Derivative and Other Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Accumulated Other Comprehensive Income (AOCI) and Earnings From Changes In Fair Value Related To Derivative Instruments

The following table sets forth financial information about the impact on accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments.

	Amount of gain/(loss)						Amount of gain/(loss)
	recognized in AOCI						reclassified from AOCI
	(effective portion)						into earnings
	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
Derivatives in cash flow hedges	September 30, 2016			September 30, 2016			September 30, 2016			September 30, 2016
Foreign exchange	$	—		$	3		$	1		$	2
Commodities	4			16			—			(7		)
Total	$	4		$	19		$	1		$	(5	)
	Amount of gain/(loss)						Amount of gain/(loss)
	recognized in AOCI						reclassified from AOCI
	(effective portion)						into earnings
	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
Derivatives in cash flow hedges	September 30, 2015			September 30, 2015			September 30, 2015			September 30, 2015
Foreign exchange	$	1		$	(2	)	$	—		$	(1	)
Commodities	(15		)	(26		)	(9		)	(12		)
Total	$	(14	)	$	(28	)	$	(9	)	$	(13	)

Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets

The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2016 and December 31, 2015, respectively.

	Balance Sheet classification	Fair Value hierarchy	September 30, 2016		December 31, 2015
Derivative assets
Derivatives designated as hedges:
Foreign exchange	Other current assets	2	$	30	$	32
Commodities	Other current assets	2	11		5
Commodities	Other non-current assets	2	4		2
Derivatives not designated as hedges:
Commodities	Other current assets	2	3		3
Commodities	Other non-current assets	2	1		—
	Total		$	49	$	42
Derivative liabilities
Derivatives designated as hedges:
Foreign exchange	Accounts payable and accrued liabilities	2	$	26	$	14
Commodities	Accounts payable and accrued liabilities	2	5		26
Commodities	Other non-current liabilities	2	2		5
Derivatives not designated as hedges:
Foreign exchange	Accounts payable and accrued liabilities	2	2		2
Commodities	Accounts payable and accrued liabilities	2	1		5
	Total		$	36	$	52

Schedule of Offsetting Derivative Assets and Liabilities

In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.

	Gross amounts recognized in the Balance Sheet	Gross amounts not offset in the Balance Sheet	Net amount
Balance at September 30, 2016
Derivative assets	$49	$10	$39
Derivative liabilities	36	10	26
Balance at December 31, 2015
Derivative assets	42	9	33
Derivative liabilities	52	9	43

Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet

The aggregate U.S. dollar-equivalent notational values of outstanding derivative instruments in the Consolidated Balance Sheets at September 30, 2016 and December 31, 2015 were:

	September 30, 2016		December 31, 2015
Derivatives in cash flow hedges:
Foreign exchange	$	604	$	922
Commodities	180		324
Derivatives in fair value hedges:
Foreign exchange	104		125
Derivatives not designated as hedges:
Foreign exchange	551		674
Commodities	81		57