XML 45 R29.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value Level 3 (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]
Recurring Fair Value Measurements
As of December 31, 2018, the Company had derivative liabilities related to foreign exchange, electricity and natural gas contracts of less than $1, which were measured using Level 2 inputs, and consist of derivative instruments transacted primarily in over-the-counter markets. There were no transfers between Level 1, Level 2 or Level 3 measurements during the years ended December 31, 2018 and 2017.
The Company calculates the fair value of its Level 2 derivative liabilities using standard pricing models with market-based inputs, adjusted for nonperformance risk. When its financial instruments are in a liability position, the Company evaluates its credit risk as a component of fair value. At December 31, 2018 and 2017, no adjustment was made by the Company to reduce its derivative liabilities for nonperformance risk.
When its financial instruments are in an asset position, the Company is exposed to credit loss in the event of nonperformance by other parties to these contracts and evaluates their credit risk as a component of fair value.
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table summarizes the carrying amount and fair value of the Company’s non-derivative financial instruments:
 
 
Carrying Amount(1)
 
Fair Value
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
December 31, 2018
 
 
 
 
 
 
 
 
 
 
Debt
 
$
3,815

 
$

 
$
2,679

 
$
66

 
$
2,745

December 31, 2017
 
 
 
 
 
 
 
 
 
 
Debt
 
$
3,750

 
$

 
$
3,206

 
$
49

 
$
3,255