Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Financial Instruments and Fair Value Measurements [Abstract]

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments at September 30, 2016 and December 31, 2015:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		9/30/16		12/31/15			9/30/16		12/31/15
Interest rate swap contracts	Other current assets	$	2	$	—	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	7		7		Other liabilities	—		—
Foreign currency contracts	Other current assets	92		131		Other accruals	24		5
Foreign currency contracts	Other assets	—		—		Other liabilities	—		—
Commodity contracts	Other current assets	—		—		Other accruals	1		—
Total designated		$	101	$	138		$	25	$	5

Derivatives not designated
Foreign currency contracts	Other assets	$	—	$	13	Other liabilities	$	—	$	—
Total not designated		$	—	$	13		$	—	$	—

Total derivative instruments		$	101	$	151		$	25	$	5

Other financial instruments
Marketable securities	Other current assets	$	188	$	61
Total other financial instruments		$	188	$	61

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three and nine months ended September 30, 2016 and 2015 was as follows:



	2016									2015
	Foreign Currency Contracts			Interest Rate Swaps			Total			Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at September 30,	$	239		$	1,250		$	1,489		$	899		$	1,438		$	2,337
Three months ended September 30,
Gain (loss) on derivatives	1			(6		)	(5		)	(1		)	7			6
Gain (loss) on hedged items	(1		)	6			5			1			(7		)	(6		)
Nine months ended September 30,
Gain (loss) on derivatives	(4		)	3			(1		)	(4		)	9			5
Gain (loss) on hedged items	4			(3		)	1			4			(9		)	(5		)

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three and nine months ended September 30, 2016 and 2015 was as follows:



	2016									2015
	Foreign Currency Contracts			Commodity Contracts			Total			Foreign Currency Contracts		Commodity Contracts			Total
Notional Value at September 30,	$	690		$	8		$	698		$	735	$	10		$	745
Three months ended September 30,
Gain (loss) recognized in OCI	3			(2		)	1			17		(1		)	16
Gain (loss) reclassified into Cost of sales	(1		)	—			(1		)	5		—			5
Nine months ended September 30,
Gain (loss) recognized in OCI	(6		)	—			(6		)	18		(1		)	17
Gain (loss) reclassified into Cost of sales	(1		)	—			(1		)	13		(1		)	12

Activity related to net investment hedges recorded during the three and nine months ended September 30, 2016 and 2015 was as follows:



	2016									2015
	Foreign Currency Contracts			Foreign Currency Debt			Total			Foreign Currency Contracts			Foreign Currency Debt			Total
Notional Value at September 30,	$	917		$	1,190		$	2,107		$	729		$	800		$	1,529
Three months ended September 30,
Gain (loss) on instruments	(4		)	(13		)	(17		)	31			(2		)	29
Gain (loss) on hedged items	4			13			17			(32		)	2			(30		)
Nine months ended September 30,
Gain (loss) on instruments	(20		)	(36		)	(56		)	64			23			87
Gain (loss) on hedged items	20			36			56			(65		)	(23		)	(88		)

Activity related to these contracts during the three and nine months ended September 30, 2016 and 2015 was as follows:



	2016			2015
	Foreign Currency Contracts			Foreign Currency Contracts
Notional Value at September 30,	$	6		$	102
Three months ended September 30,
Gain (loss) on instruments	—			9
Gain (loss) on hedged items	—			(3		)
Nine months ended September 30,
Gain (loss) on instruments	5			9
Gain (loss) on hedged items	(5		)	(2		)