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Derivatives and Hedging (Tables) | 12 Months Ended
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Dec. 31, 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)
As of December 31 | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
Foreign exchange contracts: |  |  |  |  |  |  |  |  |  |  |
Accounted for as hedges | 778 |  |  | 1,200 |  |  | 32 |  |  | 46 |  |  | 18 |  |  | 58 |
Not accounted for as hedges (3) | 280 |  |  | 165 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,058 |  |  | $ | 1,365 |  |  | $ | 32 |  |  | $ | 46 |  |  | $ | 18 |  |  | $ | 58 |
(1) | Included within Other current assets ($15 million in 2015 and $24 million in 2014, respectively) or Other non-current assets ($17 million in 2015 and $22 million in 2014, respectively)
(2) | Included within Other current liabilities ($13 million in 2015 and $52 million in 2014, respectively) or Other non-current liabilities ($5 million in 2015 and $6 million in 2014, respectively)
(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)
Derivatives accounted for as hedges: | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
Foreign exchange contracts | 32 |  |  | 46 |  |  | (13 | ) |  | (14 | ) |  | 19 |  |  | 32 |
______________________________________________ (1) Included within Other current assets ($6 million in 2015 and $12 million in 2014, respectively) or Other non-current assets ($13 million in 2015 and $20 million in 2014, 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 (2)
Derivatives accounted for as hedges: | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
Foreign exchange contracts | 18 |  |  | 58 |  |  | (13 | ) |  | (14 | ) |  | 5 |  |  | 44 |
______________________________________________ (2) Included within Other current liabilities ($4 million in 2015 and $40 million in 2014, respectively) or Other non-current liabilities ($1 million in 2015 and $4 million in 2014, respectively)
Derivative gains (losses) | The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions):
Cash Flow Hedge - Foreign Exchange Contracts |  | 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
2015 |  | 4 |  |  | (3 | ) |  | — |  |  | (10 | ) |  | (9 | )
2014 |  | 11 |  |  | (3 | ) |  | — |  |  | (10 | ) |  | (2 | )
2013 |  | (17 | ) |  | — |  |  | — |  |  | 13 |  |  | (4 | )
Cash Flow Hedge - Foreign Exchange Contracts |  |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion): |  | Compensation and Benefits |  | Other General Expenses |  | Interest Expense |  | Other Income |  | Total
2015 |  | 4 |  |  | (1 | ) |  | (9 | ) |  | (11 | ) |  | (17 | )
2014 |  | (5 | ) |  | 3 |  |  | (10 | ) |  | (2 | ) |  | (14 | )
2013 |  | (12 | ) |  | (9 | ) |  | (3 | ) |  | 14 |  |  | (10 | )
The amount of gain (loss) recognized in the Consolidated Financial Statements is as follows (in millions):
| Twelve months ended December 31,
| Amount of Gain (Loss) Recognized in Income on Derivative (1) |  | Amount of Gain (Loss) Recognized in Income on Related Hedged Item
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts (2) | $ | — |  |  | $ | (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 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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