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Derivatives and Hedging (Tables) | 9 Months Ended
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Sep. 30, 2014
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)
| September 30, 2014 |  | December 31, 2013 |  | September 30, 2014 |  | December 31, 2013 |  | September 30, 2014 |  | December 31, 2013
Derivatives accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | 171 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts | 1,106 |  |  | 1,191 |  |  | 55 |  |  | 71 |  |  | 65 |  |  | 93 |
Total | 1,106 |  |  | 1,362 |  |  | 55 |  |  | 80 |  |  | 65 |  |  | 93 |
Derivatives not accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | 184 |  |  | 215 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,290 |  |  | $ | 1,577 |  |  | $ | 55 |  |  | $ | 80 |  |  | $ | 65 |  |  | $ | 93 |
______________________________________________
(1) | Included within Other current assets ($25 million and $46 million at September 30, 2014 and December 31, 2013, respectively) or Other non-current assets ($30 million and $34 million at September 30, 2014 and December 31, 2013, respectively).
(2) | Included within Other current liabilities ($17 million and $51 million at September 30, 2014 and December 31, 2013, respectively) or Other non-current liabilities ($48 million and $42 million at September 30, 2014 and December 31, 2013, respectively).
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)
| September 30, 2014 |  | December 31, 2013 |  | September 30, 2014 |  | December 31, 2013 |  | September 30, 2014 |  | December 31, 2013
Derivatives accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
Foreign exchange contracts | 55 |  |  | 71 |  |  | (15 | ) |  | (30 | ) |  | 40 |  |  | 41 |
Total | 55 |  |  | 80 |  |  | (15 | ) |  | (30 | ) |  | 40 |  |  | 50 |
Derivatives not accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 55 |  |  | $ | 80 |  |  | $ | (15 | ) |  | $ | (30 | ) |  | $ | 40 |  |  | $ | 50 |
______________________________________________ (1) Included within Other current assets ($13 million and $18 million at September 30, 2014 and December 31, 2013, respectively) or Other non-current assets ($27 million and $32 million at September 30, 2014 and December 31, 2013, respectively). 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)
| September 30, 2014 |  | December 31, 2013 |  | September 30, 2014 |  | December 31, 2013 |  | September 30, 2014 |  | December 31, 2013
Derivatives accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts | 65 |  |  | 93 |  |  | (15 | ) |  | (30 | ) |  | 50 |  |  | 63 |
Total | 65 |  |  | 93 |  |  | (15 | ) |  | (30 | ) |  | 50 |  |  | 63 |
Derivatives not accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 65 |  |  | $ | 93 |  |  | $ | (15 | ) |  | $ | (30 | ) |  | $ | 50 |  |  | $ | 63 |
______________________________________________ (1) Included within Other current liabilities ($5 million and $23 million at September 30, 2014 and December 31, 2013, respectively) or Other non-current liabilities ($45 million and $40 million at September 30, 2014 and December 31, 2013, respectively)
Derivative gains (losses) | The amounts of derivative gains (losses) recognized in the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2014 and 2013 are as follows (in millions):
Gain (Loss) recognized in Accumulated Other Comprehensive Loss: | Three months ended September 30, |  | Nine months ended September 30,
2014 |  | 2013 |  | 2014 |  | 2013
Cash flow hedges: |  |  |  |  |  |  |  |  |
Interest rate contracts (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts (2) | (3 | ) |  | — |  |  | 4 |  |  | (28 | )
Total | $ | (3 | ) |  | $ | — |  |  | $ | 4 |  |  | $ | (28 | )
______________________________________________ (1) Location of future reclassification from Accumulated Other Comprehensive Loss will be included within Interest expense. (2) Location of future reclassification from Accumulated Other Comprehensive Loss will be included within Compensation and benefits ($2 million and $3 million loss for the three months ended September 30, 2014 and 2013, respectively, and $14 million gain and $17 million loss for the nine months ended September 30, 2014 and 2013, respectively), Other income ($2 million and $3 million gain for the three months ended September 30, 2014 and 2013, respectively, and $9 million and $11 million loss for the nine months ended September 30, 2014 and 2013, respectively), and Other general expenses ($3 million and $1 million loss for the three and nine months ended September 30, 2014, respectively).
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion): | Three months ended September 30, |  | Nine months ended September 30,
2014 |  | 2013 |  | 2014 |  | 2013
Cash flow hedges: |  |  |  |  |  |  |  |  |
Interest rate contracts (1) | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | (1 | )
Foreign exchange contracts (2) | 4 |  |  | (10 | ) |  | (15 | ) |  | (7 | )
Total | 4 |  |  | (10 | ) |  | (16 | ) |  | (8 | )
______________________________________________ (1) Included within Interest expense (2) Included within Compensation and benefits ($1 million and $5 million loss for the three months ended September 30, 2014 and 2013, respectively, and $4 million and $9 million loss for the nine months ended September 30, 2014 and 2013, respectively), Other income ($5 million gain and $5 million loss for the three months ended September 30, 2014 and 2013, respectively, and $6 million loss and $3 million gain for the nine months ended September 30, 2014 and 2013, respectively), Interest expenses ($3 million and $8 million loss for the three and nine months ended September 30, 2014, respectively), and Other general expenses ($3 million gain for the three months ended September 30, 2014, and $3 million gain and $1 million loss for the nine months ended September 30, 2014 and 2013, respectively). The amount of gain (loss) recognized in the Condensed Consolidated Financial Statements is as follows (in millions):
| Three months ended September 30, |  | Nine months ended September 30,
| Amount of Gain (Loss) Recognized in Income on Derivative (1) |  | Amount of Gain (Loss) Recognized in Income on Related Hedged Item |  | Amount of Gain (Loss) Recognized in Income on Derivative (1) (2) |  | Amount of Gain (Loss) Recognized in Income on Related Hedge Item (1) (2)
| 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts (2) | $ | (9 | ) |  | $ | (7 | ) |  | $ | 9 |  |  | $ | 7 |  |  | $ | (9 | ) |  | $ | (8 | ) |  | $ | 9 |  |  | $ | 8 |
______________________________________________ (1) Included in Interest expense. (2) Relates to fixed rate debt.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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