DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2015

DERIVATIVE INSTRUMENTS

Foreign Currency Derivative Contracts Outstanding

	ExpectedMaturity Date
	2015		2016		2017		2018		Total/Average
A$ Operating Fixed Forward Contracts:
A$ notional (millions)	56		158		105		6		325
Average rate ($/A$)	0.97		0.95		0.93		0.92		0.95
Expected hedge ratio	17	%	12	%	8	%	4	%
NZ$ Operating Fixed Forward Contracts:
NZ$ notional (millions)	10		11		—		—		21
Average rate ($/NZ$)	0.80		0.80		—		—		0.80
Expected hedge ratio	29	%	15	%	—		—

Diesel Derivative Contracts Outstanding

	ExpectedMaturityDate
	2015		2016		2017		Total/Average
Diesel Fixed Forward Contracts:
Diesel gallons (millions)	6		20		5		31
Average rate ($/gallon)	2.53		2.39		2.47		2.43
Expected hedge ratio	66	%	53	%	16	%

Fair Values of Derivative Instruments Designated as Hedges

	Fair Values of Derivative Instruments
	At September 30, 2015
	Other		Other		Other		Other
	Current		Long-Term		Current		Long-Term
	Assets		Assets		Liabilities		Liabilities
Foreign currency exchange contracts:
A$ operating fixed forwards	$	—	$	—	$	47	$	36
NZ$ operating fixed forwards		—		—		3		—
Diesel fixed forwards		—		—		22		7
Total derivative instruments (Notes 19 and 21)	$	—	$	—	$	72	$	43

	Fair Values of Derivative Instruments
	At December 31, 2014
	Other		Other		Other		Other
	Current		Long-Term		Current		Long-Term
	Assets		Assets		Liabilities		Liabilities
Foreign currency exchange contracts:
A$ operating fixed forwards	$	—	$	—	$	45	$	40
NZ$ operating fixed forwards		—		—		2		1
Diesel fixed forwards		1		—		25		12
Total derivative instruments (Notes 19 and 21)	$	1	$	—	$	72	$	53

Location and Amount of Gains (Losses) Reported in Condensed Consolidated Financial Statements

	Foreign Currency				Diesel Fixed				Interest
	Exchange Contracts				Forward Contracts				Rate Contracts
	2015		2014		2015		2014		2015		2014
For the three months ended September 30,
Cash flow hedging relationships:
Gain (loss) recognized in other comprehensive income	$	(24)	$	(44)	$	(12)	$	(9)	$	—	$	—
Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion) (1)	$	(12)	$	4	$	(7)	$	(1)	$	(5)	$	(5)
Gain (loss) reclassified from Accumulated other comprehensive income into income (ineffective portion) (2)	$	—	$	—	$	1	$	—	$	—	$	—
For the nine months ended September 30,
Cash flow hedging relationships:
Gain (loss) recognized in other comprehensive income (loss) (effective portion)	$	(48)	$	8	$	(13)	$	(8)	$	—	$	—
Gain (loss) reclassified from Accumulated other comprehensive income into income (loss) (effective portion) (1)	$	(25)	$	31	$	(20)	$	—	$	(14)	$	(14)
Gain (loss) reclassified from Accumulated other comprehensive income into income (ineffective portion) (2)	$	—	$	—	$	2	$	—	$	—	$	—

⁽¹⁾ The gain (loss) recognized for the effective portion of cash flow hedges is included in Cost applicable to sales and Interest expense,  net.  

⁽²⁾ The ineffective portion recognized for cash flow hedges in included in Other income, net.