Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of interest rate swaps

A summary of interest rate swaps outstanding at December 31, 2016, follows:

Fixed-to-Floating Interest Rate Swaps

Notional amount		Fixed interest rate received	Floating interest rate paid	Basis for contracted floating interest rate paid
$	150	5.30%	4.75%	1 month LIBOR + 4.26%
750		1.50%	0.95%	1 month LIBOR + 0.46%
415		5.60%	4.26%	6 month LIBOR + 3.18%
300		6.95%	5.85%	3 month LIBOR + 5.07%
25		8.88%	4.96%	6 month LIBOR + 3.84%
150		3.88%	2.61%	1 month LIBOR + 2.12%
275		3.47%	2.23%	1 month LIBOR + 1.74%
1,400		2.75%	1.07%	1 month LIBOR + 0.58%
200		3.68%	1.56%	1 month LIBOR + 1.07%
25		7.63%	3.55%	6 month LIBOR + 2.48%
50		7.65%	3.65%	6 month LIBOR + 2.57%
25		5.45%	1.36%	6 month LIBOR + 0.28%

Forward Starting Floating-to-Fixed Interest Rate Swaps

Notional amount		Floating interest rate to be received	Fixed interest rate to be paid	Basis for contracted floating interest rate received
$	50	—%	2.52%	3 month LIBOR + 0.00%
50		—%	2.38%	3 month LIBOR + 0.00%
50		—%	2.19%	3 month LIBOR + 0.00%
50		—%	2.19%	3 month LIBOR + 0.00%
50		—%	1.95%	3 month LIBOR + 0.00%
50		—%	1.80%	3 month LIBOR + 0.00%
50		—%	1.67%	3 month LIBOR + 0.00%
50		—%	1.66%	3 month LIBOR + 0.00%
50		—%	1.53%	3 month LIBOR + 0.00%

Fair value of derivative financial instruments recognized in the Consolidated Balance Sheet

The fair value of derivative financial instruments recognized in the Consolidated Balance Sheets follows:

	Notional amount		Other  current assets		Other noncurrent assets		Other current liabilities		Other noncurrent liabilities		Type of hedge	Term
December 31, 2016
Derivatives designated as hedges
Fixed-to-floating interest rate swaps	$	3,765	$	1	$	65	$	—	$	8	Fair value	3 months to 18 years
Forward starting floating-to-fixed interest rate swaps	450		—		19		—		1		Cash flow	11 years
Currency exchange contracts	802		11		1		22		17		Cash flow	1 to 36 months
Total			$	12	$	85	$	22	$	26
Derivatives not designated as hedges
Currency exchange contracts	$	5,333	$	31			$	85				1 to 12 months
Commodity contracts	10		2				—					1 to 12 months
Total			$	33			$	85

December 31, 2015
Derivatives designated as hedges
Fixed-to-floating interest rate swaps	$	3,715	$	—	$	96	$	—	$	2	Fair value	2 to 19 years
Forward starting floating-to-fixed interest rate swaps	50		—		—		—		—		Cash flow	12 years
Currency exchange contracts	724		18		1		8		6		Cash flow	1 to 36 months
Commodity contracts	1		—		—		—		—		Cash flow	1 to 12 months
Total			$	18	$	97	$	8	$	8
Derivatives not designated as hedges
Currency exchange contracts	$	4,198	$	27			$	40				1 to 12 months
Total			$	27			$	40

Impact of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income

The impact of derivative instruments to the Consolidated Statements of Income and Comprehensive Income follow:

	Gain (loss) recognized in other comprehensive (loss) income					Location of gain (loss) reclassified from Accumulated other comprehensive loss	Gain (loss) reclassified from Accumulated other comprehensive loss
	2016			2015			2016			2015
Derivatives designated as cash flow hedges
Forward starting floating-to-fixed interest rate swaps	$	18		$	—	Interest expense - net	$	—		$	—
Currency exchange contracts	(39		)	20		Cost of products sold	(8		)	16
Total	$	(21	)	$	20		$	(8	)	$	16

Amounts recognized in net income

Amounts recognized in net income follow:

	2016			2015
Derivatives designated as fair value hedges
Fixed-to-floating interest rate swaps	$	(36	)	$	20
Related long-term debt converted to floating interest    rates by interest rate swaps	36			(20		)
	$	—		$	—