Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		3/31/17		12/31/16			3/31/17		12/31/16
Interest rate swap contracts	Other current assets	$	—	$	1	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	—		1		Other liabilities	1		—
Foreign currency contracts	Other current assets	10		29		Other accruals	18		4
Foreign currency contracts	Other assets	2		5		Other liabilities	1		—
Commodity contracts	Other current assets	—		—		Other accruals	—		—
Total designated		$	12	$	36		$	20	$	4

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

Total derivative instruments		$	12	$	36		$	20	$	4

Other financial instruments
Marketable securities	Other current assets	$	56	$	23
Total other financial instruments		$	56	$	23

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three months ended March 31, 2017 and 2016 was as follows:



	2017								2016
	Foreign Currency Contracts			Interest Rate Swaps			Total		Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at March 31,	$	246		$	850		$	1,096	$	422		$	1,250		$	1,672
Three months ended March 31,
Gain (loss) on derivatives	2			(2		)	—		1			8			9
Gain (loss) on hedged items	(2		)	2			—		(1		)	(8		)	(9		)

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three months ended March 31, 2017 and 2016 was as follows:



	2017								2016
	Foreign Currency Contracts			Commodity Contracts		Total			Foreign Currency Contracts			Commodity Contracts			Total
Notional Value at March 31,	$	667		$	4	$	671		$	817		$	8		$	825
Three months ended March 31,
Gain (loss) recognized in OCI	(13		)	—		(13		)	(14		)	—			(14		)
Gain (loss) reclassified into Cost of sales	3			—		3			3			(1		)	2

Activity related to net investment hedges recorded during the three months ended March 31, 2017 and 2016 was as follows:



	2017									2016
	Foreign Currency Contracts			Foreign Currency Debt			Total			Foreign Currency Contracts			Foreign Currency Debt			Total
Notional Value at March 31,	$	655		$	1,206		$	1,861		$	795		$	1,305		$	2,100
Three months ended March 31,
Gain (loss) on instruments	(18		)	(16		)	(34		)	(26		)	(49		)	(75		)
Gain (loss) on hedged items	20			16			36			23			49			72

Activity related to these contracts during the three months ended March 31, 2017 and 2016 was as follows:



	2017		2016
	Foreign Currency Contracts		Foreign Currency Contracts
Notional Value at March 31,	$	—	$	102
Three months ended March 31,
Gain (loss) on instruments	—		3
Gain (loss) on hedged items	—		(3		)