Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company held the following derivative instruments as of the dates indicated:



	As of December 31,
	2015							2014
(in millions)	Notional Currency	Notional Value	Assets (a)		Liabilities (a)			Notional Currency	Notional Value	Assets (a)		Liabilities (a)
Derivatives designated as hedges of net investments in foreign operations:
Foreign exchange contracts	AUD	260	$	65	$	—		AUD	260	$	41	$	—
Foreign exchange contracts (b)	EUR	200	51		—			EUR	200	27		—
Foreign exchange contracts	GBP	250	39		—			GBP	250	18		—
Foreign exchange contracts	CAD	110	24		—			CAD	110	9		—
			179		—					95		—
Derivatives not designated as hedging instruments:
Interest rate contracts	USD	5,000	—		(56		)	USD	5,750	47		(105		)
Foreign exchange contracts	EUR	—	—		—			EUR	22	1		—
			—		(56		)			48		(105		)
			$	179	$	(56	)			$	143	$	(105	)

(a)

Of the balances included in the table above, in aggregate, $179 million of assets and $51 million of liabilities, net $128 million, as of December 31, 2015 and $142 million of assets and $96 million of liabilities, net $46 million, as of December 31, 2014 are subject to master netting agreements to the extent that the swaps are with the same counterparty. The terms of those agreements require that the Company net settle the outstanding positions at the option of the counterparty upon certain events of default.


(b)	Matured January 18, 2016.

Schedule of derivative gains and (losses)

Derivative gains and (losses) were as follows for the periods indicated:



	Year ended December 31,
	2015					2014					2013
(in millions, pretax)	Interest Rate Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Foreign Exchange Contracts
Derivatives in net investment hedging relationships:
Gain recognized in OCI (effective portion)	$	—		$	79	$	—		$	80	$	—		$	14
Derivatives not designated as hedging instruments
Gain (loss) recognized in Other income (expense) in the consolidated statements of operations	$	(19	)	$	2	$	(4	)	$	4	$	(22	)	$	(2	)

Summary of activity in other comprehensive income related to derivative instruments classified as cash flow hedges and as a net investment hedge

The following table summarizes activity in other comprehensive income for the years ended December 31, 2015, 2014, and 2013 related to derivative instruments classified as a net investment hedge held by the Company:



	Year ended December 31,
(in millions, after tax)	2015		2014			2013
Accumulated gain (loss) included in other comprehensive income (loss) at beginning of the period	$	37	$	(12	)	$	(21	)
Increase in fair value of derivatives that qualify for hedge accounting, net of tax (a)	49		49			9
Accumulated gain (loss) included in other comprehensive income (loss) at end of the period	$	86	$	37		$	(12	)


(a)	Gains and (losses) are included in “Unrealized gains (losses) on securities” and in “Foreign currency translation adjustment” on the consolidated statements of comprehensive income (loss).