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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of outstanding derivative instruments
The fair value of our outstanding derivative instruments as of December 31, 2014 and 2013 were as follows:

 
Balance Sheet Location
 
December 31,
2014
 
December 31,
2013
 
 
 
(In millions)
Derivative Assets:
 
 
 
 
 
Foreign exchange contracts designated as cash flow hedges
Other Current Assets
 
$
170

 
$
15

Foreign exchange contracts not designated as hedging instruments
Other Current Assets
 
30

 
29

Interest rate contracts designated as fair value hedges
Other Assets
 
22

 
N/A

Total derivative assets
 
 
$
222

 
$
44

 
 
 
 
 
 
Derivative Liabilities:
 
 
 
 
 
Foreign exchange contracts designated as cash flow hedges
Other Current Liabilities
 
$
2

 
$
121

Foreign exchange contracts not designated as hedging instruments
Other Current Liabilities
 
27

 
30

Total derivative liabilities
 
 
$
29

 
$
151

 
 
 
 
 
 
Total fair value of derivative instruments
 
 
$
193

 
$
(107
)
Summary of activity of derivative contracts that qualify for hedge accounting and the impact of designated derivative contrqacts on accumulated other comprehensive income
The following table summarizes the activity of derivative contracts that qualify for hedge accounting as of December 31, 2014 and 2013, and the impact of these derivative contracts on accumulated other comprehensive income for the years ended December 31, 2014 and 2013:
 
December 31, 2013
 
Amount of gain (loss)
recognized in other
comprehensive income
(effective portion) 
 
Amount of gain (loss)
reclassified from
accumulated other
comprehensive income
to net revenue and operating expense
(effective portion)
 
December 31, 2014
 
(In millions)
Foreign exchange contracts designated as cash flow hedges
$
(106
)
 
238

 
(36
)
 
$
168


 
December 31, 2012
 
Amount of gain (loss)
recognized in other
comprehensive income
(effective portion) 
 
Amount of gain (loss)
reclassified from
accumulated other
comprehensive income
to net revenue and operating expense
(effective portion)
 
December 31, 2013
 
(In millions)
Foreign exchange contracts designated as cash flow hedges
$
(55
)
 
(65
)
 
(14
)
 
$
(106
)
Schedule of location in financial statements of recognized gains or losses related to derivative instruments
The following table provides the location in our financial statements of the recognized gains or losses related to our foreign exchange derivative instruments:
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
Foreign exchange contracts designated as cash flow hedges recognized in net revenues
$
(36
)
 
$
(4
)
 
$
44

Foreign exchange contracts designated as cash flow hedges recognized in operating expenses
—

 
(9
)
 
16

Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net
8

 
14

 
—

Total gain (loss) recognized from foreign exchange derivative contracts in the consolidated statement of income
$
(28
)
 
$
1

 
$
60



The following table provides the location in our financial statements of the recognized gains or losses related to our interest rate derivative instruments:
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest and other, net
$
22

 
N/A

 
N/A

Gain (loss) from hedged items attributable to hedged risk recognized in interest and other, net
(22
)
 
N/A

 
N/A

Total gain (loss) recognized from interest rate derivative contracts in the consolidated statement of income
$
—

 
$
—

 
$
—


The following table provides the location in our financial statements of the recognized gains or losses related to our other derivative instruments:
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
Other contracts not designated as hedging instruments recognized in interest and other, net
—

 
—

 
3

Total gain (loss) recognized from other derivative contracts in the consolidated statement of income
$
—

 
$
—

 
$
3
Schedule of notional amounts of derivatives outstanding
The following table provides the notional amounts of our outstanding derivatives:

 
December 31,
 
2014
 
2013
 
2012
 
(In millions)
Foreign exchange contracts designated as cash flow hedges
$
1,905

 
$
2,294

 
$
2,321

Foreign exchange contracts not designated as hedging instruments
2,538

 
3,311

 
4,303

Interest rate contracts designated as fair value hedges
2,400

 
N/A

 
N/A

Total
$
6,843

 
$
5,605

 
$
6,624