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DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (Tables) | 9 Months Ended
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Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of September 30, 2017 and December 31, 2016, the notional amounts of our outstanding derivative positions were as follows (in millions):
| September 30, 2017 |  | December 31, 2016
Currency hedges: |  |  |  |  |
Euro | EUR | 4,141 |  |  | EUR | 3,702 |
British Pound Sterling | GBP | 1,758 |  |  | GBP | 1,380 |
Canadian Dollar | CAD | 1,244 |  |  | CAD | 1,053 |
Indian Rupee | INR | — |  |  | INR | 76 |
Mexican Peso | MXN | 166 |  |  | MXN | — |
Japanese Yen | JPY | 3,363 |  |  | JPY | 3,972 |
Singapore Dollar | SGD | 15 |  |  | SGD | 32 |
Interest rate hedges: |  |  |  |  |
Fixed to Floating Interest Rate Swaps | $ | 5,799 |  |  | $ | 5,799 |
Floating to Fixed Interest Rate Swaps | $ | 778 |  |  | $ | 778 |
Investment market price hedges: |  |  |  |  |
Marketable Securities | EUR | 204 |  |  | EUR | 76 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
|  |  | Fair Value Hierarchy Level |  | Gross Amounts Presented in Consolidated Balance Sheets |  | Net Amounts if Right of Offset had been Applied
Asset Derivatives | Balance Sheet Location |  |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other current assets |  | Level 2 |  | $ | 21 |  |  | $ | 176 |  |  | $ | 15 |  |  | $ | 176 |
Interest rate contracts | Other current assets |  | Level 2 |  | 4 |  |  | — |  |  | 4 |  |  | — |
Foreign exchange contracts | Other non-current assets |  | Level 2 |  | 3 |  |  | 131 |  |  | — |  |  | 126 |
Interest rate contracts | Other non-current assets |  | Level 2 |  | 88 |  |  | 137 |  |  | 75 |  |  | 119 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other current assets |  | Level 2 |  | — |  |  | 1 |  |  | — |  |  | 1 |
Interest rate contracts | Other non-current assets |  | Level 2 |  | 34 |  |  | 42 |  |  | 33 |  |  | 40 |
Total Asset Derivatives |  |  |  |  | $ | 150 |  |  | $ | 487 |  |  | $ | 127 |  |  | $ | 462 |
|  |  | Fair Value Hierarchy Level |  | Gross Amounts Presented in Consolidated Balance Sheets |  | Net Amounts if Right of Offset had been Applied
Liability Derivatives | Balance Sheet Location |  |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | Level 2 |  | $ | 62 |  |  | $ | — |  |  | $ | 56 |  |  | $ | — |
Interest rate contracts | Other current liabilities |  | Level 2 |  | — |  |  | 1 |  |  | — |  |  | 1 |
Foreign exchange contracts | Other non-current liabilities |  | Level 2 |  | 155 |  |  | 6 |  |  | 152 |  |  | 1 |
Interest rate contracts | Other non-current liabilities |  | Level 2 |  | 18 |  |  | 21 |  |  | 5 |  |  | 3 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | Level 2 |  | — |  |  | — |  |  | — |  |  | — |
Investment market price contracts | Other current liabilities |  | Level 2 |  | 47 |  |  | 10 |  |  | 47 |  |  | 10 |
Interest rate contracts | Other non-current liabilities |  | Level 2 |  | 5 |  |  | 7 |  |  | 4 |  |  | 5 |
Total Liability Derivatives |  |  |  |  | $ | 287 |  |  | $ | 45 |  |  | $ | 264 |  |  | $ | 20 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table indicates the amount of gains and losses that have been recognized in AOCI within foreign currency translation adjustment for the three and nine months ended September 30, 2017 and 2016 for those instruments designated as net investment hedges (in millions):
Three Months Ended September 30: |  |  |  |
Non-derivative Instruments in Net Investment Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Debt (Effective Portion)
| 2017 |  | 2016
Foreign denominated debt |  | $ | (142 | ) |  | $ | (7 | )
Total |  | $ | (142 | ) |  | $ | (7 | )
Nine Months Ended September 30: |  |  |  |
Non-derivative Instruments in Net Investment Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Debt (Effective Portion)
| 2017 |  | 2016
Foreign denominated debt |  | $ | (389 | ) |  | (30 | )
Total |  | $ | (389 | ) |  | $ | (30 | )
The following table indicates the amount of gains and losses that have been recognized in AOCI for the three and nine months ended September 30, 2017 and 2016 for those derivatives designated as cash flow hedges (in millions):
Three Months Ended September 30: |  |  |  |
Derivative Instruments in Cash Flow Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)
| 2017 |  | 2016
Interest rate contracts |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | (141 | ) |  | (27 | )
Total |  | $ | (141 | ) |  | $ | (27 | )
Nine Months Ended September 30: |  |  |  |
Derivative Instruments in Cash Flow Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)
| 2017 |  | 2016
Interest rate contracts |  | $ | — |  |  | $ | (3 | )
Foreign exchange contracts |  | (431 | ) |  | (36 | )
Total |  | $ | (431 | ) |  | $ | (39 | )
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table indicates the amount and location in the statements of consolidated income in which derivative gains and losses, as well as the associated gains and losses on the underlying exposure, have been recognized for those derivatives designated as fair value hedges for the three and nine months ended September 30, 2017 and 2016 (in millions):
Derivative Instruments in Fair Value Hedging Relationships | Location of Gain (Loss) Recognized in Income |  | Derivative Amount of Gain (Loss) Recognized in Income |  | Hedged Items in Fair Value Hedging Relationships |  | Location of Gain (Loss) Recognized In Income |  | Hedged Items Amount of Gain (Loss) Recognized in Income
| 2017 |  | 2016 |  |  |  | 2017 |  | 2016
Three Months Ended September 30: |  |  |  |  |  |  |
Interest rate contracts | Interest Expense |  | $ | (18 | ) |  | $ | (59 | ) |  | Fixed-Rate Debt |  | Interest Expense |  | $ | 18 |  |  | $ | 59 |
Nine Months Ended September 30: |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Interest Expense |  | $ | (41 | ) |  | $ | 56 |  |  | Fixed-Rate Debt |  | Interest Expense |  | $ | 41 |  |  | $ | (56 | )
The following is a summary of the amounts recorded in the statements of consolidated income related to fair value changes and settlements of these interest rate swaps, foreign currency forward and investment market price forward contracts not designated as hedges for the three and nine months ended September 30, 2017 and 2016 (in millions):
Derivative Instruments Not Designated in Hedging Relationships | Location of Gain (Loss) Recognized in Income |  | Amount of Gain (Loss) Recognized in Income
| 2017 |  | 2016
Three Months Ended September 30: |  |  |  |  |
Interest rate contracts | Interest expense |  | $ | (2 | ) |  | $ | (2 | )
Foreign exchange contracts | Investment income and other |  | 14 |  |  | (11 | )
Investment market price contracts | Investment income and other |  | (45 | ) |  | (28 | )
|  |  | $ | (33 | ) |  | $ | (41 | )
Nine Months Ended September 30: |  |  |  |  |
Interest rate contracts | Interest expense |  | $ | (6 | ) |  | $ | (6 | )
Foreign exchange contracts | Investment income and other |  | 34 |  |  | $ | (117 | )
Investment market price contracts | Investment income and other |  | (37 | ) |  | 152 |
|  |  | $ | (9 | ) |  | $ | 29 |

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