Derivative and Other Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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/					Pre-tax amount of gain/
	(loss) recognized in income					(loss) recognized in income
	on derivative					on derivative
	Three Months Ended			Three Months Ended		Nine Months Ended			Nine Months Ended
Derivatives not designated as hedges	September 30, 2018			September 30, 2017		September 30, 2018			September 30, 2017		Affected line item in the
											statement of operations
Foreign exchange	$	4		$	—	$	7		$	1	Net sales
Foreign exchange	(4		)	1		(6		)	2		Cost of products sold
Foreign exchange	(8		)	8		(17		)	26		Foreign exchange
Commodities	—			2		—			—		Cost of products sold
	$	(8	)	$	11	$	(16	)	$	29

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)					Amount of gain/(loss)
	recognized in OCI					recognized in OCI
	Three Months Ended			Three Months Ended		Nine Months Ended		Nine Months Ended
Derivatives designated as net investment hedges	September 30, 2018			September 30, 2017		September 30, 2018		September 30, 2017
Foreign exchange	$	(2	)	$	—	$	6	$	—

The following tables set forth financial information about the 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)						Amount of gain/(loss)
	recognized in OCI						recognized in OCI
	Three Months Ended						Nine Months Ended
Derivatives in cash flow hedges	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Foreign exchange	$	(3	)	$	(2	)	$	(5	)	$	1
Commodities	(2		)	11			(4		)	26
	$	(5	)	$	9		$	(9	)	$	27
	Amount of gain/						Amount of gain/
	(loss) reclassified from						(loss) reclassified from
	AOCI into income						AOCI into income
	Three Months Ended						Nine Months Ended
Derivatives in cash flow hedges	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017			Affected line item in the
													statement of operations
Foreign exchange	$	(6	)	$	(3	)	$	(7	)	$	(6	)	Net sales
Commodities	(1		)	—			(6		)	—			Net sales
Foreign exchange	5			2			4			5			Cost of products sold
Commodities	9			7			33			22			Cost of products sold
	7			6			24			21			Income before taxes
	(1		)	(1		)	(6		)	(6		)	Provision for income taxes
	$	6		$	5		$	18		$	15		Net Income

Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets

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 September 30, 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	September 30, 2018		December 31, 2017		Balance Sheet classification	September 30, 2018		December 31, 2017
Derivatives designated as hedging instruments
Foreign exchange contracts cash flow	Other current assets	$	6	$	5	Accrued liabilities	$	9	$	6
	Other non-current assets	1		—		Other non-current liabilities	1		—
Foreign exchange contracts fair value	Other current assets	1		1		Accrued liabilities	1		1
Commodities contracts cash flow	Other current assets	8		25		Accrued liabilities	7		—
	Other non-current assets	2		4		Other non-current liabilities	1		—
Net investment hedge	Other non-current assets	8		—		Other non-current liabilities	—		—
		$	26	$	35		$	19	$	7
Derivatives not designated as hedging instruments
Foreign exchange contracts cash flow	Other current assets	—		$	1	Accrued liabilities	$	—	$	1
	Other non-current assets	$	1	—		Other non-current liabilities	—		—
Foreign exchange contracts fair value	Other current assets	2		5		Accrued liabilities	4		—
Commodities contracts cash flow	Other current assets	—		22		Accrued liabilities	—		15
		$	3	$	28		$	4	$	16
Total derivatives		$	29	$	63		$	23	$	23

Fair Value Hedge Carrying Amounts

	Carrying amount of the hedged
Line item in the statement of	assets/(liabilities)
financial position in which the	September 30, 2018			December 31, 2017
hedge item is included
Cash and cash equivalents	$	9		$	1
Receivables, net	11			15
Accrued liabilities	(9		)	(12		)

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, 2018
Derivative assets	$29	$8	$21
Derivative liabilities	23	8	15
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 September 30, 2018 and December 31, 2017 were:

	September 30, 2018		December 31, 2017
Derivatives in cash flow hedges:
Foreign exchange	$	490	$	864
Commodities	317		276
Derivatives in fair value hedges:
Foreign exchange	68		60
Derivatives not designated as hedges:
Foreign exchange	873		575
Commodities	—		40