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Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments Measured at Fair Value in Consolidated Balance Sheet
The following table presents the account on the Consolidated Balance Sheets in which the Company’s derivative instruments have been recognized and the related notional amounts and fair values:
 
 
December 31, 2018
 
 
 
 
Derivative Assets
 
Derivative Liabilities
(In millions)
 
Notional Amount
 
Balance Sheet Caption
 
Fair Value
 
Balance Sheet Caption
 
Fair Value
Derivatives designated as hedges:
 
 
 
 
 
 
 
 
 
 
Cross-currency swap agreements
 
$
1,270

 
Other long-term assets
 
$

 
Other long-term liabilities
 
$
(81
)
Derivatives not designated as hedges:
 
 
 
 
 
 
 
 
 
 
Foreign currency option contracts
 
473

 
Other current assets
 
7

 
Other current liabilities
 

Total
 
 
 
 
 
$
7

 
 
 
$
(81
)
 
 
December 31, 2017
 
 
 
 
Derivative Assets
 
Derivative Liabilities
(In millions)
 
Notional Amount
 
Balance Sheet Caption
 
Fair Value
 
Balance Sheet Caption
 
Fair Value
Derivatives designated as hedges:
 
 
 
 
 
 
 
 
 
 
Cross-currency swap agreements
 
$
1,304

 
Other long-term assets
 
$

 
Other long-term liabilities
 
$
(146
)
Derivatives not designated as hedges:
 
 
 
 
 
 
 
 
 
 
Foreign currency option and forward contracts
 
1,038

 
Other current assets
 
2

 
Other current liabilities
 
(16
)
Total
 
 
 
 
 
$
2

 
 
 
$
(162
)
Schedule of Gains and Losses Recognized on Consolidated Statements of Operations for Derivative Instruments
The effect of derivative instruments designated as hedges and nonderivatives designated as hedges in the Consolidated Statements of Income for the years ended December 31, 2018, 2017, and 2016 are as follows:
 
 
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative
 
Amount of Gain (Loss) Reclassified from AOCI into Net Income
 
Amount of Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
(In millions)
 
2018
 
2017
 
2016
 
2018
 
2017
 
2018
 
2017
Derivatives designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cross-currency swap agreements
 
$
13

 
$
(21
)
 
$

 
$
17

 
$
(3
)
 
$
1

 
$

Interest rate swaps
 

 
2

 
5

 

 

 

 

Derivatives designated as net investment hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cross-currency swap agreements
 
52

 
(100
)
 
15

 

 

 
4

 
8

Nonderivatives designated as hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency denominated notes
 

 
8

 
(27
)
 

 

 

 

Total
 
$
65

 
$
(111
)
 
$
(7
)
 
$
17

 
$
(3
)
 
$
5

 
$
8