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Derivatives and Hedging (Tables)
 12 Months Ended
Dec. 31, 2018
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
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
  Accounted for as hedges
$
646

 
$
701

 
$
17

 
$
31

 
$
2

 
$
3

  Not accounted for as hedges (3)
269

 
254

 
1

 
1

 
6

 
3

Total
$
915

 
$
955

 
$
18

 
$
32

 
$
8

 
$
6

(1)
Included within Other current assets ($3 million in 2018 and $9 million in 2017) or Other non-current assets ($15 million in 2018 and $23 million in 2017).
(2)
Included within Other current liabilities ($5 million in 2018 and $3 million in 2017) or Other non-current liabilities ($3 million in 2018 and $3 million in 2017).
(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):
 
 
2018
 
2017
 
2016
Gain (Loss) recognized in Accumulated other comprehensive loss
 
$
(18
)
 
$
18

 
$
(25
)
 
 
 
 
 
 
 
Location of future reclassification from Accumulated other comprehensive loss
 
 
 
 
 
 
Compensation and benefits
 
$
(5
)
 
$
12

 
$
8

Other general expenses
 
$
3

 
$
4

 
$
(13
)
Other income (expense) (1)
 
$
(16
)
 
$
2

 
$
(20
)
(1)
With the adoption of new derivative guidance in 2019, gains (losses) on derivatives accounted for as hedges will be recognized in Total revenue in the Company’s Consolidated Statements of Income rather than Other income (expense). Refer to Note 2 “Summary of Significant Accounting Principles and Practices” for additional details.
The amounts of derivative gains (losses) reclassified from Accumulated other comprehensive loss into Consolidated Statements of Income (effective portion) are as follows (in millions):
 
 
Years Ended December 31
 
 
2018
 
2017
 
2016
Compensation and benefits
 
$
1

 
$
14

 
$
2

Other general expenses
 
(2
)
 
(5
)
 
(4
)
Interest expense
 
(2
)
 
(1
)
 
(1
)
Other income (expense)
 
(8
)
 
(9
)
 
(7
)
Total
 
$
(11
)
 
$
(1
)
 
$
(10
)