Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2020

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)
	June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Foreign exchange contracts
Accounted for as hedges	$	598	$	579	$	14	$	16	$	1	$	1
Not accounted for as hedges (3)	619		297		3		2		1		—
Total	$	1,217	$	876	$	17	$	18	$	2	$	1

(1)Included within Other current assets ($6 million at June 30, 2020 and $7 million at December 31, 2019) or Other non-current assets ($11 million at June 30, 2020 and $11 million at December 31, 2019).

(2)Included within Other current liabilities ($2 million at June 30, 2020 and $1 million at December 31, 2019).

(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 Condensed Consolidated Financial Statements are as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Loss recognized in Accumulated other comprehensive loss	$	(2)	$	(12)	$	(13)	$	(8)

The amounts of derivative gains (losses) reclassified from Accumulated other comprehensive loss to the Condensed Consolidated Statements of Income are as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total revenue	$	(5)	$	(3)	$	(9)	$	(7)
Compensation and benefits	(1)		—		(1)		—
Interest expense	—		—		(1)		(1)
Total	$	(6)	$	(3)	$	(11)	$	(8)