DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 2017 and December 31, 2016, the notional amounts of our outstanding derivative positions were as follows (in millions):

	September 30, 2017		December 31, 2016
Currency hedges:
Euro	EUR	4,141	EUR	3,702
British Pound Sterling	GBP	1,758	GBP	1,380
Canadian Dollar	CAD	1,244	CAD	1,053
Indian Rupee	INR	—	INR	76
Mexican Peso	MXN	166	MXN	—
Japanese Yen	JPY	3,363	JPY	3,972
Singapore Dollar	SGD	15	SGD	32
Interest rate hedges:
Fixed to Floating Interest Rate Swaps	$	5,799	$	5,799
Floating to Fixed Interest Rate Swaps	$	778	$	778
Investment market price hedges:
Marketable Securities	EUR	204	EUR	76

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

		Fair Value Hierarchy Level	Gross Amounts Presented in Consolidated Balance Sheets				Net Amounts if Right of Offset had been Applied
Asset Derivatives	Balance Sheet Location		September 30, 2017		December 31, 2016		September 30, 2017		December 31, 2016
Derivatives designated as hedges:
Foreign exchange contracts	Other current assets	Level 2	$	21	$	176	$	15	$	176
Interest rate contracts	Other current assets	Level 2	4		—		4		—
Foreign exchange contracts	Other non-current assets	Level 2	3		131		—		126
Interest rate contracts	Other non-current assets	Level 2	88		137		75		119
Derivatives not designated as hedges:
Foreign exchange contracts	Other current assets	Level 2	—		1		—		1
Interest rate contracts	Other non-current assets	Level 2	34		42		33		40
Total Asset Derivatives			$	150	$	487	$	127	$	462

		Fair Value Hierarchy Level	Gross Amounts Presented in Consolidated Balance Sheets				Net Amounts if Right of Offset had been Applied
Liability Derivatives	Balance Sheet Location		September 30, 2017		December 31, 2016		September 30, 2017		December 31, 2016
Derivatives designated as hedges:
Foreign exchange contracts	Other current liabilities	Level 2	$	62	$	—	$	56	$	—
Interest rate contracts	Other current liabilities	Level 2	—		1		—		1
Foreign exchange contracts	Other non-current liabilities	Level 2	155		6		152		1
Interest rate contracts	Other non-current liabilities	Level 2	18		21		5		3
Derivatives not designated as hedges:
Foreign exchange contracts	Other current liabilities	Level 2	—		—		—		—
Investment market price contracts	Other current liabilities	Level 2	47		10		47		10
Interest rate contracts	Other non-current liabilities	Level 2	5		7		4		5
Total Liability Derivatives			$	287	$	45	$	264	$	20

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table indicates the amount of gains and losses that have been recognized in AOCI within foreign currency translation adjustment for the three and nine months ended September 30, 2017 and 2016 for those instruments designated as net investment hedges (in millions):

Three Months Ended September 30:
Non-derivative Instruments in Net Investment Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Debt (Effective Portion)
	2017			2016
Foreign denominated debt	$	(142	)	$	(7	)
Total	$	(142	)	$	(7	)
Nine Months Ended September 30:
Non-derivative Instruments in Net Investment Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Debt (Effective Portion)
	2017			2016
Foreign denominated debt	$	(389	)	(30		)
Total	$	(389	)	$	(30	)

The following table indicates the amount of gains and losses that have been recognized in AOCI for the three and nine months ended September 30, 2017 and 2016 for those derivatives designated as cash flow hedges (in millions):

Three Months Ended September 30:
Derivative Instruments in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)
	2017			2016
Interest rate contracts	$	—		$	—
Foreign exchange contracts	(141		)	(27		)
Total	$	(141	)	$	(27	)
Nine Months Ended September 30:
Derivative Instruments in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)
	2017			2016
Interest rate contracts	$	—		$	(3	)
Foreign exchange contracts	(431		)	(36		)
Total	$	(431	)	$	(39	)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table indicates the amount and location in the statements of consolidated income in which derivative gains and losses, as well as the associated gains and losses on the underlying exposure, have been recognized for those derivatives designated as fair value hedges for the three and nine months ended September 30, 2017 and 2016 (in millions):

Derivative Instruments in Fair Value Hedging Relationships	Location of Gain (Loss) Recognized in Income	Derivative Amount of Gain (Loss) Recognized in Income						Hedged Items in Fair Value Hedging Relationships	Location of  Gain (Loss) Recognized In  Income	Hedged Items Amount of Gain (Loss) Recognized in Income
		2017			2016					2017		2016
Three Months Ended September 30:
Interest rate contracts	Interest Expense	$	(18	)	$	(59	)	Fixed-Rate Debt	Interest Expense	$	18	$	59
Nine Months Ended September 30:
Interest rate contracts	Interest Expense	$	(41	)	$	56		Fixed-Rate Debt	Interest Expense	$	41	$	(56	)

The following is a summary of the amounts recorded in the statements of consolidated income related to fair value changes and settlements of these interest rate swaps, foreign currency forward and investment market price forward contracts not designated as hedges for the three and nine months ended September 30, 2017 and 2016 (in millions):

Derivative Instruments Not Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Income
		2017			2016
Three Months Ended September 30:
Interest rate contracts	Interest expense	$	(2	)	$	(2	)
Foreign exchange contracts	Investment income and other	14			(11		)
Investment market price contracts	Investment income and other	(45		)	(28		)
		$	(33	)	$	(41	)
Nine Months Ended September 30:
Interest rate contracts	Interest expense	$	(6	)	$	(6	)
Foreign exchange contracts	Investment income and other	34			$	(117	)
Investment market price contracts	Investment income and other	(37		)	152
		$	(9	)	$	29