Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 which are carried at fair value in the Company’s Consolidated Balance Sheets at September 30, 2017 and December 31, 2016:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		9/30/17		12/31/16			9/30/17		12/31/16
Interest rate swap contracts	Other current assets	$	—	$	1	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	—		1		Other liabilities	2		—
Foreign currency contracts	Other current assets	9		29		Other accruals	36		4
Foreign currency contracts	Other assets	—		5		Other liabilities	40		—
Commodity contracts	Other current assets	—		—		Other accruals	—		—
Total designated		$	9	$	36		$	78	$	4

Derivatives not designated
Foreign currency contracts	Other current assets	$	1	$	—	Other accruals	$	1	$	—
Total not designated		$	1	$	—		$	1	$	—

Total derivative instruments		$	10	$	36		$	79	$	4

Other financial instruments
Marketable securities	Other current assets	$	186	$	23
Total other financial instruments		$	186	$	23

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three and nine months ended September 30, 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 September 30,	$	1,095		$	600		$	1,695		$	239		$	1,250		$	1,489
Three months ended September 30,
Gain (loss) on derivatives	(14		)	(1		)	(15		)	1			(6		)	(5		)
Gain (loss) on hedged items	14			1			15			(1		)	6			5
Nine months ended September 30,
Gain (loss) on derivatives	(15		)	(3		)	(18		)	(4		)	3			(1		)
Gain (loss) on hedged items	15			3			18			4			(3		)	1

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three and nine months ended September 30, 2017 and 2016 was as follows:



	2017								2016
	Foreign Currency Contracts			Commodity Contracts		Total			Foreign Currency Contracts			Commodity Contracts			Total
Notional Value at September 30,	$	724		$	1	$	725		$	690		$	8		$	698
Three months ended September 30,
Gain (loss) recognized in OCI	(8		)	—		(8		)	3			(2		)	1
Gain (loss) reclassified into Cost of sales	(4		)	—		(4		)	(1		)	—			(1		)
Nine months ended September 30,
Gain (loss) recognized in OCI	(28		)	—		(28		)	(6		)	—			(6		)
Gain (loss) reclassified into Cost of sales	(2		)	—		(2		)	(1		)	—			(1		)

Activity related to net investment hedges recorded during the three and nine months ended September 30, 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 September 30,	$	749		$	590		$	1,339		$	917		$	1,190		$	2,107
Three months ended September 30,
Gain (loss) on instruments	(23		)	(22		)	(45		)	(4		)	(13		)	(17		)
Gain (loss) on hedged items	22			22			44			4			13			17
Nine months ended September 30,
Gain (loss) on instruments	(69		)	(115		)	(184		)	(20		)	(36		)	(56		)
Gain (loss) on hedged items	69			115			184			20			36			56

Activity related to these contracts during the three and nine months ended September 30, 2017 and 2016 was as follows:



	2017		2016
	Foreign Currency Contracts		Foreign Currency Contracts
Notional Value at September 30,	$	42	$	6
Three months ended September 30,
Gain (loss) on instruments	—		—
Gain (loss) on hedged items	—		—
Nine months ended September 30,
Gain (loss) on instruments	—		5
Gain (loss) on hedged items	—		(5		)