Maximum length of time over which our foreign currency forward contracts mature

[Table of Contents](#i8fbc3dcd16fb4e35b37f64f296545b43_13)  
  
Foreign Currency Forward Contracts  
Foreign Currency Forward Contracts Designated as Hedges (“Cash Flow Hedges”)  
The total gross notional amounts and fair values of our Cash Flow Hedges, all of which primarily had remaining maturities of 12 months or less as of March 31, 2022, are as follows (amounts in millions):  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of March 31, 2022 |  | As of December 31, 2021 |
|  | Notional amount | Fair value gain (loss) |  | Notional amount | Fair value gain (loss) |
| Foreign Currency: |  |  |  |  |  |
| Buy USD, Sell EUR | $ | 441  |  | $ | 21  |  |  | $ | 382  |  | $ | 20  |  |

  
For the three months ended March 31, 2022 and 2021, pre-tax net realized gains (losses) associated with our Cash Flow Hedges that were reclassified out of “Accumulated other comprehensive income (loss)” and into earnings were not material.  
6. Deferred Revenues  
We record deferred revenues when cash payments are received or due in advance of the fulfillment of our associated performance obligations. The aggregate of the current and non-current balances of deferred revenues as of March 31, 2022 and December 31, 2021, were $0.8 billion and $1.1 billion, respectively. For the three months ended March 31, 2022, the additions to our deferred revenues balance were primarily due to cash payments received or due in advance of satisfying our performance obligations, while the reductions to our deferred revenues balance were primarily due to the recognition of revenues upon fulfillment of our performance obligations, all of which were in the ordinary course of business. During the three months ended March 31, 2022 and March 31, 2021, $0.7 billion and $1.1 billion, respectively, of revenues were recognized that were included in the deferred revenues balance at beginning of the period.  
As of March 31, 2022, the aggregate amount of contracted revenues allocated to our unsatisfied performance obligations was $1.2 billion, which included our deferred revenues balances and amounts to be invoiced and recognized as revenue in future periods. We expect to recognize approximately $1.1 billion over the next 12 months, approximately $0.1 billion in the subsequent 12-month period, and the remainder thereafter. This balance did not include an estimate for variable consideration arising from sales-based royalty license revenue in excess of the contractual minimum guarantee or any estimated amounts of variable consideration that are subject to constraint in accordance with the revenue accounting standard.  
7. Debt  
Credit Facilities  
As of March 31, 2022 and December 31, 2021, we had $1.5 billion available under a revolving credit facility (the “Revolver”) pursuant to a credit agreement entered into on October 11, 2013 (as amended thereafter and from time to time, the “Credit Agreement”). To date, we have not drawn on the Revolver and we were in compliance with the terms of the Credit Agreement as of March 31, 2022.  
Refer to [Note 13 contained in our Annual Report on Form 10-K for the year ended December 31, 202](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000718877/000162828022003992/atvi-20211231.htm#i6918bdee1491433a92115eff89e52c46_46)[1](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000718877/000162828022003992/atvi-20211231.htm#i6918bdee1491433a92115eff89e52c46_46) for further details regarding the Credit Agreement and its key terms.  
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