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Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 2017
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)
 
September 30,
2017
 
December 31,
2016
 
September 30,
2017
 
December 31,
2016
 
September 30,
2017
 
December 31,
2016
Foreign exchange contracts
 

 
 

 
 

 
 

 
 

 
 

Accounted for as hedges
$
711

 
$
758

 
$
31

 
$
14

 
$
3

 
$
13

Not accounted for as hedges (3)
245

 
189

 
—

 
1

 
2

 
1

   Total
$
956

 
$
947

 
$
31

 
$
15

 
$
5

 
$
14

(1)
Included within Other current assets ($6 million at September 30, 2017 and $6 million at December 31, 2016) or Other non-current assets ($25 million at September 30, 2017 and $9 million at December 31, 2016).
(2)
Included within Other current liabilities ($3 million at September 30, 2017 and $7 million at December 31, 2016) or Other non-current liabilities ($2 million at September 30, 2017 and $7 million at December 31, 2016).
(3)
These contracts typically are for 30 day durations and are 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 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
September 30,
2017
 
December 31,
2016
 
September 30,
2017
 
December 31,
2016
 
September 30,
2017
 
December 31,
2016
Foreign exchange contracts
$
31

 
$
14

 
$
—

 
$
(1
)
 
$
31

 
$
13

(1)
Included within Other current assets ($6 million at September 30, 2017 and $4 million at December 31, 2016) or Other non-current assets ($25 million at September 30, 2017 and $9 million at December 31, 2016).
Offsetting of 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 (1)
 Derivatives accounted for as hedges
 
September 30,
2017
 
December 31,
2016
 
September 30,
2017
 
December 31,
2016
 
September 30,
2017
 
December 31,
2016
Foreign exchange contracts
 
$
3

 
$
13

 
$
—

 
$
(1
)
 
$
3

 
$
12


(1)
Included within Other current liabilities ($2 million at September 30, 2017 and $5 million at December 31, 2016) or Other non-current liabilities ($1 million at September 30, 2017 and $7 million at December 31, 2016).
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, 2017 and 2016 are as follows (in millions):
Cash Flow Hedge - Foreign Exchange Contracts
 
Location of Eventual Reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) Currently Recognized in Accumulated Other Comprehensive Loss
Three months ended September 30
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
2017
 
$
—

 
$
3

 
$
—

 
$
8

 
$
11

2016
 
10

 
(4
)
 
—

 
(7
)
 
(1
)
Cash Flow Hedge - Foreign Exchange Contracts
 
Location of Eventual Reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) Currently Recognized in Accumulated Other Comprehensive Loss
Nine months ended September 30
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
2017
 
$
9

 
$
5

 
$
—

 
$
4

 
$
18

2016
 
8

 
(9
)
 
—

 
(18
)
 
(19
)
Cash Flow Hedge - Foreign Exchange Contracts
 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)
Three months ended September 30
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
2017
 
$
1

 
$
(1
)
 
$
—

 
$
(3
)
 
$
(3
)
2016
 
1

 
(1
)
 
—

 
(2
)
 
(2
)
Cash Flow Hedge - Foreign Exchange Contracts
 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)
Nine months ended September 30
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
2017
 
$
14

 
$
(3
)
 
$
(1
)
 
$
(7
)
 
$
3

2016
 
2

 
(2
)
 
(1
)
 
(5
)
 
(6
)