Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of outstanding derivative instruments

The fair value of our outstanding derivative instruments as of December 31, 2015 and 2014 were as follows:

	Balance Sheet Location	December 31, 2015		December 31, 2014
		(In millions)
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other Current Assets	$	42	$	42
Foreign exchange contracts not designated as hedging instruments	Other Current Assets	14		20
Interest rate contracts designated as fair value hedges	Other Assets	41		22
Total derivative assets		$	97	$	84
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other Current Liabilities	$	1	$	—
Foreign exchange contracts not designated as hedging instruments	Other Current Liabilities	24		20
Total derivative liabilities		$	25	$	20
Total fair value of derivative instruments		$	72	$	64

Summary of activity of derivative contracts that qualify for hedge accounting and the impact of designated derivative contracts on accumulated other comprehensive income

The following tables summarize the activity of derivative contracts that qualify for hedge accounting as of December 31, 2015 and 2014, and the impact of these derivative contracts on accumulated other comprehensive income for the years ended December 31, 2015 and 2014:

	December 31, 2014		Amount of gain (loss) recognized in other comprehensive income (effective portion)	Amount of gain (loss) reclassified from accumulated other comprehensive income to cost of net revenue and operating expense (effective portion)	December 31, 2015
	(In millions)
Foreign exchange contracts designated as cash flow hedges	$	41	66	71	$	36

	December 31, 2013			Amount of gain (loss) recognized in other comprehensive income (effective portion)	Amount of gain (loss) reclassified from accumulated other comprehensive income to cost of net revenue and operating expense (effective portion)	December 31, 2014
	(In millions)
Foreign exchange contracts designated as cash flow hedges	$	(15	)	56	—	$	41

Schedule of location in financial statements of recognized gains or losses related to derivative instruments

The following table provides the location in our financial statements of the recognized gains or losses related to our foreign exchange derivative instruments:

	Year Ended December 31,
	2015			2014		2013
	(In millions)
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues and operating expenses	$	71		$	—	$	(9	)
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net	(1		)	10		11
Total gain (loss) recognized from foreign exchange derivative contracts in the consolidated statement of income	$	70		$	10	$	2

The following table provides the location in our financial statements of the recognized gains or losses related to our interest rate derivative instruments:

	Year Ended December 31,
	2015			2014			2013
	(In millions)
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest and other, net	$	19		$	22		$	—
Gain (loss) from hedged items attributable to hedged risk recognized in interest and other, net	(19		)	(22		)	—
Total gain (loss) recognized from interest rate derivative contracts in the consolidated statement of income	$	—		$	—		$	—

Schedule of notional amounts of derivatives outstanding

The following table provides the notional amounts of our outstanding derivatives:

	December 31,
	2015		2014		2013
	(In millions)
Foreign exchange contracts designated as cash flow hedges	$	1,315	$	307	$	331
Foreign exchange contracts not designated as hedging instruments	1,317		1,535		2,257
Interest rate contracts designated as fair value hedges	2,400		2,400		—
Total	$	5,032	$	4,242	$	2,588