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Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional and fair values of derivative instruments
The notional and fair values of derivative instruments are as follows (in millions):
 
Notional Amount
 
Derivative Assets
 
Derivative Liabilities
 
September 30,
2013
 
December 31,
2012
 
September 30,
2013
 
December 31,
2012
 
September 30,
2013
 
December 31,
2012
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
169

 
$
336

 
$
8

 
$
17

 
$
—

 
$
—

Foreign exchange contracts
1,159

 
1,208

 
56

 
191

 
112

 
250

Total
1,328

 
1,544

 
64

 
208

 
112

 
250

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts
267

 
305

 
1

 
2

 
1

 
1

   Total
$
1,595

 
$
1,849

 
$
65

 
$
210

 
$
113

 
$
251

 
Offsetting of financial assets and derivatives assets are as follows (in millions):
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Statement of Financial Position
 
Net Amounts of Assets Presented in the Statement of Financial Position (1)
 
September 30,
2013
 
December 31,
2012
 
September 30,
2013
 
December 31,
2012
 
September 30,
2013
 
December 31,
2012
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
8

 
$
17

 
$
—

 
$
—

 
$
8

 
$
17

Foreign exchange contracts
56

 
191

 
(25
)
 
(160
)
 
31

 
31

Total
64

 
208

 
(25
)
 
(160
)
 
39

 
48

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts
1

 
2

 
(1
)
 
—

 
—

 
2

   Total
$
65

 
$
210

 
$
(26
)
 
$
(160
)
 
$
39

 
$
50

______________________________________________
(1) Included within Other current assets or Other non-current assets

Offsetting of financial liabilities and derivative liabilities are as follows (in millions):
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Statement of Financial Position
 
Net Amounts of Liabilities Presented in the Statement of Financial Position (2)
 
September 30,
2013
 
December 31,
2012
 
September 30,
2013
 
December 31,
2012
 
September 30,
2013
 
December 31,
2012
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
112

 
250

 
(25
)
 
(160
)
 
87

 
90

Total
112

 
250

 
(25
)
 
(160
)
 
87

 
90

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts
1

 
1

 
(1
)
 
—

 
—

 
1

   Total
$
113

 
$
251

 
$
(26
)
 
$
(160
)
 
$
87

 
$
91


______________________________________________
(2) Included within Other current liabilities or Other non-current liabilities
Derivative gains (losses)
The amounts of derivative gains (losses) recognized in the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2013 and 2012 are as follows (in millions):
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2013
 
2012
 
2013
 
2012
Gain (Loss) recognized in Accumulated Other Comprehensive Loss:
 

 
 

 
 
 
 
Cash Flow Hedges:
 

 
 

 
 
 
 
Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
—

 
16

 
(28
)
 
(14
)
Total
$
—

 
$
16

 
$
(28
)
 
$
(14
)
Foreign Net Investment Hedges:
 

 
 

 
 
 
 
Foreign exchange contracts
$
—

 
$
3

 
$
—

 
$
4

Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
 
 
 
 
 
 
Cash Flow Hedges:
 

 
 

 
 
 
 
Interest rate contracts (1)
$
—

 
$
—

 
$
(1
)
 
$
—

Foreign exchange contracts (2)
(10
)
 
(7
)
 
(7
)
 
(23
)
Total
(10
)
 
(7
)
 
(8
)
 
(23
)
Foreign Net Investment Hedges:
 

 
 

 
 
 
 
Foreign exchange contracts
$
—

 
$
—

 
$
—

 
$
—

  ______________________________________________
(1) Included within Fiduciary investment income and Interest expense
(2) Included within Other income (expense) and Interest expense

 
Three months ended September 30,
 
Nine months ended September 30,
 
Amount of Gain (Loss) Recognized in Income on Derivative (1) (2)
 
Amount of Gain (Loss) Recognized in Income on Related Hedge Item (2)
 
Amount of Gain (Loss) Recognized in Income on Derivative (1) (2)
 
Amount of Gain (Loss) Recognized in Income on Related Hedge Item (1) (2)
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Fair value hedges:
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
Interest rate contracts
$
(7
)
 
$
(3
)
 
$
7

 
$
3

 
$
(8
)
 
$
—

 
$
8

 
$
—

  ______________________________________________
(1) Relates to fixed rate debt
(2) Included in Interest expense