Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional and fair values of derivative instruments

The notional and fair values of derivative instruments are as follows (in millions):

	Notional Amount				Derivative Assets (1)				Derivative Liabilities (2)
	June 30, 2016		December 31, 2015		June 30, 2016		December 31, 2015		June 30, 2016		December 31, 2015
Foreign exchange contracts:
Accounted for as hedges	$	808	$	778	$	16	$	32	$	12	$	18
Not accounted for as hedges (3)	201		280		—		—		—		—
Total	$	1,009	$	1,058	$	16	$	32	$	12	$	18

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(1) Included within Other current assets ($5 million at June 30, 2016 and $15 million at December 31, 2015) or Other non-current assets ($11 million at June 30, 2016 and $17 million at December 31, 2015).

(2) Included within Other current liabilities ($8 million at June 30, 2016 and $13 million at December 31, 2015) or Other non-current liabilities ($4 million at June 30, 2016 and $5 million at December 31, 2015).

(3) These contracts typically are for 30 day durations are executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.

Offsetting of financial assets and derivatives assets are as follows (in millions):

	Gross Amounts of Recognized Assets				Gross Amounts Offset in the Statement of Financial Position						Net Amounts of Assets Presented in the Statement of Financial Position (1)
Derivatives accounted for as hedges:	June 30, 2016		December 31, 2015		June 30, 2016			December 31, 2015			June 30, 2016		December 31, 2015
Foreign exchange contracts	$	16	$	32	$	(5	)	$	(13	)	$	11	$	19

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(1) Included within Other current assets ($2 million at June 30, 2016 and $6 million at December 31, 2015) or Other non-current assets ($9 million at June 30, 2016 and $13 million at December 31, 2015).

Offsetting of financial liabilities and derivative liabilities are as follows (in millions):

	Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Statement of Financial Position						Net Amounts of Liabilities Presented in the Statement of Financial Position (1)
Derivatives accounted for as hedges:	June 30, 2016		December 31, 2015		June 30, 2016			December 31, 2015			June 30, 2016		December 31, 2015
Foreign exchange contracts	$	12	$	18	$	(5	)	$	(13	)	$	7	$	5

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(1) Included within Other current liabilities ($5 million at June 30, 2016 and $4 million at December 31, 2015) or Other non-current liabilities ($2 million at June 30, 2016 and $1 million at December 31, 2015).

Derivative gains (losses)

The amounts of derivative gains (losses) recognized in the Condensed Consolidated Financial Statements for the three and six months ended June 30, 2016 and 2015 are as follows (in millions):

Cash Flow Hedge - Foreign Exchange Contracts	Location of future reclassification from Accumulated Other Comprehensive Loss										Gain (Loss) Recognized in Accumulated Other Comprehensive Loss:
Three months ended June 30,	Compensation and Benefits		Other General Expenses			Interest Expense		Other Income (Expense)			Total
2016	$	—	$	(2	)	$	—	$	(6	)	$	(8	)
2015	1		3			—		10			14

Cash Flow Hedge - Foreign Exchange Contracts	Location of future reclassification from Accumulated Other Comprehensive Loss											Gain (Loss) Recognized in Accumulated Other Comprehensive Loss:
Six months ended June 30,	Compensation and Benefits			Other General Expenses			Interest Expense		Other Income (Expense)			Total
2016	$	(2	)	$	(5	)	$	—	$	(11	)	$	(18	)
2015	6			1			—		6			13

Cash Flow Hedge - Foreign Exchange Contracts	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
Three months ended June 30,	Compensation and Benefits		Other General Expenses			Interest Expense			Other Income			Total
2016	$	—	$	(1	)	$	(1	)	$	(2	)	$	(4	)
2015	1		(1		)	(2		)	5			3

Cash Flow Hedge - Foreign Exchange Contracts	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
Six months ended June 30,	Compensation and Benefits		Other General Expenses			Interest Expense			Other Income			Total
2016	$	1	$	(1	)	$	(1	)	$	(3	)	$	(4	)
2015	1		(1		)	(4		)	(3		)	(7		)