Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional amounts of outstanding derivative positions

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

		As of June 30, 2016						As of December 31, 2015
(in millions)	Notional Currency	Notional Value	Assets (a)		Liabilities (a)			Notional Value	Assets (a)		Liabilities (a)
Derivatives designated as hedges of net investments in foreign operations:
Foreign exchange contracts	AUD	260	$	60	$	—		260	$	65	$	—
Foreign exchange contracts (b)	EUR	—	—		—			200	51		—
Foreign exchange contracts	GBP	250	75		—			250	39		—
Foreign exchange contracts	CAD	110	19		—			110	24		—
			154		—				179		—
Derivatives not designated as hedging instruments:
Interest rate contracts	USD	5,000	—		(22		)	5,000	—		(56		)
			$	154	$	(22	)		$	179	$	(56	)

(a) Of the balances included in the table above, in aggregate, $154 million of assets and $20 million of liabilities, net $134 million, as of June 30, 2016 and $179 million of assets and $51 million of liabilities, net $128 million, as of December 31, 2015 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) The forward exchange contracts matured in January 2016 at a net settlement value of $49 million.

Schedule of the effect of derivative instruments on the Consolidated Statements of Operations

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

	Three months ended June 30,											Six months ended June 30,
	2016					2015						2016					2015
(in millions, pretax)	Interest Rate Contracts			Foreign Exchange Contracts		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 (loss) recognized in Foreign currency translation adjustment in the consolidated statements of comprehensive income (loss) (effective portion)	$	—		$	30	$	—		$	(35	)	$	—		$	22	$	—		$	32
Derivatives not designated as hedging instruments:
Gain (loss) recognized in Other income (expense) in the consolidated statements of operations	(1		)	—		(13		)	(1		)	(5		)	—		(18		)	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 related to derivative instruments classified as cash flow hedges and a net investment hedge held by the Company for the periods presented:

(in millions, after tax)	Three months ended June 30,					Six months ended June 30,
	2016		2015			2016		2015
Accumulated gain included in other comprehensive income (loss) at beginning of the period	$	81	$	79		$	86	$	37
Increase (decrease) in fair value of derivatives that qualify for hedge accounting, net of tax (a)	19		(22		)	14		20
Accumulated gain included in other comprehensive income (loss) at end of the period	$	100	$	57		$	100	$	57

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