Derivative and Other Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule of Derivative Instruments Included in Earnings

The following table sets forth the impact on earnings from derivatives not designated as hedges.

	Pre-tax amount of gain/(loss)
	recognized in income on
	derivative
	Three Months Ended		Three Months Ended
	March 31, 2018		March 31, 2017			Affected line item in the
Derivatives not designated as hedges						statement of operations
Foreign exchange	$	—	$	1		Net sales
Foreign exchange	1		(1		)	Cost of products sold
Foreign exchange	5		—			Foreign exchange
Commodities	—		(7		)	Cost of products sold
	$	6	$	(7	)

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

The following tables set forth financial information about the impact on OCI from changes in the fair value of derivative instruments.

	Amount of gain/(loss)
	recognized in OCI
	Three Months Ended			Three Months Ended
Derivatives designated as net investment hedges	March 31, 2018			March 31, 2017
Foreign exchange	$	(28	)	$	—

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

	Amount of gain/(loss)
	recognized in OCI
	Three Months Ended			Three Months Ended
	March 31, 2018			March 31, 2017
Derivatives in cash flow hedges
Foreign exchange	$	(3	)	$	(2	)
Commodities	(23		)	23
	$	(26	)	$	21
	Pre-tax amount of gain/(loss)
	reclassified from AOCI into
	income
	Three Months Ended			Three Months Ended
	March 31, 2018			March 31, 2017			Affected line item in the
Derivatives in cash flow hedges							statement of operations
Foreign exchange	$	—		$	(3	)	Net sales
Commodities	(2		)	—			Net sales
Foreign exchange	—			1			Cost of products sold
Commodities	10			4			Cost of products sold
	$	8		$	2

Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets

Fair Value Hedge Carrying Amounts

							Cumulative amount of fair value
							hedging adjustment included in the
	Carrying amount of the hedged						carrying amount of the hedged
Line item in the statement of	assets/(liabilities)						assets/(liabilities)
financial position in which the	March 31, 2018			December 31, 2017			March 31, 2018		December 31, 2017
hedge item is included
Cash and cash equivalents	$	6		$	1		$	—	$	—
Receivables, net	14			15			—		—
Accrued liabilities	(22		)	(12		)	—		—

The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.

	Balance Sheet classification	March 31, 2018		December 31, 2017
Derivative assets
Cash flow derivatives designated as hedges:
Foreign exchange	Other current assets	$	7	$	5
Commodities	Other current assets	17		25
Commodities	Other non-current assets	1		4
Cash flow derivatives not designated as hedges:
Foreign exchange	Other current assets	1		1
Commodities	Other current assets	—		22
Fair value derivatives designated as hedges:
Foreign exchange	Other current assets	1		1
Fair value derivatives not designated as hedges:
Foreign exchange	Other current assets	1		5
	Total	$	28	$	63
Derivative liabilities
Cash flow derivatives designated as hedges:
Foreign exchange	Accrued liabilities	$	11	$	6
Commodities	Accrued liabilities	21		—
Foreign exchange	Other non-current liabilities	1		—
Commodities	Other non-current liabilities	4		—
Cash flow derivatives not designated as hedges:
Foreign exchange	Accrued liabilities	1		1
Commodities	Accrued liabilities	—		15
Fair value derivatives designated as hedges:
Foreign exchange	Accrued liabilities	1		1
Fair value derivatives not designated as hedges:
Foreign exchange	Accrued liabilities	2		—
Net investment derivatives designated as hedges:
Foreign exchange	Other non-current liabilities	37		—
	Total	$	78	$	23

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 March 31, 2018
Derivative assets	$28	$17	$11
Derivative liabilities	78	17	61
Balance at December 31, 2017
Derivative assets	63	17	46
Derivative liabilities	23	17	6

Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet

The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017 were:

	March 31, 2018		December 31, 2017
Derivatives in cash flow hedges:
Foreign exchange	$	839	$	864
Commodities	335		276
Derivatives in fair value hedges:
Foreign exchange	70		60
Derivatives not designated as hedges:
Foreign exchange	586		575
Commodities	—		40