other current liabilities$30 $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 presents the impact of derivative instruments designated as cash flow hedges on AOCI, net of tax (in millions):

Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Gain Reclassified from
AOCI into Revenue
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
20232024202320242023202420232024
Derivatives designated as cash flow hedges:
Foreign exchange contracts$2 $21 $(2)$71 $— $7 $— $9 
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 impact of activity of derivative instruments not designated as hedging instruments on the unaudited condensed consolidated statements of operations (in millions):

Realized Gain (Loss) on Derivatives
Unrealized Gain on Derivatives
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
20232024202320242023202420232024
Derivatives not designated as hedging instruments:
Foreign exchange contracts$(64)$2 $(84)$(19)$13 $23 $12 $34