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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of fair value of outstanding derivative instruments
The fair values of our outstanding derivative instruments as of June 30, 2017 and December 31, 2016 were as follows (in millions):
 
Balance Sheet Location
 
June 30,
2017
 
December 31,
2016
Derivative Assets:
 
 
 
 
 
Foreign exchange contracts designated as cash flow hedges
Other Current Assets
 
$
9

 
$
67

Foreign exchange contracts not designated as hedging instruments
Other Current Assets
 
57

 
64

Interest rate contracts designated as fair value hedges
Other Assets
 
24

 
23

Total derivative assets
 
 
$
90

 
$
154

 
 
 
 
 
 
Derivative Liabilities:
 
 
 
 
 
Foreign exchange contracts designated as cash flow hedges
Other Current Liabilities
 
$
20

 
$
3

Foreign exchange contracts not designated as hedging instruments
Other Current Liabilities
 
39

 
45

Total derivative liabilities
 
 
$
59

 
$
48

 
 
 
 
 
 
Total fair value of derivative instruments
 
 
$
31

 
$
106
Impact of derivative contracts on accumulated other comprehensive income
The following tables present the activity of derivative contracts that qualify for hedge accounting as of June 30, 2017 and December 31, 2016, and the impact of these derivative contracts on AOCI for the six months ended June 30, 2017 and 2016 (in millions): 
 
December 31, 2016
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive 
Income
(Effective Portion) 
 
Amount of Gain (Loss)
Reclassified From
AOCI to Earnings
(Effective Portion)
 
June 30, 2017
Foreign exchange contracts designated as cash flow hedges
$
54

 
$
(63
)
 
$
35

 
$
(44
)

 
December 31, 2015
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive 
Income
(Effective Portion) 
 
Amount of Gain (Loss)
Reclassified From
AOCI to Earnings
(Effective Portion)
 
June 30, 2016
Foreign exchange contracts designated as cash flow hedges
$
36

 
$
69

 
$
36

 
$
69
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 (in millions): 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017

2016
 
2017
 
2016
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues and operating expenses
$
4

 
$
(1
)
 
$
11

 
$
3

Foreign exchange contracts designated as cash flow hedges recognized in interest and other, net
11

 
21

 
24

 
33

Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net
(4
)
 
5

 
(8
)
 
3

Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income
$
11

 
$
25

 
$
27

 
$
39


The following table provides the location in our financial statements of the recognized gains or losses related to our interest rate derivative instruments (in millions): 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest and other, net
$
8

 
$
21

 
$
1

 
$
84

Gain (loss) from hedged items attributable to hedged risk recognized in interest and other, net
(8
)
 
(21
)
 
(1
)
 
(84
)
Total gain (loss) recognized from interest rate derivative contracts in the condensed consolidated statement of income
$
—

 
$
—

 
$
—

 
$
—
Notional amounts of outstanding derivatives
The following table provides the notional amounts of our outstanding derivatives as of June 30, 2017 and December 31, 2016 (in millions):
 
June 30,
2017
 
December 31,
2016
Foreign exchange contracts designated as cash flow hedges
$
1,631

 
$
1,200

Foreign exchange contracts not designated as hedging instruments
3,698

 
2,993

Interest rate contracts designated as fair value hedges
2,400

 
2,400

Total
$
7,729

 
$
6,593