v3.7.0.1

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of outstanding derivative instruments

The fair values of our outstanding derivative instruments as of March 31, 2017 and December 31, 2016 were as follows (in millions):

	Balance Sheet Location		March 31, 2017				December 31, 2016
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges	Other Current Assets		$	48			$	67
Foreign exchange contracts not designated as hedging instruments	Other Current Assets		43				64
Interest rate contracts designated as fair value hedges	Other Assets		16				23
Total derivative assets			$	107			$	154
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges	Other Current Liabilities		$	4			$	3
Foreign exchange contracts not designated as hedging instruments	Other Current Liabilities		29				45
Total derivative liabilities			$	33			$	48
Total fair value of derivative instruments			$	74			$	106

Impact of derivative contracts on accumulated other comprehensive income

The following tables present the activity of derivative contracts that qualify for hedge accounting as of March 31, 2017 and December 31, 2016, and the impact of these derivative contracts on AOCI for the three months ended March 31, 2017 and 2016 (in millions): 

	December 31, 2016				Amount of Gain (Loss) Recognized in Other Comprehensive  Income (Effective Portion)				Amount of Gain (Loss) Reclassified From AOCI to Earnings (Effective Portion)				March 31, 2017
Foreign exchange contracts designated as cash flow hedges	$	54			$	(14	)		$	20			$	20

	December 31, 2015				Amount of Gain (Loss) Recognized in Other Comprehensive  Income (Effective Portion)				Amount of Gain (Loss) Reclassified From AOCI to Earnings (Effective Portion)				March 31, 2016
Foreign exchange contracts designated as cash flow hedges	$	36			$	19			$	16			$	39

Recognized gains or losses related to derivative instruments

The following table provides the location in our financial statements of the recognized gains or losses related to our foreign exchange derivative instruments (in millions): 

	Three Months Ended March 31,
	2017				2016
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues and operating expenses	$	7			$	4
Foreign exchange contracts designated as cash flow hedges recognized in interest and other, net	13				12
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net	(4		)		(2		)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income	$	16			$	14

The following table provides the location in our financial statements of the recognized gains or losses related to our interest rate derivative instruments (in millions): 

	Three Months Ended March 31,
	2017				2016
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest and other, net	$	(7	)		$	63
Gain (loss) from hedged items attributable to hedged risk recognized in interest and other, net	7				(63		)
Total gain (loss) recognized from interest rate derivative contracts in the condensed consolidated statement of income	$	—			$	—

Notional amounts of outstanding derivatives

The following table provides the notional amounts of our outstanding derivatives as of March 31, 2017 and December 31, 2016 (in millions):

	March 31, 2017				December 31, 2016
Foreign exchange contracts designated as cash flow hedges	$	1,502			$	1,200
Foreign exchange contracts designated as net investment hedges	96				—
Foreign exchange contracts not designated as hedging instruments	3,111				2,993
Interest rate contracts designated as fair value hedges	2,400				2,400
Total	$	7,109			$	6,593

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Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

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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=64837297&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=64837297&loc=SL5618551-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

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