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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

The Company had the following outstanding foreign currency forward contracts that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and expenses (in millions):

Currency Denomination

Foreign Currency

December 31, 2018

December 31, 2017

Norwegian Krone

NOK

4,118

NOK

4,013

Japanese Yen

JPY

121

JPY

982

U.S. Dollar

USD

96

USD

163

Euro

EUR

71

EUR

120

Danish Krone

DKK

14

DKK

30

British Pound Sterling

GBP

9

GBP

11

The Company had the following outstanding foreign currency forward contracts that hedge the fair value of nonfunctional currency monetary accounts (in millions):

Currency Denomination

Foreign Currency

December 31, 2018

December 31, 2017

Norwegian Krone

NOK

1,111

NOK

1,734

U.S. Dollar

USD

535

USD

463

Mexican Peso

MXN

204

MXN

—

South African Rand

ZAR

124

ZAR

150

Euro

EUR

101

EUR

99

Danish Krone

DKK

21

DKK

15

British Pound Sterling

GBP

3

GBP

3

Russian Ruble

RUB

—

RUB

2,699

Derivative Instruments and their Balance Sheet Classifications

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):

		Fair Values of Derivative Instruments (In millions)
		Asset Derivatives										Liability Derivatives
				Fair Value										Fair Value
		Balance Sheet		December 31,								Balance Sheet		December 31,
		Location		2018				2017				Location		2018				2017
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts		Prepaid and other current assets		$	2			$	13			Accrued liabilities		$	17			$	3
Foreign exchange contracts		Other Assets			—				8			Other Liabilities			11				2
Total derivatives designated as hedging instruments under ASC Topic 815				$	2			$	21					$	28			$	5
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts		Prepaid and other current assets		$	4			$	10			Accrued liabilities		$	6			$	5
Foreign exchange contracts		Other Assets			—				2			Other Liabilities			2				1
Total derivatives not designated as hedging instruments under ASC Topic 815				$	4			$	12					$	8			$	6
Total derivatives				$	6			$	33					$	36			$	11

Effect of Derivative Instruments on Consolidated Statements of Income (Loss)

The Effect of Derivative Instruments on the Consolidated Statements of Income (Loss) ($ in millions)

Location of Gain (Loss)

Recognized in Income on

Amount of Gain (Loss)

Location of Gain (Loss)

Derivatives (Ineffective

Recognized in Income on

Reclassified from

Amount of Gain (Loss)

Portion and Amount

Derivatives (Ineffective

Derivatives Designated as

Amount of Gain (Loss)

Accumulated OCI into

Reclassified from

Excluded from

Portion and Amount

Hedging Instruments under

Recognized in OCI on

Income

Accumulated OCI into

Effectiveness

Excluded from

ASC Topic 815

Derivatives (Effective Portion) (a)

(Effective Portion)

Income (Effective Portion)

Testing)

Effectiveness Testing) (b)

Years Ended December 31,

Years Ended December 31,

Years Ended December 31,

2018

2017

2018

2017

2018

2017

Revenue

(2)

8

Cost of revenue

2

7

Foreign exchange contracts

(25)

56

Cost of revenue

4

(19)

Other income (expense), net

(9)

2

Total

(25)

56

2

(11)

(7)

9

Derivatives Not Designated as		Location of Gain (Loss)				Amount of Gain (Loss)
Hedging Instruments under		Recognized in Income				Recognized in Income on
ASC Topic 815		on Derivatives				Derivatives
						Years Ended December 31,
						2018		2017
Foreign exchange contracts		Other income (expense), net				(30)		58
Total						(30)		58

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- Definition

Outstanding foreign currency forward contracts.

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- Definition

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

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- Definition

Tabular disclosure of gains and losses on derivative instruments included in an entity's trading activities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4F
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624186-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 55
-Paragraph 184
-URI http://asc.fasb.org/extlink&oid=109975725&loc=SL5634876-113961

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