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Derivatives and Hedging (Tables) | 9 Months Ended
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Sep. 30, 2015
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, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014
Derivatives accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts | 965 |  |  | 1,200 |  |  | 34 |  |  | 46 |  |  | 50 |  |  | 58 |
Total | 965 |  |  | 1,200 |  |  | 34 |  |  | 46 |  |  | 50 |  |  | 58 |
Derivatives not accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts (3) | 176 |  |  | 165 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | $ | 1,141 |  |  | $ | 1,365 |  |  | $ | 34 |  |  | $ | 46 |  |  | $ | 51 |  |  | $ | 58 |
______________________________________________
(1) | Included within Other current assets ($16 million at September 30, 2015 and $24 million at December 31, 2014) or Other non-current assets ($18 million at September 30, 2015 and $22 million at December 31, 2014).
(2) | Included within Other current liabilities ($40 million at September 30, 2015 and $52 million at December 31, 2014) or Other non-current liabilities ($11 million at September 30, 2015 and $6 million at December 31, 2014).
(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.
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, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014
Derivatives accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts | 34 |  |  | 46 |  |  | (14 | ) |  | (14 | ) |  | 20 |  |  | 32 |
Total | 34 |  |  | 46 |  |  | (14 | ) |  | (14 | ) |  | 20 |  |  | 32 |
Derivatives not accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 34 |  |  | $ | 46 |  |  | $ | (14 | ) |  | $ | (14 | ) |  | $ | 20 |  |  | $ | 32 |
______________________________________________ (1) Included within Other current assets ($8 million at September 30, 2015 and $12 million at December 31, 2014) or Other non-current assets ($12 million at September 30, 2015 and $20 million at December 31, 2014). 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, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014
Derivatives accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts | 50 |  |  | 58 |  |  | (15 | ) |  | (14 | ) |  | 35 |  |  | 44 |
Total | 50 |  |  | 58 |  |  | (15 | ) |  | (14 | ) |  | 35 |  |  | 44 |
Derivatives not accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | $ | 51 |  |  | $ | 58 |  |  | $ | (15 | ) |  | $ | (14 | ) |  | $ | 36 |  |  | $ | 44 |
______________________________________________ (1) Included within Other current liabilities ($32 million at September 30, 2015 and $40 million at December 31, 2014) or Other non-current liabilities ($4 million at September 30, 2015 and $4 million at December 31, 2014)
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, 2015 and 2014 are as follows (in millions):
Three Months Ended September 30, 2015 |  |  |  |  |  |  |  |
|  | Location of future reclassification from Accumulated Other Comprehensive Loss |  | Gain (Loss) recognized in Accumulated Other Comprehensive Loss:
|  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income (Expense) |  | Total
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | (8 | ) |  | (2 | ) |  | — |  |  | (4 | ) |  | (14 | )
Total |  | $ | (8 | ) |  | $ | (2 | ) |  | $ | — |  |  | $ | (4 | ) |  | $ | (14 | )
Three Months Ended September 30, 2014 |  |  |  |  |  |  |  |
|  | Location of future reclassification from Accumulated Other Comprehensive Loss |  | Gain (Loss) recognized in Accumulated Other Comprehensive Loss:
|  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income (Expense) |  | Total
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | (2 | ) |  | (3 | ) |  | — |  |  | 2 |  |  | (3 | )
Total |  | $ | (2 | ) |  | $ | (3 | ) |  | $ | — |  |  | $ | 2 |  |  | $ | (3 | )
Nine Months Ended September 30, 2015 |  |  |  |  |  |  |  |
|  | Location of future reclassification from Accumulated Other Comprehensive Loss |  | Gain (Loss) recognized in Accumulated Other Comprehensive Loss:
|  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income (Expense) |  | Total
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | (2 | ) |  | (1 | ) |  | — |  |  | 2 |  |  | (1 | )
Total |  | $ | (2 | ) |  | $ | (1 | ) |  | $ | — |  |  | $ | 2 |  |  | $ | (1 | )
Nine Months Ended September 30, 2014 |  |  |  |  |  |  |  |
|  | Location of future reclassification from Accumulated Other Comprehensive Loss |  | Gain (Loss) recognized in Accumulated Other Comprehensive Loss:
|  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income (Expense) |  | Total
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | 14 |  |  | (1 | ) |  | — |  |  | (9 | ) |  | 4 |
Total |  | $ | 14 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (9 | ) |  | $ | 4 |
Three Months Ended September 30, 2015
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion): |  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income (Expense) |  | Total
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | 2 |  |  | — |  |  | (2 | ) |  | — |  |  | — |
Total |  | $ | 2 |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | — |
Three Months Ended September 30, 2014
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion): |  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income (Expense) |  | Total
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | (1 | ) |  | 3 |  |  | (3 | ) |  | 5 |  |  | 4 |
Total |  | $ | (1 | ) |  | $ | 3 |  |  | $ | (3 | ) |  | $ | 5 |  |  | $ | 4 |
Nine Months Ended September 30, 2015 |  |
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion): |  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income (Expense) |  | Total
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | 3 |  |  | (1 | ) |  | (6 | ) |  | (3 | ) |  | (7 | )
Total |  | $ | 3 |  |  | $ | (1 | ) |  | $ | (6 | ) |  | $ | (3 | ) |  | $ | (7 | )
Nine Months Ended September 30, 2014 |  |
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion): |  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income (Expense) |  | Total
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (1 | )
Foreign exchange contracts |  | (4 | ) |  | 3 |  |  | (8 | ) |  | (6 | ) |  | (15 | )
Total |  | $ | (4 | ) |  | $ | 3 |  |  | $ | (9 | ) |  | $ | (6 | ) |  | $ | (16 | )

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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 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: 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=56946850&loc=SL5618551-113959 + Details
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