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FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
A summary of the notional amounts of these interest rate swaps as of September 30, 2017 and December 31, 2016 was as follows:    
 
 
Notional Amount
Debt Instrument
 
September 30, 2017
 
December 31, 2016
 
 
 
 
 
4.25% Senior Notes due April 2024
 
$
250

 
$
250

3.50% Senior Notes due March 2025
 
600

 
600

3.45% Senior Notes due June 2026
 
350

 
350

 
 
$
1,200

 
$
1,200
Schedule of Debt Instrument Fair Value Basis Adjustment Attributable to Hedged Debt
As of September 30, 2017 and December 31, 2016, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:

Balance Sheet Classification
 
Carrying Amount of Hedged Long-Term Debt
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Long-Term Debt
 
 
September 30, 2017
 
September 30, 2017
 
Long-term debt
 
$
1,146

 
$
(16
)
(a)

(a) The balance includes $60 million of hedging adjustment on a discontinued relationship as of September 30, 2017.
Schedule of Fair Value Hedge Accounting on the Statement of Operations
The following table presents the effect of fair value hedge accounting on the statement of operations for the three and nine months ended September 30, 2017:

Fair Value Hedges Impact on Statement of Operations
 
Statement of Operations Classification
 
Three Months Ended September 30, 2017
 
Nine Months Ended September 30, 2017
Hedged items (Long-term debt)
 
Other (expense) income, net
 
$
(1
)
 
$
(12
)
Derivatives designated as hedging instruments
 
Other (expense) income, net
 
$
1

 
$
12
Schedule of Derivative Liabilities at Fair Value
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows:

 
 
September 30, 2017
 
December 31, 2016
Derivatives Designated as Hedging Instruments
 
Balance Sheet
Classification
 
Fair Value
 
Balance Sheet
Classification
 
Fair Value
Interest rate swaps
 
Other liabilities
 
$
76

 
Other liabilities
 
$
88