v3.25.4
Derivative Instruments and Hedging (Tables)
 12 Months Ended
Dec. 31, 2025
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 consolidated balance sheets (in millions):

Derivative Assets(1)(2)
Fair value as of December 31,
Location
20242025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$90 $4 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $16 

Derivative Liabilities(1)(2)
Fair value as of December 31,
Location
20242025
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$— $61 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$20 $7 

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.
(2)The noncurrent derivative assets and liabilities were immaterial.
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 before reclassifications from AOCI to revenue and the impact of these derivative contracts on AOCI, net of tax (in millions):

Year Ended December 31,
202320242025
Derivatives designated as cash flow hedges:
Foreign exchange contracts(1)
$(30)$125 $(203)

(1)Gain (loss) recognized in other comprehensive income (loss).
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 on the consolidated statements of operations (in millions):

Realized Gain (Loss) on Derivatives Unrealized Gain (Loss) on Derivatives
Year Ended December 31,Year Ended December 31,
202320242025202320242025
Derivatives not designated as hedging instruments:
Foreign exchange contracts$(43)$(59)$44 $10 $11 $6