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Derivatives and Hedging (Tables)
 12 Months Ended
Dec. 31, 2017
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
 
Net Amount of Derivative Assets Presented in the Statements of Financial Position (1)
 
Net Amount of Derivative Liabilities Presented in the Statements of Financial Position (2)
As of December 31
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Foreign exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
  Accounted for as hedges
$
701

 
$
758

 
$
31

 
$
13

 
$
3

 
$
12

  Not accounted for as hedges (3)
254

 
189

 
1

 
1

 
3

 
1

Total
$
955

 
$
947

 
$
32

 
$
14

 
$
6

 
$
13

(1)
Included within Other current assets ($9 million in 2017 and $5 million in 2016) or Other non-current assets ($23 million in 2017 and $9 million in 2016).
(2)
Included within Other current liabilities ($3 million in 2017 and $6 million in 2016) or Other non-current liabilities ($3 million in 2017 and $7 million in 2016).
(3)
These contracts typically are for 30-day durations and executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.
Derivative gains (losses)
The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions):
 
 
2017
 
2016
 
2015
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss

 
$
18

 
$
(25
)
 
$
(9
)
 
 
 
 
 
 
 
Location of future reclassification from Accumulated Other Comprehensive Loss
 
 
 
 
 
 
Compensation and Benefits
 
$
12

 
$
8

 
$
4

Other General Expenses
 
4

 
(13
)
 
(3
)
Interest Expense
 
—

 
—

 
—

Other Income (Expense)
 
2

 
(20
)
 
(10
)
The amounts of derivative gains (loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) are as follows (in millions):
 
 
2017
 
2016
 
2015
Compensation and Benefits
 
$
14

 
$
2

 
$
4

Other General Expenses
 
(5
)
 
(4
)
 
(1
)
Interest Expense
 
(1
)
 
(1
)
 
(9
)
Other Income (Expense)
 
(9
)
 
(7
)
 
(11
)
Total
 
$
(1
)
 
$
(10
)
 
$
(17
)