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Derivatives and Hedging (Tables)
 12 Months Ended
Dec. 31, 2015
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 (1)
 
Derivative Liabilities (2)
As of December 31
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
  Accounted for as hedges
778

 
1,200

 
32

 
46

 
18

 
58

  Not accounted for as hedges (3)
280

 
165

 
—

 
—

 
—

 
—

Total
$
1,058

 
$
1,365

 
$
32

 
$
46

 
$
18

 
$
58

(1)
Included within Other current assets ($15 million in 2015 and $24 million in 2014, respectively) or Other non-current assets ($17 million in 2015 and $22 million in 2014, respectively)
(2)
Included within Other current liabilities ($13 million in 2015 and $52 million in 2014, respectively) or Other non-current liabilities ($5 million in 2015 and $6 million in 2014, respectively)
(3)
These contracts typically are for 30 day durations and executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.

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)
Derivatives accounted for as hedges:
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts
32

 
46

 
(13
)
 
(14
)
 
19

 
32

______________________________________________
(1) Included within Other current assets ($6 million in 2015 and $12 million in 2014, respectively) or Other non-current assets ($13 million in 2015 and $20 million in 2014, respectively)

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)
Derivatives accounted for as hedges:
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts
18

 
58

 
(13
)
 
(14
)
 
5

 
44

______________________________________________
(2) Included within Other current liabilities ($4 million in 2015 and $40 million in 2014, respectively) or Other non-current liabilities ($1 million in 2015 and $4 million in 2014, respectively)
Derivative gains (losses)
The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions):
Cash Flow Hedge - Foreign Exchange Contracts
 
Location of future reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss:
 
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
2015
 
4

 
(3
)
 
—

 
(10
)
 
(9
)
2014
 
11

 
(3
)
 
—

 
(10
)
 
(2
)
2013
 
(17
)
 
—

 
—

 
13

 
(4
)
Cash Flow Hedge - Foreign Exchange Contracts
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income
 
Total
2015
 
4

 
(1
)
 
(9
)
 
(11
)
 
(17
)
2014
 
(5
)
 
3

 
(10
)
 
(2
)
 
(14
)
2013
 
(12
)
 
(9
)
 
(3
)
 
14

 
(10
)
The amount of gain (loss) recognized in the Consolidated Financial Statements is as follows (in millions):
 
Twelve months ended December 31,
 
Amount of Gain (Loss)
Recognized in Income on
Derivative (1)
 
Amount of Gain (Loss)
Recognized in Income on
Related Hedged Item
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts (2)
$
—

 
$
(9
)
 
$
(8
)
 
$
—

 
$
9

 
$
8

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