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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments

The following tables summarize the fair values of our derivative instruments (in millions):

 

   

December 31, 2014

   

December 31, 2013

 
   

Balance Sheet
Location

  Fair
Value
   

Balance Sheet
Location

  Fair
Value
 

Derivatives designated as hedging instruments

       

Asset Derivatives

       

Interest rate swaps

  Other assets   $ 4      Other assets   $ 1   

Forward contracts

  Prepaid expenses and other     1      Prepaid expenses and other       
   

 

 

     

 

 

 

Total assets

    $ 5        $ 1   

Liability Derivatives

       

Forward contracts

  Accrued expenses   $      Accrued expenses   $ 1   
   

December 31, 2014

   

December 31, 2013

 
   

Balance Sheet

Location

  Fair
Value
   

Balance Sheet
Location

  Fair
Value
 

Derivatives not designated as hedging instruments

       

Asset Derivatives

       

Forward contracts

  Prepaid expenses and other   $ 9      Prepaid expenses and other   $ 2   

Liability Derivatives

       

Forward contracts

  Accrued expenses   $ 20      Accrued expenses   $ 1   
Derivative Instruments Gain (Loss) Recognized in Income

The following table presents the effect of our derivatives on our Consolidated Statements of Income (in millions):

 

Derivatives Not Designated as Hedging

Instruments

  

Location of Gain or (Loss) Recognized

              in  Income on Derivative              

   Amount of Gain or
(Loss) Recognized in
Income on Derivative
 
      Year Ended
December 31,
 
      2014     2013      2012  

Foreign forward exchange contracts

   Interest expense, net    $ (2   $ 14       $ (1
     

 

 

   

 

 

    

 

 

 

Total gain (loss) included in income

      $ (2   $ 14       $ (1