Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016 was as follows:

	Balance Sheet Location	As of December 31,
		2017			2016
Derivative Assets:		(In millions)
Foreign exchange contracts designated as cash flow hedges	Other Current Assets	$	—		$	135
Foreign exchange contracts not designated as hedging instruments	Other Current Assets	66			88
Total derivative assets		$	66		$	223
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other Current Liabilities	$	94		$	4
Foreign exchange contracts not designated as hedging instruments	Other Current Liabilities	124			55
Total derivative liabilities		$	218		$	59
Net fair value of derivative instruments		$	(152	)	$	164

Schedule of cash flow hedges included in accumulated other comprehensive income

The following table summarizes the activity of derivative contracts that qualify for hedge accounting as of December 31, 2017 and December 31, 2016, and the impact of designated derivative instruments on accumulated other comprehensive income for the twelve months ended December 31, 2017 and 2016:

	December 31, 2016		Amount of gain (loss) recognized in other comprehensive income (effective portion)			Less: Amount of gain reclassified from accumulated other comprehensive income to net revenue (effective portion)		December 31, 2017
	(In millions)
Foreign exchange contracts designated as cash flow hedges	$	131	$	(225	)	$	17	$	(111	)

	December 31, 2015		Amount of gain (loss) recognized in other comprehensive income (effective portion)		Less: Amount of gain reclassified from accumulated other comprehensive income to net revenue (effective portion)		December 31, 2016
	(In millions)
Foreign exchange contracts designated as cash flow hedges	$	57	$	193	$	119	$	131

Recognized gains or losses related to derivative instruments

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

	Year Ended December 31,
	2017			2016		2015
	(In millions)
Foreign exchange contracts designated as cash flow hedges recognized in net revenues	$	17		$	119	$	182
Foreign exchange contracts not designated as cash flow hedges recognized in other income (expense), net	(54		)	76		17
Total gain (loss) recognized from derivative contracts in the consolidated statement of income	$	(37	)	$	195	$	199

Schedule of notional amounts of outstanding derivatives

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

	Year Ended December 31,
	2017		2016
	(In millions)
Foreign exchange contracts designated as cash flow hedges	$	2,639	$	1,865
Foreign exchange contracts not designated as hedging instruments	5,669		4,612
Total	$	8,308	$	6,477